Stamp Duty For Loan Agreement In Myanmar

The Stamp Duty Act provides for 65 categories of documents. A credit agreement was interpreted as a “loan”, with 0.5 per cent without a ceiling and a penalty of 10 times for late stamping. Stamp duty rates on most other documents are nominal. In the case of a document in Myanmar, stamp duty must be applied before or on the day of signature. In the case of a document signed abroad, stamp duty must be paid within three months of entry into Myanmar; Certification, consulatization and proof of the date of importation of the document are recommended. From 26 November 2019, the fine for unpaid/underpaid stamp duty will be either MMK500 or three times the amount of unpaid/underpaid stamp duty. Note that this is applied at the discretion of the Treasurer. On 18 June 2018, the Ministry of Finance and Planning adopted Communication No.