Myanmar Enacts Union Tax Law 2019 Including New Tax Amnesty

On 1 October 2019, Myanmar's Union Tax Law 2019 entered into force. One of the main measures of the law is the introduction of a new tax amnesty for income that has not been assessed prior to 1 October 2019. The amnesty provides that declared unassessed income may be deducted if invested in purchasing capital assets, construction, acquiring and establishing a new business, and business expansion. For amounts declared that are not invested, special tax rates are provided as follows:

• up to MMK…