Taxpayers can pay tax on undisclosed income after September 30 in Myanmar

Taxpayers have been given until December 30 to pay a 3 percent tax on undisclosed sources of income due September 30.

This is to avoid crowds at the tax office and also because a stay-home order has been imposed in Yangon since September 21. It does not mean that the deadline for payment has been extended to December 30.

Those with tax outstanding should obtain a slip or receipt from the tax office before September 30. The slip will ensure that taxpayers are able to make payments at the bank up until December 30, an officer from the Internal Revenue Department said.

The tax rate on undisclosed sources of income will be raised as planned starting from October 1, the officer said.

The new tax rates under the 2020 Union Tax Law effective October 1 are 6pc for unassessed income from K1 to K100 million, 10pc for income from K101 million to K300 million, 20pc for income from K301 million to K3 billion and 30pc for income exceeding K3 billion.

The current tax rates on unaccessed income are 3pc for income up to K100 million, 5pc for income from K 101 million up to K 300 million, 10pc from K 301 million to K1 billion, 15pc from K1 billion to 3 billion and 30pc for K3 billion and above.

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Source : Myanmar Times

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