Taxes and duties in MyanmarRelevant taxes for the seafood industry in Myanmar are:
- Corporate tax: companies under the Investment Law and Companies Act pay 25% corporate tax.
- Personal income tax: both foreigners and nationals pay progressive rates from 0 to 25%. Only foreigners working under special government permission have a standard rate of 20%.
- Commercial tax: there is no VAT in Myanmar. Commercial tax ranges from 0 to 120% but generally is 5% on every local transaction. However, it’s not applied to international sale proceedings.
- Customs duty: customs duty is levied under the Customs Tariff of Myanmar (2012) at rates ranging from 0% to 40%. Companies approved by MIC may be given relief from customs duty on machinery, equipment, instruments, machinery components, spare parts and materials used during the period of construction or expansion and on raw materials for the first three years of commercial production.
- Export duties: currently there are no export duties for seafood.
- Prepaid income tax: 2% over the sales price of the products.