Myanmar: Tax relief provided for tourism industry, certain other taxpayers (COVID-19)

Myanmar: Tax relief provided for tourism industry

Tax relief is provided to certain taxpayers (including small and medium size entities, those in the hotels and tourism sector, and the “cut make pack” industries) in response to the coronavirus (COVID-19) pandemic.

1000

Related content

The tax relief provided for these taxpayers includes:

  • Postponed deadlines for payment of income tax for the quarters ending 31 March 2020 and 30 June 2020—the new deadline is extended to 30 September 2020
  • Advance income tax at a rate of 2% on exports is exempt from tax until 30 September 2020
  • Deferral of payment of monthly commercial tax for the period 31 March 2020 through 30 August 2020 until 30 September 2020

The government also provided a lending program for these taxpayers, with loans having an interest rate of 1% for the first year.

Read a March 2020 report prepared by the KPMG member firm in Myanmar

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal