The Internal Revenue Department of Myanmar has published the Union Tax Law 2021, which generally applies from 1 October 2021. Some of the main measures of the law include:
- A reduction in the corporate tax rate from 25% to 22%;
- An increase in the personal income tax bracket thresholds as follows:
- up to MMK 2,000,000 - 0%
- MMK 2,000,001 to 10,000,000 - 5%
- MMK 10,000,001 to 30,000,000 - 10%
- MMK 30,000,001 to 50,000,000 - 15%
- MMK 50,000,001 to 70,000,000 - 20%
- over MMK 70,000,000 - 25%
- An ext…