WebJan 30, 2024 · The Myanmar Government has proposed comprehensive amendments to the legislative framework for income tax as part of its sustained strategic reform programme to modernise Myanmar and advance economic transformation. The draft new Income Tax Law ("ITL") was released for public consultation at the end of November 2024. Web1. (a) This Law may be cited as the Tax Administration Law. (b) This Law shall take effect from October 1, 2024. The Scope of the Law 2. Except as otherwise provided, this Law applies to (a) income tax (b) commercial tax (c) specific goods tax (d) a tax assigned to the Director General under another law. Definitions
Taxation Open Development Myanmar
WebUnder the Myanmar Income Tax Law, expenditure incurred for the purpose of earning income and depreciation allowance prescribed by the Regulations shall be deducted from taxable income. Non- deductible expenses are also stated in the Myanmar Income Tax Law. Minimum Taxation Requirements for the Deductibility of Losses Not applicable WebMyanmar’s Union Tax Law, which applies as from 1 October 2024, includes a reduction in the corporate income tax rate from 25% to 22%. In addition, the Ministry of Planning, Finance, and Industry announced on 30 … robert abbey empire wall sconce
Myanmar Introduces A Draft New Income Tax Law.
WebAccording to the law, a foreigner who lives in Myanmar for at least 183 days during the income year is treated as a resident in Myanmar. However, the citizens of Myanmar working outside the country are exempt from tax, but other sources of income are taxable. WebLaws. Specific Goods Tax Law. Commercial Tax Law. Income Tax Law. Union Taxation Law. Stamp Duty. Tax Administration Law. Tax Law (Draft) Attachment. WebDownload the file : Income Tax Law (2011) (PDF - 328.3 ko) See the document Income Tax Law (2011) on full screen robert abbey clock