The 2024 Union Tax Law (the “2024 UTL”) was enacted on 29 March 2024 by the State Administration Council. It applies to financial year (“FY”) 2024-2025 (i.e. 1 April 2024 to 31 March 2025) and entered into effect on 1 April 2024. One of the changes under the 2024 UTL is that all taxpayers are […]

The annually enacted Union Tax Law (“UTL”) has been recently issued on 29 March 2024, applying to 2024 – 2025 Financial Year (“FY 2024 – 2025”) starting from 1 April 2024 and ending on 31 March 2025. The 2024 UTL comes into effect on 1 April 2024. The major changes in the 2024 UTL include […]

The Union Tax Law 2023 (the “UTL 2023”) was enacted on 30 March 2023 by the State Administration Council. The UTL 2023 applies to financial year (“FY”) 2023-2024 starting from 1 April 2023 and ending on 31 March 2024. The effective date of the UTL 2023 is 1 April 2023. The major changes in the […]

The State Administration Council enacted Law No. 1/2022 on Amending the Union Tax Law 2021 (“Amended UTL 2021”) on 6 January 2022 to increase the commercial tax rate over internet services and expand the income layers of undisclosed sources of income for the financial year 2021-2022. The Amended UTL 2021 took effect on 8 January […]

The Union Tax Law 2021 (“UTL 2021”) was enacted on 30 September 2021 by the State Administration Council (“SAC”). It is applicable for the financial year (“FY”) 2021-2022 (1 October 2021 to 31 March 2022). Some notable changes under the UTL 2021 for taxpayers are the reductions in tax rates on the taxable profits of […]

In order to shore up the economy and investments affected by the COVID-19 pandemic; the state administration council has increased the income ranges at each rate level applicable for Personal Income Tax (“PIT”) in Union Tax Law (“UTL”) 2021 dated 30 September 2021. The changes under UTL 2021 are more favorable for taxpayers, since more […]

If an individual or a company is buying a capital asset or making an investment, the source of income is required to be provided as proof for the funds used for the purchase or the investment. If the source of income cannot be proved for the portion of the funds used in such purchase or […]

The past few months have been an interesting phase for taxpayers in Myanmar due to the tax reliefs granted under the COVID-19 Economic Relief Plan, changes in current tax regulations, the announcement of the draft Union Tax Law 2020 (“draft UTL”), and the draft new Income Tax Law.   What major changes are included under the […]

The Union Taw Law (“UTL”) 2019 was enacted on 24 September 2019 by the Union Parliament (the Pyidaungsu Hluttaw) and will be applicable for the Financial Year (“FY”) 2019-2020 (1 October 2019 to 30 September 2020). With the new income year commencing on 1 October 2019 and the Tax Administration Law (“TAL”) coming into force, […]

According to the recent Directorate of Investment and Company Administration (“DICA”) announcement issued on 8th March 2019, companies who missed the 31 January deadline now have until March 30 to re-register. However, any companies who fail to re-register by this new deadline will be struck off from the registry, and will not be able to carry on business […]

Due to the change in financial year, the end of the six-month gap period is approaching and the Union Parliament (“Pyidaungsu Hluttaw”) has announced a draft Union Tax Law 2018–2019 (“Draft UTL”) which will be effective from 1 October 2018. A few interesting points from the Draft UTL are outlined below: Financial year end Under […]

The Union Parliament (the Pyidaungsu Hluttaw) enacted the Union Tax Law 2018 (“UTL 2018”) on 30 March 2018, which went into effect on 1 April 2018. Below we provide a synopsis of the points most pertinent for taxpayers this year. The biggest change from the draft UTL 2018 is that the tax amnesty on undisclosed […]

The financial year-end is approaching and the Union Parliament (the Pyidaungsu Hluttaw) finally announced the draft Union Tax Law (“Draft UTL”) 2018 on 13 February 2018, which will go into effect on 1 April 2018. The Draft UTL finally clears up the confusion regarding changes in the financial year. The income year will remain the […]

A shifting economic and political landscape is driving significant changes in Myanmar’s tax sector. Many amendments have been enacted in this fiscal year, including the changes announced in the Union Tax Law 2017.

Just letting you know that a new Draft Union Tax Law in Myanmar has been released proposing an 8% Special Goods Tax (SGT) on import, sale and export of LNG. SGT was introduced in 2016 with the enactment of Special Goods Tax Law effective starting from 1 April 2016 (FY2016-2017). SGT rates will be announced […]