Myanmar income tax law 2011 pdf

Under the income tax law itl, if a company sustains a loss, it can be utilized against future profits and. Item qualifications tax rate resident foreigners staying. This publication does not necessarily reflect the views or policies of the united. The ilo guide to myanmar labour law is funded by european union, norway, switzerland, united states department of labor project mmr10usa and the ilo. Funding for this ilo publication was provided by the united states department of labor project mmr10usa. Maximize the tax base by shifting from salesbased taxes levied at. On 10th january 2017, the internal revenue department ird of the ministry of planning and finance mpf announced the notification no. Myanmar tax structure comprises 21 kinds of taxesduties under the. Income tax law, employers are required to withhold and disburse. Establish a clear and fair tax code by eliminating revenue streams other than permit fees, production royalties and corporate income tax. Income tax official website of the myanmar embassy in.

Itl income tax law mcpa myanmar companies act 1914 mic myanmar investment commission pit personal income tax. With a strong appetite for development, myanmar has adopted a very accommodating fiscal regime. Nondeductible expenses are also stated in the myanmar income tax law. Personal income tax overview employers, whether residents or nonresidents of myanmar for tax purposes, are liable to deduct personal income tax pit from payments of salaries, wages and other remuneration made to all employees. More than 77 businessrelated laws and 149 regulations are translated in english. In addition, the number of types of goods subject to the tax was reduced from 20 to 17. Final in the sense that once an employer deducts paye from the gross salarywage of a particular employee, it represents the final tax liability on. The new myanmar investment law mil took effect in 2017 to combine the old citizens investment law and the myanmar investment law. The myanmar stamp act1899 the court fees act1870 4.

Will in myanmar myanmarese will inheritance tax laws. Guide to taxes in myanmar bracketsincentives asean up. A low corporate income tax, a progressive but low personal income tax, no vat but a light commercial tax and strong incentives, aim at attracting and helping companies to spur the development of myanmars newly opened economy. Feedback, comments and new information is very welcome by sending to email protected. Notable changes include amendments to the personal income tax rates and their application. Transitory provisions consequent on the constitution of the. If the employee will earn not more than 4,800,000 mmk per year, heshe is not eligible for personal income tax. Law means the laws enacted relating to the tax collected for the union. The foreign investment laws of the myanmar make it easy for.

Myanmar continues to push tax reforms with the passage of five new tax laws. October 14, 2011 inheritance there are no inheritance taxes in myanmar. It would appear that this new law, if it is passed in its current form will replace the existing income tax act,1974 and all subsequent updates and income tax law changes or notifications issued by the. There shall be regarded as taxes on income all taxes imposed on total income, or on elements of income, including taxes on gains from the alienation of movable or immovable property. The income tax shall be assessed on what remains of the total income after. Irs employees must have had a busy weekend, as they already have the 2011 withholding tables that take into account the tax compromise bill signed into law by president obama on friday. For example, if you earn mmk 1,632,000 per month, please see below, monthly salary mmk 1,632,000. The special economic zone law of 2011 the sezl and the dawei special economic zone law of 2011 enable foreign investors to undertake a range of business activities in designated special economic zones and also offer various tax reliefs and exemptions to eligible. Companies registered under the myanmar foreign investment law can be granted a number of incentives, including. Under the myanmar income tax law, expenditure incurred for the purpose of earning income and depreciation allowance prescribed by the regulations shall be deducted from taxable income. For exports, the tax rate is reduced from 20% to 10% for wood logs and from 20% to 15% for uncut jade and 20% to 10% for other gemstones. 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. Member of union of myanmar federation of chambers of commerce and industry umfcci.

Notification 1672011 dated 26 august 2011 of mopf, notification 22017 and. Under the income tax law itl, if a company sustains a loss, it can be utilized. Itl income tax law lto large taxpayers office mac myanmar accounting council. Incometax law chapter i title, application and definitions 1. Myanmar statistical years book 2009 and monthly report may,2011. The 2018 union tax law 2018 utl was signed into law by u win myint, the new president of the republic of the union of myanmar, on 30 march 2018. Myanmar law reports 1989until now international law.

This law shall extend to the whole of the republic of the union of myanmar and shall also apply. Employees that are residents of myanmar both myanmar nationals and foreigners are taxed on their worldwide. On 28 march 2014, the union of myanmar revenue law of 2014. Laws, bills, rules, regulations and decrees related to money. In mldb, myanmar laws which are categorized according to year of issue and area of laws are available.

Amended law for myanmar investment law burmese pyidaungsu hluttaw law no. Mlmb covers every law included in burma code, in addition to every myanmar law enacted since 1948 when myanmar became independent. Myanmar update on the union tax law 2019 insight baker. Revisions of the myanmar gemstone law, union tax law and subsequent regula tions should. Types of tax collected and tax laws enacted to assess taxes by eras, before and. However, inheritances and gifts may be subject to stamp duties and registration fees. Incometax law as amended up to november 2011 november.

Incometax law,1974 contents chapter section particulars page xii matters relating to persons leaving the union of myanmar 38 requirement of certificate 22. The myanmar law information system is a website providing service of the myanmar law information. However, the total basic relief for a year shall not exceed kyats 10,000,000. Based in yangon and we provide provide the following services to foreign investors. The pyidaungsu hluttaw has enacted the law amending the commercial tax law on 24 march 2014. Companies formed under myanmar law are taxed at a rate of 25 %. The government exempted myanmar citizens livingworking abroad from paying their income tax out of their total income with effect from 1st january 2012. The existing taxes to which the agreement shall apply are. Stamp duty the myanmar stamp act 1899 the court fees act 1870 4. This video tutorials explain the computation of the nigerian personal income tax based on the provisions of the personal income tax as amended in 2011.

The new myanmar companies act takes effect from 1 august 2018. This expression includes any foreign economic enterprise carrying on business in myanmar which is treated as a company by the union government for the. Basis laws myanmar special economic zone law investment incentive for sez free zone business promotion zone business corporate tax exemption term 7years from start business 5years from start business tax relief of 50% next 5years next 5years tax relief of 50% for reinvestment profit next 5years after 50% tax relief next 5years after 50% tax. The searchable database contains laws, reports, and other civil society legal resources from countries around the world. A parent relief is added to clause 2 subsection a section 6 of the income tax law. Key changes are the end of the making work pay credit and the 2 percentage point reduction in. The new law effective from 1 april 2018 provides welcome clarity on the financial year for 20182019, and the tax rates and exemptions applicable to certain goods and services in myanmar.