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 told U Kyaw Win, Union Minister of the Ministry of Planning and Finance, that the real estate industry is lacklustre and suffering from low sales due to the tax rate.

“It is vital that tax rate amounts are to be the amount that taxpayers can pay. It should be fair and affordable to the taxpayers, but at the same time these taxes should be able to support the country,” said U Kyaw Win on May 20.

The minister told the businesses in the meeting that his ministry is also looking into the reduction in gold and property tax rates as a measure to bolster economic activities and hence economic growth.

The IRD urged those who buy, transfer and mortgage property to abide by this new official rate and pay stamp duty accordingly.

Source: Myanmar Times