Thursday, June 20, 2024

Tax Cuts on Unassessed Income

General Min Aung Hiang – Chairman of the State Administration Council (SAC), Myanmar (Credit: Asia Times)

The severe impact of COVID-19 on businesses in Myanmar has led the country’s ruling military junta to cut the percentage of tax on unassessed or undisclosed income. This is in order to help alleviate the financial strain caused by the pandemic.

 During the previous National League for Democracy (NLD) administration, the Union Tax Law 2020 was passed which imposed a tax on unassessed income. While the military-run State Administration Council (SAC) is not repealing that particular law, it is reducing the rate.

 For instance, the taxation rates for unassessed income under K100 million has been cut from 6 percent to 3 percent, from 10 percent to 5 percent for K100 million to under K300 million, 20 percent to 15 percent for K301 to 3,000 million. The rate for K3,000 million and above remains unchanged at 30 percent.

 

 

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