Myanmar Parliament Approves Union Tax Law 2020

On 28 August 2020, the Myanmar parliament reportedly approved the Union Tax Law 2020, which generally applies from 1 October 2020. One of the main measures of the law is the introduction of new tax amnesty tax rates. Although it was initially proposed to introduce a flat 30% tax rate on all unassessed sources of income, special tax rates are provided under the Union Tax Law 2020 as follows from 1 October 2020 to 30 September 2021:

• up to MMK 100 million - 6%
• over MMK 100 million up to 300 mil…