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The country is under sanctions by the United Nation’s Security Council and/or the UK Government. Currently B2B Hub is not providing legal and financial services for the present country.

Myanmar

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About

Myanmar

Capital
Official languages
Population 
Currency

ISO 4217

Naypyidaw

Burmese

54,364,609 (as of 2019)

Kyat

MMK

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Economy

"Myanmar's economy has been steadily growing in recent years, with a GDP growth rate of 6.5% in 2019. This growth is largely driven by the country's strong manufacturing sector, which accounts for around 25% of the country's GDP. The country also has a large agricultural sector, which contributes around 33% of the country's GDP. Additionally, the services sector is also growing, accounting for around 42% of the country's GDP.

The country has also seen an increase in foreign investment, with the World Bank reporting that foreign direct investment (FDI) in Myanmar increased by 11.5% in 2019. This is largely due to the country's improved business environment, which has been bolstered by the government's efforts to reduce bureaucracy and improve the ease of doing business.

Overall, Myanmar's economy is showing signs of steady growth, with the country's GDP growth rate expected to remain strong in the coming years. With the government's continued efforts to improve the business environment and attract foreign investment, the country is well-positioned to continue its economic growth."

Taxation

In Myanmar, the tax system consists of both direct and indirect taxes. The direct taxes are levied on income, while indirect taxes are levied on goods and services.


For individuals, the personal income tax rates range from 0% to 30%, depending on the level of income. The tax year in Myanmar is the same as the fiscal year, which runs from April 1st to March 31st of the following year. Individuals are required to file their tax returns by June 30th of the following year.


For corporations, the corporate tax rate is 25%, and companies are required to file their tax returns within six months from the end of their fiscal year.


Tax payments can be made at designated banks or online through the Myanmar Payment Union (MPU). Taxpayers are required to obtain a tax identification number (TIN) before making any tax payments.


In addition to income tax, other taxes in Myanmar include value-added tax (VAT), commercial tax, and stamp duty. VAT is levied at a standard rate of 5%, while commercial tax rates vary depending on the type of goods and services sold. Stamp duty rates also vary depending on the type of transaction.

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B2B hub provides fillable PDF application forms, you can simply save the filled form and send us by email clicking here  reg@b2bhub.uk or live chat

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