Taxpayers Can Pay Undisclosed Income Tax until December

Taxpayers can pay 3pc tax on undisclosed income that due 30 September until December but that does not mean the deadline for payment has been extended.

Those with tax outstanding should obtain a slip or receipt from the tax office before September 30. The slip will ensure that taxpayers are able to make payments at the bank up until December 30. The tax on undisclosed sources of income will be raised as planned starting from October 1, an officer from the Internal Revenue Department (IRD) said.

The new tax rates under the 2020 Union Tax Law effective October 1 are 6pc for unassessed income from K1 to K100 million, 10pc for income from K101 million to K300 million, 20pc for income from K301 million to K3 billion and 30pc for income exceeding K3 billion.

The current tax rates on unassessed income are 3pc for income up to K100 million, 5pc for income K101 million up to K300 million, 10pc from K301 million to K1 billion, 15pc from K1 billion to K3 billion and 30pc from K3 billion and above.

Sources: The Myanmar Times