DFDL Myanmar

On 25 April 2023, the Ministry of Planning and Finance (“MOPF”) issued a new Standard Operating Procedure (“SOP”) outlining the additional tax requirements when remitting foreign currency payments from Myanmar to overseas.

On 25 April 2023, the Ministry of Planning and Finance (“MOPF”) issued a new Standard Operating Procedure (“SOP”) outlining the additional tax requirements when remitting foreign currency payments from Myanmar to overseas. This SOP is effective on 1 May 2023 and applies to individuals, companies, and organizations that are transferring foreign currency payments exceeding USD 10,000 (or its equivalent).
Requirements of the Taxpayer
Referring to the SOP and based on a May 2023 Announcement from the Internal Revenue Department (“IRD”), the taxpayer will now be required to provide the following documents to its authorized dealer (“AD”) Banks before such payments can be repatriated overseas:

Requirements of AD Banks

Under the SOP, AD Banks are entrusted with reviewing and verifying the documents submitted by the taxpayer before they can clear the remittance payment. AD Banks will verify whether such payments are supported by the relevant tax forms for the respective years (as discussed above).
Responsibilities of the IRD
Under the SOP, the IRD is responsible for issuing relevant documents (e.g., evidence of withholding tax payment or exemption) to the taxpayer with regard to payments of interest, trademarks, copyrights, and service fees. In addition, the IRD is also responsible for answering any question that the AD Banks or remitting taxpayers might have concerning tax procedures.
DFDL Comments
The issuance of the MOPF’s SOP is a way to cross-check the tax compliance of taxpayers who are planning to remit foreign currency payments. As AD Banks will now be required to inspect these documents, taxpayers should be mindful to ensure that they have the relevant tax documents as prescribed in the SOP. This includes assessing their compliance with tax registration, tax filing and payment, and securing the relevant tax clearances or assessments from their relevant tax office.

Apart from these tax requirements, it is also important to note that foreign currency remittances (as applicable) remain to be subject to approval from the Foreign Exchange Supervisory Committee (“FESC”) of the Central Bank of Myanmar.

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

Contact:  myanmar@dfdl.com


Please Login or Register for Free now to view all updates and articles

In addition to free-to-view updates and articles, you can also subscribe to the full Legal Centrix Vietnam Service including access to:

  • Overview notes on the law
  • Thousands of high quality translations of legislation covering all key business areas
  • Legal and tax updates
  • Articles on important legal and tax issues
  • Weekly email alerts
  • Sophisticated web platform and search

Legal Centrix is trusted by top law and accounting firms.

DFDL Myanmar

Founded in 1995, DFDL is one of the oldest foreign legal and tax firms in Myanmar.

DFDL provides a full range of legal and tax services to foreign and local investors operating in Myanmar. Our team of more than 30 experienced local lawyers and foreign legal advisers in Yangon and Naypyidaw provides efficient, effective, and practical legal services at an international standard, coupled with a high level of personal in-depth knowledge of the local environment.

DFDL is best placed to advise Asian and international companies on their investments in Myanmar.

Our Myanmar business unit is led by Partner and Managing Director William D. Greenlee, Jr.

Click here to view the author's profile



  • Myanmar
  • Foreign Currency & Cryptocurrency
  • General & Other Taxation
  • Legal Updates
  • Corporate Tax

Related Content

Recent updates

Cookies On
Our Website
We use cookies on our website. To learn more about cookies, how we use them on our site and how to change your cookie settings please click here to view our cookie policy. By continuing to use this site without changing your settings you consent to our use of cookies in accordance with our cookie policy.