Myanmar's State Administration Council enacted the Union Tax Law (UTL) 2023 on 30 March 2023. One of the main measures of the UTL 2023 is an increase in the income tax exemption threshold for newly established small and medium-sized businesses from MMK 10 million to MMK 15 million per year for 3 consecutive years, including the year in which the business started. The UTL 2023 also increases the specific goods tax on liquor, wine, beer, cigarettes, and vehicles (excluding Battery Electric Vehicles). Lastly, a commercial tax exemption is provided for Battery Electric Vehicles, photovoltaic/solar-related equipment, and related goods services. The...