The Ministry of Planning, Finance and Industry announced the release of guidance amending the commercial tax and income tax rules for the 2019-2020 tax period.
Notification 56/2020 removes application of section 42(d) of the commercial tax regulations for fiscal year 2019-2020. Section 42(d) provided that the input commercial tax incurred on capital assets would not be available for offset against output commercial tax due. Thus, with the removal of section 42(d), the input commercial tax incurred on capital asset can be offset against the amount of output commercial tax due on the business activities.
Notification 62/2020 amends sections 11, 13 and 14 of the income tax regulations for the 2019-2020 fiscal year, and thereby resulting in the following changes:
Read a July 2020 report prepared by the KPMG member firm in Myanmar
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