Personal Income Tax (PIT) - ပုဂ္ဂလိက ဝင်ငွေခွန်(ပဝခ)

Personal Income Tax (PIT) in Myanmar.

This module is designed for employees, self-employed individuals, business owners, accountants, and HR professionals in Myanmar.Course Outline: Personal Income Tax (PIT) in Myanmar

Module 1: Introduction to PIT and Key Concepts

• Who is a taxpayer? (Resident vs. Non-Resident for Individuals).

• The concept of Source of Income.

• Key governing law: The Union Tax Law 2023.

• Understanding the Financial Year (October 1st to September 30th).

Module 2: Types of Chargeable Income

• Employment Income (Salary, Allowances, Benefits-in-Kind).

• Income from Business, Profession, or Vocation.

• Property Income (Rental Income).

• Other Income (Interest, Royalties, Lottery winnings, etc.).

Module 3: Calculation of Assessable Income

• Gross Income from all sources.

• Allowable Deductions and Reliefs (Sections 8 & 9).

• Specific deductions for employment income.

• Calculation of Taxable Income: Gross Income - Allowable Deductions & Reliefs.

Module 4: Tax Computation and Rates

• Understanding the Progressive Tax Slab Rates (0% to 25%).

• Step-by-step calculation of tax payable.

• Tax credits (e.g., Foreign Tax Credit).

Module 5: Compliance and Administration

• Role of the Withholding Agent (Employer).

• Understanding the End-of-Year Tax Reconciliation Process.

• Filing the Personal Income Tax Return (Form P-5).

• Deadlines and penalties for non-compliance.

Module 6: Special Topics

• Taxation of Expatriates.

• Benefits-in-Kind (BIK) and their valuation.

• Tax obligations for self-employed individuals and partnerships.