State Administration Council approves Law Amending the Union Tax Law 2022

 

The State Administration Council enacted the Law Amending the Union Tax Law 2022 as its law number 48/2022 on 17 November 2022 signed by Chairman of the State Administration Council Senior General Min Aung Hlaing under Section 419 of the Constitution of the Republic of the Union of Myanmar.

The law mentioned that provisions in Sections 3 and 4 of this law shall be effective from 1 October 2022 to 31 March 2023. The provision of Section 5 must be effective from 1 April 2022 to 31 March 2023.

Table 12 (a), (b) and (c) of Section 11 (a) shall use “except Battery Electric Vehicle (BEV)” instead of “except electric vehicles”. Table 46 must be mentioned after table 45 in Section 14 (a) of the law.

Section 23 of the law must be added with Section 23-a that it shall levy 25 per cent of income tax over the total net profit of the persons involved in the oil and natural gas exploration without exemption under Section 6 of the Income Tax Law however provisions of Section 23(a) are mentioned.

The Law Amending the Union Tax Law 2022 will be expressed in the Stateowned daily newspapers.

GNLM