Myanmar remains an attractive investment destination in South-east Asia largely due to its strategic location, favourable demographics and natural resources. The country has implemented significant reforms to foster foreign investment since 2011. For example, the Foreign Investment Law of 2012 was subsequently replaced by the Myanmar Investment Law (MIL) of 2016 to further promote foreign investment while broadening the tax base. The colonial-era Myanmar Companies Act of 1914 was replaced…
Accountancy & Tax
From The Report: Myanmar 2020
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This chapter offers an overview of Myanmar’s tax regime, including the provisions of Myanmar Income Tax Law and the conditions for Commercial Tax and Specific Goods Tax, alongside individuals’ tax obligations – and the penalties for failure to comply. It also outlines the differences in tax requirements for foreign bodies and Myanmar nationals, and summarises Myanmar’s tax assessment systems. The chapter details tax incentives for companies operating in Myanmar’s special economic zones. This chapter contains a viewpoint from U Tin Win, Country Managing Partner, EY Myanmar.