Tax Incentives under the Foreign Investment Law • A flat tax rate of 30 percent is applicable to an enterprise operating under the law. Exemption from income tax for 3 consecutive years beginning with the year in which the operation commences and further tax exemption or relief for an appropriate period in case if its considered beneficial for the State. • The Commission may also grant: • Exemption or relief from income tax on profit which is reinvested within one year. • Relief from income tax up to 50 percent on the profit from exports. • Right to pay income tax of the foreign employees and to deduct the same from the assessable income of the enterprise. • Right to pay income tax of the foreign employees at the rate applicable to the citizens of Myanmar. • Right to deduct the research and development expenditure. • Right to accelerate depreciation • Right to carry forward and set off losses up to 3 consecutive years, from the year the loss is sustained. • exemption or relief from customs duty and other taxes on:- (a) Imported machinery and equipment for use during the construction period. (b) Imported raw materials for the first 3 years commercial production following the completion of construction.
Posted on: Sun, 04 Aug 2013 23:51:14 +0000
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