Myanmar income tax law 2014 pdf

The taxes received by the union contained in the laws relating to expenditure under the budget are the taxes earmarked for collection in table 1 of this law for the relevant financial year. Guide in early 2014, myanmar has progressed quickly and we are pleased to. Under myanmar income tax law, interest are subject to tax. Incometax law,1974 contents chapter section particulars page xii matters relating to persons leaving the union of myanmar 38 requirement of certificate 22. The taxation of income depends on the individuals residential status in myanmar. Income tax law chapter i title, application and definitions 1. Myanmar special economic zones law the pyidaungsu hluttaw. Incometax law as amended up to november 2011 november. Types of tax collected and tax laws enacted to assess taxes by eras, before and. Tax systems in myanmar international monetary fund. Stamp duty the myanmar stamp act 1899 the court fees act 1870. The taxable capital gain is calculated based on the difference between the sales proceeds and the cost of the asset, less the accumulated tax depreciation allowed under the myanmar income tax law. Double taxation agreement if a nonresident recipient is a resident of a country with which.

As laid out in the 2014 myanmar special economic zone law, business in both free zone and promotion zone receive income tax corporate tax exemptions for the first 7 or 5 years respectively. Law amending the income tax law myanmar law library. Global mobility services taxation of international assignees. Many laws dating back to the colonial period and postindependence period are, with more or less changes, still in force. Income is considered as sales value in excess of kyats 240 000, minus. Under this law, a special economic zone is defined as the zone notified and established by the. Under myanmar income tax law, dividends received are not subject to income tax. Advance payment of 2% cit on importation and exportation companies importing or exporting goods must pay a 2% advanced income tax on.

Myanmar employment law is governed by both old and new laws and regulations, as well as internal policies and practices of the department of labour of the ministry of labour, immigra tion and population ministry of labour. The provisions of the attached law shall apply with respect to the income tax. The law amending the commercial tax law 2014 legal. Tax of the union law 2014 online burmamyanmar library. Myanmar tax law the myanmar income tax law, 1974 the commercial tax law,1990 the union of myanmar foreign investment law 2012 and latest notifications issued by ministry of finance and revenue dated june 2012 applicable laws to individuals, companies and jointventures. Dttj audit letter audit, consulting, advisory, and tax services. Myanmar tax opportunities and pitfalls in a time of growth. Second article the income tax law promulgated by law no. General information on myanmar special economic zones i the quantity of sezs the development of special economic zones sez in myanmar is governed by the myanmar special economic zone law of 2014. However, in practice, resident foreigners are not taxed on their nonmyanmar sourced income including. On march 24, 2014, the union government enacted two new tax laws with immediate effect. The myanmar stamp act1899 the court fees act1870 4.

Total tax mmk monthly tax mmk details calculation for taxable income. Myanmar special economic zone law, 2014 2014, the pyidaungsu hluttaw law no. On 11 march 2014, the myanmar parliament approved the following changes of tax law in order to boost myanmar economy and to encourage taxpayers to comply with the tax laws. There are various tax exemptions availabel to investors and the developer in the thilawa sez. Itl income tax law meb myanmar economic bank mfil myanmar foreign investment law. On 28 march 2014, the union of myanmar revenue law of 2014 and four other tax bills were signed into law and effective from 1 april 2014. I hereby sign according to the constitution of the republic of the union of myanmar. A by law will have to be issued to clarify as to how the new law will be used.

May 14, 2014 amendments to myanmars tax regime have been longawaited. The union of myanmar tax law 2014 2014 tax law, effective from 1 april 2014, introduced a number of changes to income tax and commercial tax rates in myanmar. Special goods tax law amended back the myanmar government has recently introduced significant amendments to the law on special goods tax sgt, including the tax base for computing sgt, and reporting requirements for sgtregistered exporters and manufacturers of locallyproduced regulated and nonessential goods. For example, if you earn mmk 1,632,000 per month, please see below, monthly salary mmk income for 12 month s personal relief. For more information please write to info at for a consultation.

Income tax 12 global tax symposium asia 2015 21 prior to 1 april 2014 under section of the income tax regulations, a taxpayer entity is allowed to claim tax depreciation on the qualifying assets used for its business purposes based on rates prescribed under the myanmar income tax law as shown below. E 24th march, 2014 the pyidaungsu hluttaw hereby enacts this law. Special corporate income tax incentives under the sez law include a tax exemption for the first seven years for investors in a free zone. Under the myanmar income tax law, expenditure incurred for the purpose of earning income and depreciation allowance prescribed. On 28 march 2014, the union of myanmar revenue law of 2014 and four other tax bills were signed into law and e. The tax of the union law 2014 online burmamyanmar library. This law shall extend to the whole of the republic of the union of myanmar and shall also apply. The 5th imfjapan highlevel tax conference for asian countries. The revenue law of 2014 essenally legislates and introduces changes to the rates for income tax and ct, which were previously determined based on no. These are the law amending the income tax law, pyihtaungsu hluttaw law no. Under the myanmar income tax law, resident nationals and resident foreigners are taxed on all income derived from sources within and outside myanmar.

This law shall be called the myanmar special economic zone law, 2014. Tax reforms in myanmar international monetary fund. Law amending the special goods tax law pyidaungsu hluttaw law 172017. Law amending the income tax law pyidaungsu hluttaw. Law amending the income tax law pyidaungsu hluttaw law no. Under the income tax law itl, if a company sustains a loss, it can be utilized against future profits and carried forward for up to three consecutive years, with the exception of capital losses.

Foreign companies or multinational companies incorporated in myanmar are subject to 30% income tax and nonresident foreign companies are subject to 35% income tax. On 28 march 2014 the myanmar government introduced a number of important changes to myanmars tax regime. Law, for the administration of the special economic zones in myanmar. Amending law of income tax lawmyanmar engineering council lawcomputer science development lawamending law of myanmar stamp actprofit tax law. General information on myanmar special economic zones. Income tax law,1974 contents chapter section particulars page xii matters relating to persons leaving the union of myanmar 38 requirement of certificate 22 xiii recovery of tax. The relevant ministry shall collect the earmarked taxes at the tax rates contained in this law for the types of the taxes. The new myanmar investment law mil took effect in 2017 to combine the. The union tax laws 2014 20152016 provisions related to tax policy such as tax rates.