The government has extended the quarterly income tax deadline for certain industries to until the end of the year as part of its ongoing COVID-19 economic relief effort. Ordinarily taxes would be due at the end of this month, but the Ministry of Planning, Finance and Industry has extended the payment period for businesses in the garment industry, hotels and tourism, and all small and medium-sized enterprises (SMEs). The Ministry said the move was to “to boost the morale of the general public amid the COVID-19 crisis,” the Irrawaddy reported.

The move is merely the latest in a long series of measures to protect and stimulate Myanmar’s economy, which has languished under the pandemic even though its official case count has been relatively low. Myanmar’s GDP growth is estimated to shrink from more than 6% to under 2%, according to most major forecasts. Under the COVID-19 Economic Relief Plan (CERP), SMEs and businesses in vulnerable industries have enjoyed tax breaks, soft loans, and other privileges, and ordinary households are eligible for direct stimulus payments. The whole plan is estimated to cost roughly USD 2.5 billion, much of which has been borrowed from organizations such as the World Bank, the IMF, and JICA. The government claims it can recoup its losses and bring GDP growth back to above 6% in the 2020-2021 fiscal year, which begins in October. However, in the past few weeks, a new wave of cases has emerged. It is unclear how much longer Myanmar’s pandemic will persist, or how much more damage it will wreak on the economy.