|
|
On 30 March 2022, the SAC enacted the Union Taxation Law 2022 ("UTL") for the forthcoming financial year 2022-2023. The UTL introduces a one-time commercial tax of MMK20,000 for selling and activating a new SIM card and a 15% commercial tax on the income earned from internet connection services. The UTL also puts in place revised personal income tax rate ranges for undisclosed sources of income that are still subject to income tax as shown in the table below.
|
Under Union Taxation Law 2021 |
Under Union Taxation Law 2022 |
|
Income (MMK) |
Income Tax Rate |
Income (MMK) |
Income Tax Rate |
|
From |
To |
From |
To |
|
1 |
100,000,000 |
3% |
1 |
300,000,000 |
3% |
|
100,000,001 |
300,000,000 |
5% |
300,000,001 |
600,000,000 |
5% |
|
300,000,001 |
1,000,000,000 |
10% |
600,000,001 |
1,000,000,000 |
10% |
|
1,000,000,001 |
3,000,000,000 |
15% |
1,000,000,001 |
3,000,000,000 |
15% |
|
3,000,000,001 and above |
30% |
3,000,000,001 and above |
30% |
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.
|
|
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. |
|
|
