Myanmar’s parliament will convene its 10th regular session in Nay Pyi Taw on May 28, discussing at least 44 more bills, the legislative body said on May 8.
During its last session from January 13 - March 26, the parliament passed 21 laws, including the 2014-15 national planning bill, the 2014 union budget bill, the Myanmar National Human Rights Commission bill and others related to tax.
Since its first session in 2011, the present parliament has approved a total of 92 laws, with eight being sent to the President for ratification and 51 under discussion, including a national education bill.
The same day, the country’s new income tax law took effect as the fiscal year of 2014-15 began.
Under the new law, local people, with the annual income of between 2-5 million Kyats (2,083 - 5,208 USD), will have to pay 5 percent income tax. Those earning from 5-10 million Kyats will pay 10 percent while 10-20 million Kyats will be taxed at 20 percent and 30 million Kyats and above at 25 percent.-VNA
During its last session from January 13 - March 26, the parliament passed 21 laws, including the 2014-15 national planning bill, the 2014 union budget bill, the Myanmar National Human Rights Commission bill and others related to tax.
Since its first session in 2011, the present parliament has approved a total of 92 laws, with eight being sent to the President for ratification and 51 under discussion, including a national education bill.
The same day, the country’s new income tax law took effect as the fiscal year of 2014-15 began.
Under the new law, local people, with the annual income of between 2-5 million Kyats (2,083 - 5,208 USD), will have to pay 5 percent income tax. Those earning from 5-10 million Kyats will pay 10 percent while 10-20 million Kyats will be taxed at 20 percent and 30 million Kyats and above at 25 percent.-VNA
