Myanmar: Tax law 2016 passed by parliament

Myanmar: Tax law 2016 passed by parliament

The Myanmar parliament passed the Union Tax Law 2016 ahead of schedule, thereby providing taxpayers with more time to take into account any changes prior to the effective date at the start of the next fiscal year on 1 April 2016. Among the provisions in the tax law 2016 are the following:

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  • There are no changes to the income tax rates for individuals and corporations.
  • Property-related income of individuals will continue to be taxed at a rate of 10%.
  • There are new tax rates in relation to certain income of a new business or an expanded business.
  • There is no change to the general capital gains tax rate of 10%, but the capital gains tax rate for oil and gas-related companies increases to 50% (up from 40%).
  • A special commodities tax will be effective beginning 1 April 2016, and applies for a specific list of goods (previously known as “special goods”). 

 

Read a March 2016 report [PDF 287 KB] prepared by the KPMG member firm in Myanmar: Myanmar Tax Alert - Union Tax Law 2016

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