Myanmar Publishes Union Tax Law 2021 Including Corporate Tax Rate Reduction

The Internal Revenue Department of Myanmar has published the Union Tax Law 2021, which generally applies from 1 October 2021. Some of the main measures of the law include:

• A reduction in the corporate tax rate from 25% to 22%;
• An increase in the personal income tax bracket thresholds as follows:
  • up to MMK 2,000,000 - 0%
  • MMK 2,000,001 to 10,000,000 - 5%
  • MMK 10,000,001 to 30,000,000 - 10%
  • MMK 30,000,001 to 50,000,000 - 15%
  • MMK 50,000,001 to 70,000,000 - 20%
  • over MMK 70,000,000 - 25%
• An ext…