The extension of Myanmar’s 5% commercial tax on previously exempt industries, which came into effect on April 1 2014, primarily applies to large and foreign corporations. Tax and industry professionals are generally positive about the changing tax regime, which augurs well for Myanmar as it attempts to create a competitive economy for foreign direct investment (FDI).
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Despite the relief, Brazil’s government has also presented a bill which seeks to re-impose a tax burden on companies’ payroll, one local tax specialist told ITR
While successful pillar two implementation will require collaboration across all units, a combination of internal and external tax advice is at the centre of the effort