"Myanmar aims to mobilize funds hidden in its vast informal economy through a tax amnesty, a controversial bid to galvanize new investment and business activity in the nation’s stalling economy. The “reduced tax rates for undeclared income” scheme, part of the recently approved Union Tax Law, entered into force this month, slashing prevailing 15-30% tax rates to as low as 3%. Under the amnesty, an individual with undisclosed income of up to 100 million kyat (US$66,000) will be taxed just 3%. The rate climbs to 5% for between 100 million and 300 million kyat ($200,000) in undeclared earnings, 10% for between 300 million and 3 billion kyat ($2 million), and 30% for any income above 3 billion kyat. The undeclared income must be invested in capital assets or businesses to qualify for the tax amnesty..."