Myanmar Parliament Approves Covid-19 Tax Relief Measures

The Union Parliament of Myanmar on Friday amicably approved Covid-19 tax relief measures, sent by President Win Myint, to lessen economic fallout’s impact on companies.

• Order will be effective from Oct. 1
• “This may reduce the State’s tax revenue to some extent but will help businesses that are severely hit by Covid-19, survive” Deputy Minister of Planning, Finance and Industry Maung Maung Win said at a parliamentary session
• Measures include
  • 10% non-refundable tax credits on the incremental wage bill and incremental investments in capital equipment
  • 125% tax deduction for incremental wages paid during fiscal year 2019-2020, ending in September ...