Imposition of income taxes on real estate is set to rise five-fold starting from April 2016, according to the Tachileik Internal Revenue Department.
“The Imposition of land tax on real estate and buildings is going to increase about five times over. It has already been discussed in parliament. As such, whether it’s the buying or selling of property, building construction or the changing of names related to housing, we want people to come and inquire with us before April 1 so that they can be informed on tax issues.” explained U Toe Hlaing, assistant director of the Tachileik Internal Revenue Department.
Levies on taxes in regard to paragraph 24 of the tax legislation bill were discussed during the thirteenth session of union parliament held on January 15. Any income from real estate under 30 million kyats will have to pay a tax of 15 per cent; that of between 30 – 100 million kyats will incur a tax charge of 20 per cent, while any income received over 100 million kyats will need to pay a 30 percent tax fee.
The income tax of real estate will come into effect from 1 April 2016 and will be roughly five times higher than currently imposed tax levies.
Source: The Global
