Yangon, August 18 -- Income tax being paid by private enterprises engaged in CMP system ( Cutting, Making and Packing ) has been reduced from 10 per cent to 2 per cent within six months period from August 19, 2011 to February 18, 2012, the Finance and Revenue Ministry announced over the state-owned TV at 6 pm ( MST ) this evening.
Likewise, regarding the income tax of Myanmar nationals earning foreign currencies within the country or in foreign countries, the tax on their income will be reduced from 10 per cent to 2 per cent within six months period from August 19, 2011 to February 18, 2012, the TV announced quoting the order of Ministry of Finance and Revenue.
The CMP system is mostly practised by garment factories, which receive material from foreign countries. These factories are merely engaged in the work of cutting, making and packing. After that these factories got to send these packages to such countries as Republic of Korea, Taiwan etc.
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