According to the draft 2018 Union Tax Law, taxpayers can pay taxes on previous income not declared at a rate of 3 percent if they declare the income within the first six months of the new fiscal year. Meanwhile, those who declare their income within the next six months will have to pay tax at a rate of 5pc.

However, some Hluttaw MPs and entrepreneurs have objected to this provision. U Khin Cho from Pyithu Hluttaw’s Public Accounts Committee is among those who are objecting over concerns that illegal businesses may take the opportunity to officially convert so-called black money into white money, or legally-sourced funds.

The Joint Bill Committee has suggested collecting the taxes under different rates in the February draft. But I think this section will no longer be included in the bill as most MPs don’t agree with it,” U Khin Cho told the Myanmar Times. He added that the bill will be approved after voting takes place at the Hluttaw today.

Source: https://www.mmtimes.com/news/union-tax-law-be-approved-parliament.html