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Myanmar Increases Corporate Tax Rate for Oil and Gas Sector — Orbitax Tax News & Alerts

According to recent reports, Myanmar's State Administration Council enacted amendments to the Union Tax Law 2022 on 17 November 2022, including an increase in the corporate tax rate for the oil and gas sector. With effect from 1 April 2022, companies engaged in the oil and gas exploration and production sector are subject to an increased tax rate of 25% (standard rate is currently 22%).