Update on corporate tax rate, financial year change and e-filing
Myanmar’s Union Tax Law, which applies as from 1 October 2021, includes a reduction in the corporate income tax rate from 25% to 22%.
In addition, the Ministry of Planning, Finance, and Industry announced on 30 September 2021 that the financial year is changed and that the electronic filing of tax returns is mandatory:
- As from the 2022-2023 financial year, the financial year for all taxpayers is 1 April to 31 March rather than 1 October to 30 September. All taxpayers will need to adjust their financial practices and tax compliance processes/systems to comply with the new financial year dates.
- As from 1 December 2021, all quarterly and annual tax returns must be filed electronically. In addition to mandatory e-filing, and as part of the implementation of Myanmar’s Integrated Tax Administration System, the Internal Revenue Department has also expanded the scope of electronic payment platforms to facilitate the payment of tax.
May Pwint Phyu