Thursday, June 23, 2011

New Tax Law to Increase Burden on Private Sector

By KO HTWE Friday, June 17, 2011
Changes in Burma's tax laws will add to the burden on private-sector companies and their employees while sparing state-run and military-owned corporations, creating conditions that will increase the risk of future economic problems, according to experts and private entrepreneurs.
The changes, which come into effect next month, are part of an overhaul of tax policy designed to put it in line with Burma's 2008 Constitution, which abolished the Profit Tax Law that previously applied to private-sector companies.
Under the new rules, private companies and their employees who earn more than 30,001 kyat (US $38) annually will now have to pay the same income taxes as public companies. In practice, however, few state- or military-owned companies actually pay these taxes.

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