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

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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

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