Myanmar parliament approves two tax bills
Myanmar parliament approves two tax bills
Myanmar Union Parliament has approved two tax-related bills, local press reported Wednesday.
The Bills amending the Income Tax Law and the Commercial Tax Law were approved during the ongoing ninth regular sessions in Nay Pyi Taw on Tuesday, the New Light of Myanmar said.
Details of the law amendments have not been revealed yet.
The Joint Bill Committee and representatives proposed the amendments before seeking approval of the Union Parliament.
The newly-approved income tax law will come into effect from 2014-15 assessment year.
The commercial tax law that has been recently passed by the Union Parliament allows taxpayers to present a petition against any orders of tax collectors in accordance with rules and regulations.
The amended laws will help alleviate the risk of tax evasion from businessmen from large firms to small businesses, said Myanma Freedom Daily, quoting a member of parliament.
xinhuanet
