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 […]
IRD lowers stamp duty on property
June 13, 2017 by
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
November 30, 2016 by
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
November 17, 2016 by
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 […]
Informal contracts risk bite buyers
January 12, 2016 by
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
March 26, 2014 by
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 […]
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