25.09.2019

Myanmar News Update on Tax Exemptions for Development Projects

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Myanmar News Update on Tax Exemptions for Development Projects

Myanmar News Update on Tax Exemptions for Development Projects

In 2018, the Ministry of Planning and Finance and the Union Government Cabinet issued two Notifications (Notification No. 38/2018 and Notification No. 49/2018), which stipulated that national development projects carried out with Grant Aid or Development Assistance Loans provided to the Union may be entitled to enjoy exemptions from income tax and commercial tax. Both Notifications made it mandatory to apply with Ministry of Planning and Finance for recognition that such projects are in fact implemented with Grant Aid or Development Assistance Loans. No further details were provided (e.g. on the necessary documents/information and assessment procedure).

On 23 August 2019, the Ministry of Planning and Finance published Notification No. 69/2019, further clarifying the requirements for organizations and their staff carrying out national development projects with Grant Aid and Concession Loans to enjoy tax exemptions. The new Notification will come into effect on 1 September 2019 and supersede Notification No. 38/2018.

Please find a short summary of the new Notification in the downloadable PDF.