Myanmar citizens abroad urged to make legal remittances through licenced banks or financial institutions

0Y7uXPMU 10
Western Union Company (NYSE: WU) announced on 5 April 2013 that 100 KBZ Bank branches in Myanmar have remittance services.  Photo: KBZ FB

The Department of Revenue has announced that Myanmar citizens abroad should transfer money to the country through a bank or financial institution that is permitted for legal remittance.
According to the 2022 tax law of the Union, the salary received abroad in foreign currency by a citizen living abroad will be exempted from income tax.
The income used to transfer domestically to purchase vehicles and basic materials and to carry out construction and investment must be verified through the income verification process according to the existing income tax law.
In such verification, the remittance of Myanmar nationals living abroad to the country can only be received through tax benefits under the existing tax law if the transfer is made through a bank or financial institution that has an official money transfer licence.
Therefore, the Department of Revenue has issued a notification that Myanmar nationals should use a bank or financial institution that has an official money transfer licence to receive the full tax benefits when purchasing basic goods with their tax-exempt salary income. — TWA/GNLM

Share this post
Hot News
Hot News
False claims: Security forces destroyed houses and motorbikes in Madaya
As today is a knowledge age, students who actually pursue education will have deserved opportunities
Illegal goods seized in various states/regions
MNHRC inspects Twantay Myoma Police Lock-up, Mibagon Home for the Aged
Specialists offer medical treatments to residents in Hpa-an on field trip
Myanmar Charge d’Affaires calls on new Speaker of Vietnam’s National Assembly
Growing interest among women in traditionally male seafaring professions
Authorities receive 38 Myanmar nationals repatriated from India
Signing Ceremony of the Agreement on Transfer of Funds for MLC Special Fund (2024) Projects held in Nay Pyi Taw to commemorate 74th Anniversary of Establishment of Diplomatic Relations between Myanmar and China
Children’s umbrellas sell well