The announcement made on June 17 said that the SAC passed the law in accord with Section 419 of the Constitution of the Republic of the Union of Myanmar with the aim of resurging delayed businesses and investments based on the Coronavirus Disease 2019 (COVID-19).
According of the amended version of the law, income tax rates are 3 percent for Ks100 million and below, 5 percent for Ks100 million-Ks300 million, 10 percent for Ks300 million-Ks1 billion, 15 percent for Ks1 billion-Ks3 billion and 30 percent for Ks3 billion and above.
The law shall come into effect from 1 July 2021 to 30 September. The table mentioned in Sub-Section (a) of Section 25 of the 2020 Union Tax Law shall be substituted, the announcement said.
The old version of the law stated income tax rates as 6 percent for Ks100 million and below, 10 percent for Ks100 million-Ks300 million, 20 percent for Ks300 million-Ks3 billion and 30 percent for Ks3 billion and above.
Published : June 19, 2021
By : Eleven Media/ANN