The date for settling the final tax liability is within 21 days from the date of notice issued by the IRD.Ĭapital gains tax needs to be paid within 30 days from the date of disposal of capital assets. The advance payments and any taxes withheld are creditable against the final tax liability. Payment of taxĪdvance corporate tax payments are made in quarterly instalments within ten days from the end of the relevant quarter throughout the income tax year based on the estimated total income for the year. The failure of a taxpayer to file income tax returns, knowing that assessable income has been obtained, is deemed to have ‘fraudulent intention’.

If a taxpayer discontinues one’s business, returns must be filed within one month from the date of discontinuance of business. Tax returns for capital gains must be filed within 30 days from the date of disposal of the capital assets. In general, annual income tax returns must be filed within three months from the end of the financial year. The financial year-end of 30 September has recently changed to 31 March again, starting from 1 October 2021. from 1 October 2019) for all other taxpayers. from 1 October 2018) for state-owned enterprises and financial institutions and from the financial year 2019/20 (i.e. The financial period of 31 March year-end was changed to 30 September from the financial year 2018/19 (i.e. Prior to the financial year 2018/19, the fiscal year was from 1 April to 31 March. Income earned during the financial year is assessed to tax in the assessment year, which is the year following the financial year. The taxable period of a company is the same as its financial year (income year).

Myanmar itab