Withholding tax exemption extended until December in Myanmar

Myanmar will extend a 2 percent withholding tax exemption on exported goods and imports license fees until December to allow companies to manage their cash flows. The National Level Committee on Prevention, Control and treatment of COVID-19 has decided to extended the exemptions and reliefs until December.

The Ministry of Planning and Finance has also extended the deadline on paying income and commercial taxes. The Central Committee will issue instructions based on the COVID-19 situation. The 2pc withholding tax exemption on exports will be extended from September until December and fees to renew import and export licenses nearing expiry will be temporarily extended until December. Applications can be done online.

License extension applications for up to five years will be made available although license extension fees will remain the same. Import license application fees will be capped at K 30,000 to the end of December as well. Usually, the fees are K 30,000 to K 90,000.

Source: Myanmar Times

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