New Income Tax Law Draft will be submitted to parliament

The Internal Revenue Department (IRD) drafted a new income tax law with the help of International Monetary Fund (IMF) expert. The draft is ready to submit to the parliament once the tax management bill, which is currently sitting in Pyidaungsu Hluttaw since 2018, is approved according to U Min Htut, director general of Internal Revenue Department (IRD). The tax management bill seeks to reorganize the various tax laws, from commercial tax law, income tax law, specific goods tax law, and union taxation law. The purpose is to allow taxpayers to follow the regulations more easily.
The old income tax law was enacted since 1974; the law is no longer up to date and not in line with international standards. The new legislation will modernize the rules and “effectively cover” different parts of the economy, catching up with international standards said U Min Htut.
The IRD has created a Technical Review Committee (TRC) to ensure that tax technical issues are properly considered, and that consistent guidance is provided to taxpayers. This committee meets every two months to consider issues that have been raised by IRD offices when those issues require clarification or guidance.

Reference- myanmartimes