Thailand
Myanmar: Income taxes not covered will be collected according to specified rates
The Ministry of Planning and Finance (MOFP) submitted a proposal that will enable income not declared in the past to be taxable at the appropriate rate under the 2018 Union Tax Law. The proposal was submitted to Parliament on Tuesday.
“This represents an opportunity for the Inland Revenue Department to collect taxes on previous years’ income not declared,” said Deputy Minister of Planning and Finance U Maung Maung Win.
Businesses will be given a one year timeframe, between April 1 to March 31, 2019 to pay taxes on income legally derived but previously not declared, U Maung Maung Win said.
After this period, action will be taken against those who have not paid taxes on the related income, according to the law.
“The nation will keep working to formulate a tax system that conforms to international rates, and to reduce and eliminate tax evasion,” said U Maung Maung Win.
While the government has decided to change the current fiscal year to October 1-November 30, the tax year will remain April 1-March 31.
Source: https://www.mmtimes.com/news/income-taxes-not-covered-will-be-collected-according-specified-rates.html