Myanmar: Additional tax and economic relief measures (COVID-19)
Myanmar: Additional tax and economic relief measures
The government at the end of April 2020 announced tax and economic relief measures in response to the coronavirus (COVID-19) pandemic.
Among the tax relief measures, the following relief provisions are to be introduced:
- Waiver of the “specific goods tax,” customs duties, and commercial tax on “critical” medical supplies and products related to the prevention, control, and treatment of COVID-19
- A 10% non-refundable tax credit with regard to incremental wage bills
- A tax deduction of up to 125% of the amount of wages paid
- A 10% non-refundable tax credit for incremental investment in capital goods
- One-time increase of capital depreciation equal to 125% of standard depreciation rates
These tax relief measures are in addition to previously announced tax relief, including:
- An extension of the due date to 30 September 2020 with regard to paying income tax for the calendar quarters ending 31 March and 30 June 2020
- An exemption for advance income tax (imposed at a rate of 2%) on exports until 30 September 2020
- Deferral of the due date to 30 September 2020 for the payment of monthly commercial tax for the period 31 March to 30 August 2020
Read an April 2020 report prepared by the KPMG member firm in Myanmar
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