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Tax Rates in Myanmar (Burma) for 2016-2017, 2015-2016, 2014-2015

Income Tax Rate for 2016-2017

 

Unreported income used (MMK)

 

Income Tax Rates

 

1 100,000,000

 

3%

 

100,000,001 500,000,000

 

5%

 

500,000,001 1,000,000,000

 

10%

 

1,000,000,001 1,500,000,000

 

20%

 

1,500,000,001 and above

 

30%

 

 

 

Capital Gain Tax

De-minimis threshold for capital gains has been raised to MMK 10million. In addition, capital gains taxes for non-residents have been reduced to 10% in line with tax residents.

However, capital gains tax in the oil and gas sector will be assessed in foreign currency if the transaction is carried out in foreign currency. No changes were made to the capital gains tax rates for the oil and gas sector.

 

Income Tax Rate for 2015-2016

 

Unreported income used (MMK)

 

Income Tax Rates

 

1 100,000,000

 

3%

 

100,000,001 500,000,000

 

5%

 

500,000,001 1,000,000,000

 

10%

 

1,000,000,001 1,500,000,000

 

20%

 

1,500,000,001 and above

 

30%

 

Myanmar (Burma) Income Tax Rates 2014 and Deductions

Myanmar (Burma) Income Tax Rate for Individual Tax Payers

Lowest Individual Tax Rate is 5% and Highest Rate is 25%

 

Unreported income used (MMK)

 

Income Tax Rates

 

1 - 2 Million

 

2%

 

2 - 5 Million

 

5%

 

5 - 10 Million

 

10%

 

10 - 20 Million

 

15%

 

20 - 30 Million

 

20%

 

Over 30 Million

 

25%

 

 

A foreigner who works part of the year in Myanmar but who resides abroad is taxed at the rate of 35%. If the Myanmar-source income is paid in a currency other than kyat the tax must be paid in the currency in which the income was earned. Overseas Burmese citizens pay at a rate of 10%. The standard deduction is 20% of income but may not exceed 10 million Ks. for a single tax year. There is an additional spousal deduction of 500,000 Ks. and a 300,000 Ks. deduction for each child.

Corporate Tax Rates in Myanmar (Burma)

Companies formed under Myanmar law are taxed at a rate of 25%. New businesses enjoy a tax holiday if their income does not exceed 5 million Ks. for three years in a row.

Services Tax

There is a 5% tax on services

Withholding Tax Rate in Myanmar (Burma)

Dividends are not subject to withholding tax, regardless of the residence status of the recipient.

Interest paid to a non-resident of Myanmar is subject to withholding tax of 15 percent. Royalties paid to a non-resident of Myanmar are subject to withholding tax of 20 percent. The withholding tax rates on interest and royalty payments made to non-residents of Myanmar may be reduced by an applicable income tax treaty

Capital Gains Tax in Myanmar (Burma)

There is a 10% capital gains tax except with respect to capital gains earned in the oil and gas sector. These are taxed at substantially higher and regressive rates (in billions of kyat):
0-100                                             40%
100-150                                         45%
150 and above                                 50%
There is a 10% capital gains tax except with respect to capital gains earned in the oil and gas sector. These are taxed at substantially higher and regressive rates (in billions of kyat):

Myanmar (Burma) Commercial Tax on Exports

Commercial tax on exports is at the following rates:
General                                               5%
Crude oil                                             5%
Natural gas                                          8%
Teak, hardwood logs                           50%
Jade and gemstones                            30%
Jewelry                                              10%

To promote local manufacturing, a rate of 2% instead of the general rate of 5% is charged in respect of locally produced goods.

Myanmar (Burma) Due Dates for filing Returns / Reporting and Payment

The tax year follows the fiscal year, starting 1 April and ending 31 March. The annual tax return must be filed with the Internal Revenue Department by 30 June of the following income year. If a business is dissolved, an income tax return must be filed within one month from the time the business was discontinued.

Tax returns for capital gains under the income tax law are to be submitted within one month after the capital asset was disposed of.

In addition tax payers are required to file tax returns for withholding tax, commercial tax and individual income tax on a monthly or quarterly basis.

 
 

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