![]() Income is computed under the categories salaries, profession, business income, property, capital gains, income escaped from assessment and other sources. ![]() The principle taxes levied in Myanmar are the corporate income tax (CIT), withholding tax (WHT) and the personal income tax (PIT) under the Myanmar Income Tax Law (MITL), and Special Goods Tax (SGT) under SGTL of 2016, and CT under CTL. 146 of 2016, dated September 30, 2016, the Ministry of Planning and Finance announced that stamp duty rates were reduced in respect of bonds (1.5% to 0.5%), conveyance (3% to 2%), leases up to three years (1.5% to 0.5%), leases above three years (3% to 2%), and transfer of shares or debentures (0.3% to 0.1%), effective October 1, 2016. In addition to the above changes, under Notification No. The above changes have been in effect since April 1, 2016. A threshold for salary income at MMK4.8m ($3899) was introduced progressive rates were charged on purchasing, constructing and acquiring capital assets, and establishing new domestic business have been changed from 3-30% to 15-30%. Other recent significant changes include extending the timing of advance tax payments, enhancing the penalty for concealment of income or particulars, and prescribing advance payment of capital gain taxes through the Law Amending Income tax Law, issued on August 31, 2016.įurther, under the Union Taxation Law (UTL) of 2016, the number of goods exempt from the commercial tax (CT) were extended from 79 to 86, whereas the number of services exempt from CT was extended from 23 to 29 and introduced 3% CT on domestic flights. Now the SGTL will regulate taxation on 16 items termed “special goods” previously placed under the jurisdiction of the Commercial Tax Law (CTL), and thus eliminate the complexities that arose due to inclusion of these goods in the SGTL. ![]() ![]() Of all these changes, the new Special Goods Tax Law (SGTL), which was promulgated on January 18, 2016, is the most remarkable. Changes in Myanmar’s tax regime continued to make progress in FY 2015//17. ![]()
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