Wednesday, 18 June 2014

Myanmar to transform current commercial tax to value-added tax system

YANGON, June 12 (Xinhua) -- Myanmar will transform the current commercial tax to value-added tax system within two or three years as part of tax reforms, state media reported Thursday.

The Large Taxpayers' Office (LTO) is also drawing the key performance Indicators and Guidelines and Rulings for taxation, said the New Light of Myanmar.

Current taxation in Myanmar comes from Commercial Tax, Income Tax, Stamp Tax and Lottery Tax.

The new income tax and commercial tax law was enacted on 28 May 2014.

The Internal Revenue Department has invited complaints from the taxpayers on the Tax of the Union Law to parliament through respective delivery units.

The new tax law grants exemption from income tax for newly established small and medium sized enterprises, whose income does not exceed 5 million Kyats (5,154 U.S. dollars) for three years in a row.

source: Global Post
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