{"id":2744,"date":"2023-10-06T04:45:58","date_gmt":"2023-10-06T04:45:58","guid":{"rendered":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/?p=2744"},"modified":"2023-10-06T05:17:40","modified_gmt":"2023-10-06T05:17:40","slug":"sac-enacts-amendment-of-union-tax-law-2023","status":"publish","type":"post","link":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/sac-enacts-amendment-of-union-tax-law-2023\/","title":{"rendered":"SAC enacts amendment of Union Tax Law 2023"},"content":{"rendered":"<p>State Administration Council (SAC), enacted Law No. 55\/2023, amending the Union Tax Law 2023, on September 12, under Section 419 of Myanmar&#8217;s Constitution.<\/p>\n<p>As per the announcement, the law will be in effect from October 1, 2023, to March 31, 2024.<\/p>\n<div>\n<p>It introduces a 10% tax on total foreign exchange incomes earned abroad, excluding salaries of citizens residing in foreign countries.<\/p>\n<p>Furthermore, for foreign exchange salaries of citizens residing abroad, the lower tax amount of the two methods outlined in the income tax rules shall be applied.<\/p>\n<p>(1)As per Rule 8, imposed of the income tax with deduction of exemption under Section 6 and 6-a of the law,<\/p>\n<p>(2)Without subtracting the amount of exemption under Section 6 and 6-a of the law, a two percent tax shall be levied over the incomes.<\/p>\n<p>Moreover, the taxpayer shall have the right to subtract the amount paid as tax abroad from the calculated amount of tax under this law.<\/p>\n<p style=\"text-align: center;\"><strong><a class=\"site-button btn-block radius-no\" href=\"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-content\/uploads\/2023\/10\/SAC-enacts-amendment-of-Union-Tax-Law-2023-Myanmar-English.pdf\" target=\"_blank\" rel=\"noopener\">Download SAC Enacts Amendment of Union Tax Law [MY &amp; EN]<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>State Administration Council (SAC), enacted Law No. 55\/2023, amending the Union Tax Law 2023, on September 12, under Section 419 of Myanmar&#8217;s Constitution. As per the announcement, the law will be in effect from October 1, 2023, to March 31, 2024. It introduces a 10% tax on total foreign exchange incomes earned abroad, excluding salaries [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"class_list":["post-2744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alerts"],"_links":{"self":[{"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/posts\/2744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/comments?post=2744"}],"version-history":[{"count":13,"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/posts\/2744\/revisions"}],"predecessor-version":[{"id":2759,"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/posts\/2744\/revisions\/2759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/media\/2760"}],"wp:attachment":[{"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/media?parent=2744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/categories?post=2744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tokyoconsultingfirm.com\/myanmar\/wp-json\/wp\/v2\/tags?post=2744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}