A glance at the new 2014 Revenue, Income Tax and Commercial Tax Law percentage increases and 2013 foreign investment laws which have not changed after 12 months. Personal Income Tax (PIT), income bands and rates have been adjusted with the top rate increasing from 20 percent to 25 percent.
Corporate Income Tax (CIT), the same rate of 25 percent applies however, newly setup small and medium enterprises (SMEs) will have three year tax breaks, or until revenues reach in excess of MMK 5 million (US$ 5,000).
Commercial Tax (CT) applies to all services unless those that are specifically exempted, for example life insurance services, banking services and education services which is a reverse of the previous rule, where CT was not applied unless specifically stated.