Myanmar: Govt Extends Deadline for Taxes on Unassessed Income

• Sep 24, 2020

The Ministry of Planning and Finance issued an order on September 22 extending the deadline for tax payment on the unassessed income for the 2019-2020 fiscal year until December 30.

The previous deadline was September 30, which is the end of the 2019-2020 fiscal year. However, the Myanmar Economic Bank, which receives tax payment, was crowded with the taxpayers increasing the risk of being infected by the COVID-19.

The country, experiencing the second wave of the COVID-19, has put the stay-at-home order to curb the rapidly rising number of reported cases. 

Under the 2019-2020 Union Tax Law, the government levy three percent for unassessed income up to K100 million, five percent for K100-300 million, 10 percent for K300-1,000 billion, 15 percent for K1-3 billion, and 30 percent for above K3 billion. 

The taxation on unassessed income or undisclosed sources of income, under the 2020-2021 Union Tax Law passed in August, is six percent for K1-100 million, 10 percent for K101-300 million, 20 percent for K301-3,000 million, and 30 percent for more than K3 billion. 

Written by Ko Myo

Source: https://mmbiztoday.com/govt-extends-deadline-for-taxes-on-unassessed-income/