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The State Administration Council has amended the Union Tax Law ("UTL") by virtue of State Administration Council Law No. 20/2021, the Law Amending the Union Tax Law ("amended UTL"). The amended UTL changes the tax rates levied on income that had escaped assessment and is used for purchasing, construction, obtaining fixed assets, or expanding a business. The following table highlights the amended tax rates:
|
No. |
Income (MMK) |
Tax Rate |
|
From |
To |
|
1. |
1 |
100,000,000 |
3% |
|
2. |
100,000,001 |
300,000,000 |
5% |
|
3. |
300,000,001 |
1,000,000,000 |
10% |
|
4. |
1,000,000,001 |
3,000,000,000 |
15% |
|
5. |
3,000,000,001 and above |
30% |
The lower-tier tax rates have been restored to the rates as they were when introduced in the 2019 Union Tax Law. This seeks to relieve tax burdens on lower income groups.
Please contact us for specific advice concerning changes in the amended UTL.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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Rajah & Tann
Myanmar Company Limited
Junction City Tower, No.3A Bogyoke Aung San Road, Level 13, Unit 13-04, Pabedan Township, Yangon, Myanmar http://mm.rajahtannasia.com
Contacts: Dr Min TheinManaging PartnerD +951 9345343F +951 9345348min.thein@rajahtann.comChester TohDirectorD +65 62320220chester.toh@rajahtann.comJainil Bhandari DirectorD +65 62320601jainil.bhandari@rajahtann.com| Rajah & Tann Asia is a network of legal practices based in Asia. |
Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client. |
This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update. |
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