NLD looks to raise ‘ancient’ Yangon rents

 

According to MP Yan Aung of the National League for Democracy, the new government will reconsider the rental agreement with the Yangon Zoo and Kandawgyi – Mhyaw Sin Kyun Park.

The Mingala Taungnyunt Township MP told the Daily Eleven that the rent was too low compared to market rates.

He said that the current deals needed to be reconsidered and “will be adjusted to a price so that the country will not lose out on huge amounts of income”.

There is heavy criticism of the rents private companies are paying for the land, especially the Yangon Zoo, which has been leased to the Htoo Company for 10 years since 2011.

The contract, which will end in April 2021, was awarded to the company for Ks770, 000 per year by the Forestry Department of the Ministry of Environmental Conservation and Forestry.

Mhyaw Sin Kyun’s rate was recently doubled to Ks600, 000 per year, according to the Yangon City Development Council.

But many observers are saying that both areas, extremely popular with large amounts of land, are still costing the country millions in lost taxes every year.

According a Yangon Region report, Kandawgyi-Karaweik Park costs only Ks300.000 per year in rent but was making the Zay Gabar company around Ks8.6 billion a year.

“The rates are ancient. The parliamentary committees will need to reconsider this and have to find rates agreeable to both sides. They are already starting to proceed with this. There are many others that are vastly experienced and more appropriate to bring this matter forward but we will also be pushing for this if the opportunity arises,” said Yan Aung.

Source: elevenmyanmar

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar