MT News
Myanmar will not collect income tax for inward remittances of foreign salary by Myanmar citizens living abroad to purchase vehicles, property and basic materials, according to the Internal Revenue Department.
The salary received abroad in foreign currency by a citizen living abroad will be exempted from income tax according to the 2022 Union Taxation Law. Salary, wages, annual bonus, bonus, rewards, incentives and commission fees are included in the income title. 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.
The IRD urged citizens living abroad to transfer money through authorized banks or financial institutions to fully enjoy tax benefits, to exchange money via authorized dealers of foreign exchange if they return home and to keep the relevant documents systematically.
If they want to know more information, they can contact to phone numbers: 01-8389311, 01-8378370 in Yangon and phone number: 02-4030192 in Mandalay.
