Real estate market remains cool, expert says

Interview on 9 June with U Khin Maung Than, chair of the Myanmar Real Estate Services Association by May Thet Hnin, a reporter for the Global New Light of Myanmar. Q: What is the current conditionof real estate market? A: First of all, let me give you a brief history of the real estate market […]

IRD lowers stamp duty on property

The Internal Revenue Department (IRD) has announced that stamp duty for buying, transferring and mortgaging property will be reduced to 4 percent. The decision on the stamp duty reduction is a measure to boost the real estate industry. The current rate for stamp duty is 5pc. The 1pc reduction came after businesses on May 20 […]

Mandalay: 107 restaurants and a hotel fined for not having stamp duty

The Internal Revenue Department fined the owners of 107 restaurants and a hotel who failed to bear the stamp duty in their sale vouchers in Mandalay for the period from April to September, 2016, said U Kyaw Aung Moe, Assistant Director of Regional Internal Revenue Department. “It is not our country alone that assesses taxes—every […]

High tax rate resulted in low demand in condominium market

With the high tax rate levied on property, the luxury condominium market is cooling, the developers said. According to the new Condominium Law, 20 per cent of the value of a condo worth between Ks 30 and Ks 100 million if the buyers failed to explain how they earn and 30 per cent for a […]

Tax levied on real estate dealing in Bago Region earned over US$410million

The tax levied on real estate transactions in Bago Region in the six months of this fiscal year has reached over US$410million, it is learnt from the Bago Region Internal Revenue Department. The tax has to be paid per the prescribed tax rate at the tax office in the regional government concerned when real property […]

Informal contracts risk bite buyers

Most property buyers are using informal contracts that fall short of transferring full legal ownership and fail to stand up in court, a senior official from the Internal Revenue Department (IRD) told The Myanmar Times. A variety of property purchases – including those of apartments and condominiums – are usually made using informal contracts. But […]

New Property Tax Expected to Spur Demand for Low-end Real Estate

YANGON — Myanmar’s government is expected to introduce a new property tax system next month that will reduce tax rates, in particular for lower value properties. Realtors said the move will stimulate demand for the latter market segment, but warned that high-end property demand will remain sluggish. A proposal for the new property tax was […]

Govt to issue revised tax brackets

Parliament is expected to announce new tax rates as early as next month in a bid to raise revenue from 3 to 4 percent of GDP to 4.5pc for the 2014-2015 fiscal year – and to more than 10pc in future years, officials said. U Win Myint, a member of parliament’s Banks and Monetary Affairs […]