fbpx

Construction industry hoping for less taxes

The construction industry is hoping for lower taxes for the industry, which had been lobbied for last year but was not approved when the Union Tax Bill 2019 was submitted to Pyidaungsu Hluttaw on August 7. Section 25 of the bill includes the tax reduction asked for by the industry. Construction executives pointed out that […]

Yangon’s standard land prices reduced 10pc

Land prices on a per square foot basis in Yangon’s townships for the 2019/2020 fiscal year has been reduced by 10pc compared to the last fiscal year in order to support more sales transactions as well as encourage landowners to pay their taxes. The standard land prices were released by the Inland Revenue Department earlier […]

Taxes on tobacco and alcohols increased in Union Taxation Bill

According to the Union Taxation Bill for 2018-2019 FY submitted by the Ministry of Planning and Finance on behalf of the Union government, taxes levied on cigarette, cheroots and alcohols are raised. Deputy Minister for Planning and Finance Maung Maung Win submitted the Union Taxation Bill for 2018-2019 FY at the session of Union parliament […]

State Counsellor urges entrepreneurs to help grow nation’s wealth

Myanmar’s business community has an important role to play in ensuring the country’s political voice is heard on the global stage, State Counsellor Daw Aung San Suu Kyi said at the meeting between government officials and business persons and at Myanmar Convention Centre in Nay Pyi Taw yesterday. She said the reason Myanmar’s political voice […]

Property weak on canned tax amnesty bill

With interest in investment properties in Mandalay expected to be lackluster in the coming months, property agents reckon demand will likely centre on homes priced below K1,000 lakh. “Currently, most sectors of the economy are slowing, so we do not see much demand for resale properties,” U Wunna Soe, a property agent from Poe La […]

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 […]