The standardised assessments of land and houses will once again be redefined for the townships in Yangon according to market condition in order to collect taxes, a senior official from the Internal Revenue Department said.
U Myo Zaw Win, assistant director of IRD, told Myanmar Business Today, “We cannot identify the standard prices on our own. We need to adjust the prices based on the market situation. After that, it will be submitted to the regional government. Following final approval, it will be disclosed to people and real estate businesses and associations.”
He said that identifying the standard price will be made in cooperation with the Department of Land.
However, it is still not clear how the new prices will compare with the ones from before, U Myo Zaw Win added.
The assessments will be collected for respective townships and streets. Therefore, the price which is closest to the market will be set as the standard price.
Sales in the real estate market have been going through a lull as buyers take a wait-and-see ahead of the upcoming elections, which will take place on November 8. However, real estate agents say that rental market is performing well.
The standard pricing was introduced by the government to cool down Yangon’s overheated property market and fix a standard to collect exact taxes on real estates.
In 2014-15, the total amount of tax collected by the IRD in Yangon region stood at K972 billion, more than the projected figure of K881 billion. Total revenue for the whole country stood at K4.7 trillion, according to the department.
Source: Myanmar Business Today