The 2024 Union Tax Law (the “2024 UTL”) was enacted on 29 March 2024 by the State Administration Council. It applies to financial year (“FY”) 2024-2025 (i.e. 1 April 2024 to 31 March 2025) and entered into effect on 1 April 2024. One of the changes under the 2024 UTL is that all taxpayers are […]

On 12 September 2023, the State Administration Council (“SAC”) made an amendment to the Union Tax Law 2023 (Law No. 55/2023) under Section 419 of the Constitution of the Republic of the Union of Myanmar (the “Amended UTL 2023”), by which the income tax will be imposed on the income, including the salaries, received by […]

As required by Notification 510/2021 issued by the Ministry of Planning, Finance and Industry, when calculating Personal Income Tax (“PIT”) for the six-month interim budget year (1 October 2021 to 31 March 2022), employees’ monthly fixed income items, such as their monthly salary and monthly fixed allowances must be annualized (i.e. multiplied by two) to […]

The State Administration Council enacted Law No. 20/2021 on Amending the Union Tax Law 2020 (“Amended UTL 2020”) on 17 June 2021 to reduce the tax amnesty rates on undisclosed income for the last quarter of financial year (“FY”) 2020-2021. The law takes effect on 1 July 2021 and will be valid until the end […]

If an individual or a company is buying a capital asset or making an investment, the source of income is required to be provided as proof for the funds used for the purchase or the investment. If the source of income cannot be proved for the portion of the funds used in such purchase or […]

The Internal Revenue Department (“IRD”) implemented an online tax payment system in 2018, supporting taxpayers who have obtained a Tax Identification Number (“TIN”) from the Large Taxpayers’ Officer (“LTO”) and the Medium Taxpayers’ Office-1 (“MTO-1”) in second phase.

Tax Cuts and Soft Loans In Myanmar During Covid-19 Businesses around the world are suffering from the impact of Coronavirus 2019 (“COVID-19”), and there is no denying that Myanmar’s economy has also subsequently taken a hit. Due to the lockdown of border countries and travel bans around the world, the import/export industry as well as […]

The Union Taw Law (“UTL”) 2019 was enacted on 24 September 2019 by the Union Parliament (the Pyidaungsu Hluttaw) and will be applicable for the Financial Year (“FY”) 2019-2020 (1 October 2019 to 30 September 2020). With the new income year commencing on 1 October 2019 and the Tax Administration Law (“TAL”) coming into force, […]

On 28 May 2019, the Internal Revenue Department (“IRD”) of the Ministry of Planning and Finance (“MOPF”) announced a change to the income year (formerly from 1 April to 31 March) of private and cooperative sectors (“taxpayers”) to 1 October to 30 September, effective from 1 October 2019. As a result, the taxpayers will have a […]

The 2018–19 financial year end is around the corner and all taxpayers have less than two months left for tax payments, tax returns, and possibly some tax planning. All taxpayers should now be in the process of planning their annual tax filings. Please be reminded that annual Corporate Income Tax (“CIT”), Commercial Tax (“CT”), and […]

Due to the change in financial year, the end of the six-month gap period is approaching and the Union Parliament (“Pyidaungsu Hluttaw”) has announced a draft Union Tax Law 2018–2019 (“Draft UTL”) which will be effective from 1 October 2018. A few interesting points from the Draft UTL are outlined below: Financial year end Under […]

The slogan of the Dutch tax authorities is “We can’t make it more fun, but we can certainly make it easier”. A fair, easy, predictable and efficient tax system is an important factor in attracting foreign investment. Highlights Speed up the signing of double taxation agreements Prioritize implementing advance tax rulings for investors so that […]

The Union Parliament (the Pyidaungsu Hluttaw) enacted the Union Tax Law 2018 (“UTL 2018”) on 30 March 2018, which went into effect on 1 April 2018. Below we provide a synopsis of the points most pertinent for taxpayers this year. The biggest change from the draft UTL 2018 is that the tax amnesty on undisclosed […]

The financial year-end is approaching and the Union Parliament (the Pyidaungsu Hluttaw) finally announced the draft Union Tax Law (“Draft UTL”) 2018 on 13 February 2018, which will go into effect on 1 April 2018. The Draft UTL finally clears up the confusion regarding changes in the financial year. The income year will remain the […]

Although many taxpayers think that the withholding tax (“WHT”) regime in Myanmar has only been in place since 2010, it has actually been on the books since the enactment of Income Tax Law in 1974. With the issuance of Notification 41/2010, a formal WHT regime began to be implemented in Myanmar. The WHT regime is […]

The Law provides that fringe benefits provided to employees working in Myanmar will be subject to Personal Income Tax (“PIT”). According to section 9 of the Income Tax Law (“ITL”) “any person who receives or has accrued salary, wages, annuity, bonuses, awards and fees or commissions received in lieu of or in addition to the […]