On 1st October 2021, the Ministry of Planning and Finance (“MOPF”) issued its Notification No. 510/2021 on procedures for assessments of specific goods tax (“SGT”), commercial tax (“CT”), personal income tax (“PIT”), corporate income tax (“CIT”) and capital gains tax (“CGT”) for the transitional period of six months from 1st October 2021 to 31st March… Read More
On 30th September 2021, the State Administration Council (“SAC”) issued the State Administration Council Law No. 21/2021 as the new Union Tax Law effective from 1st October 2021. The UTL changes the rates of the personal income tax, the corporate income tax, the tax on income from undisclosed sources, and the specific goods tax. 1. … Read More
On 1st September 2021, the Myanmar Investment Commission (“MIC”) issued its Newsletter No. 28/2021 on the plans for the recovery of burned and damaged industries in Yangon during the political unrests in March 2021. The MIC grants the opportunities and provides support to business operators to re-operate their businesses suffered from the political unrests in… Read More
On 1st September 2021, the Ministry of Commerce (“MOC”) issued its Newsletter No. 17/2021 to grant a temporary exemption for obtaining import licenses for raw materials used for producing medical products in order to prevent and control the COVID-19 pandemic effective from 1st September 2021 to 30th November 2021. The 92 items of raw materials… Read More
On 17th June 2021, the State Administration Council (“SAC”) enacted the SAC Law No. 20/2021 to amend the Union Tax Law 2020 (“UTL”) in relation to the personal income tax (“PIT”) rates. From 1st July 2021 to 30th September 2021, the PIT rates payable on the income from any undisclosed source are temporarily reduced to… Read More
On 2nd June 2021, the Internal Revenue Department (“IRD”) of the Ministry of Planning and Finance, Myanmar, issued its announcement to allow tax payments through a variety of electronic payment systems instead of paying by cash or cheque effective from 1st July 2021 as follows:- 1. The taxpayers can pay taxes through different electronic payment… Read More