Deadline approaches for advance income tax payment

Under the Myanmar Income Tax Law, resident nationals and resident foreigners are taxed all income derived from sources within and outside.
Under the Myanmar Income Tax Law, resident nationals and resident foreigners are taxed all income derived from sources within and outside Myanmar.

The deadline for payment of advance income tax for this fiscal year is 31 March, the Internal Revenue Department said Saturday.
Those who receive total income chargeable to income tax must pay either monthly or quarterly within the fiscal year according to the Income Tax Law Section 15 (a) and 16 (a), the department under the Ministry of Finance and Revenue said.
Those who fail to pay on time incur a 10 per cent penalty.

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