Stamp Duty

Myanmar still weak in enforcing contracts, protecting minority investors

November 9, 2018 by Thiha

Myanmar has done undertaken two reforms to improve access to power supply and the ease of starting a local business, according to the latest report from the World Bank. However, pace of reform on most regulations affecting the private sector remain stagnant. In the newly-released World Bank’s 2019 Doing Business rankings, Myanmar ranks 171th out […]

Filed Under: Latest News Tagged With: asean, Beijing, borders, business, construction, Ease of Doing Business, East Asia, electricity, electricity tariffs, Indonesia, insolvency, investors, Kuala Lumpur, Laos, Malaysia, Myanmar, online registration, Pacific, power outages, Power Supply, property, SAIDI, SAIFI, Shanghai, singapore, Stamp Duty, system average interruption duration index, system average interruption frequency index, Thailand, trading, World Bank, World Bank’s 2019 Doing Business

Yangon to tighten enforcement on tax stickers

February 23, 2018 by Thiha

The government will take action against those popular restaurants which do not affix commercial tax stamps properly,Yangon Region Minister for Planning and Finance U Myint Thaung said on February 20 at the regional legislature. Some retail stores, department stores and restaurants charge a 5 percent consumer tax fom customers. But nobody knows whether the 5 […]

Filed Under: Latest News Tagged With: Ahlone Township, Commercial Tax, commercial tax stamps, department storesယ restaurants, guest house, hotels, Income Tax, inn, Internal Revenue Department, IRD, jewelry shops, Lottery Tax, motels, MP Daw Yin Yin Myint, original price, regional finance minister, shopping malls, special goods tax, special trade tax, Stamp Duty, state-owned newspaper, tax stickers, TV programmes, U Myint Thaung, Yangon Region minister for planning and finance

Why the construction sector is ailing and how it could recover

November 6, 2017 by Thiha

To help the construction and real estate sectors expand and stay profitable, government support in the form of tax and loan policy reforms is necessary, developers said. Currently, developers must pay taxes of up to 10 percent on the sale of condominium units priced between K100 million to K500 million. Meanwhile, buyers must pay a […]

Filed Under: Latest News Tagged With: chair of MKT Construction, condo market, Condominium law, construction and real estate sectors, development and construction, development of Yangon, direct loans, domestic banks, economic development, Foreign Banks, foreign construction companies, Foreigners, government efficiency, high borrowing rates, Income, Interest Rates, Internal Revenue Department, laws and regulations, Myanmar Construction Entrepreneurs Association, Myanmar Times, Myo Myint, One-Stop Service, redundant policies, sale of condominium units, Small and Medium Enterprises, SMEs, Stamp Duty, stringent bank collateral requirements, tax and loan policy reforms, The average price, U Phyo Min Thein, U Tha Aye, Various Sectors, Vice Chair, Yangon, Yangon Chief Minister U Phyo Min Thein, Yangon City Development Committee, YCDC

Real estate market remains cool, expert says

June 16, 2017 by Thiha

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 […]

Filed Under: Latest News, Property Report Tagged With: Apartments, banking business, chair of the Myanmar Real Estate Services Association, Condominium law, Condominiums, Dagon Myothit, Dagon Seikkan, foreign investors, Foreigners, Gold Market, Hlaingthaya, Income Tax, Kaba Aye Pagoda Road, Khin Maung Than, legal transactions, Mortgage Market, Myanmar, prevailing market price, Previous Government, real estate market, Real Estate Service Law, Rental market, Shwepaukkan, Shwepyitha, square feet, Stamp Duty, Stock Market, the associate members, The Global New Light of Myanmar, the real estate sales market, the Union of Myanmar Federation of Chambers of Commerce and Industry, UMFCCI, Vice President (1) U Myint Swe, Yangon market

IRD lowers stamp duty on property

June 13, 2017 by Thiha

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 […]

Filed Under: Latest News Tagged With: Economic Growth, gold and property, Internal Revenue Department, IRD, Ministry, property, Real Estate Industry, Stamp Duty, tax rate, U Kyaw Win, Union Minister of the Ministry of Planning and Finance

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

November 30, 2016 by Thiha

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 […]

Filed Under: Latest News Tagged With: 107 restaurants and a hotel, Assistant Director of Regional Internal Revenue Department, hotels, Internal Revenue Department, mandalay, Stamp Duty, Taxes, U Kyaw Aung Moe

High tax rate resulted in low demand in condominium market

November 17, 2016 by Thiha

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 […]

Filed Under: Latest News, Property Report Tagged With: Condominium Market, high tax rate, Mandalay and Nay Pyi Taw, new condominium law, real estate market, Stamp Duty, US dollar, Yangon

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

October 14, 2016 by Thiha

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 […]

Filed Under: Latest News Tagged With: real estate dealing, Stamp Duty, Tax, Tax Evasion, the Bago Region Internal Revenue Department, U Soe Hla Myint, Union Tax Law

Informal contracts risk bite buyers

January 12, 2016 by Thiha

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 […]

Filed Under: Latest News Tagged With: Apartments, Condominiums, Income Tax, informal contract, informal contracts, Internal Revenue Department (IRD), Myanmar Real Estate Services Association, property transaction, Stamp Duty, U Than Oo

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

March 26, 2014 by thiha

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 […]