Myanmar to introduce tax on land speculation

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Myanmar land1Sharply rising prices for land in Myanmar have inspired the government to take steps to enforce “effective tax regulation” to curb speculation, Eleven Myanmar reported.

“Land prices increase because people buy and sell land as if they are gambling,” Maung Maung Thein, Deputy Minister for Finance said at a press conference in the capital Naypyitaw on August 23.

He said the first solution for controlling land prices is to ensure correct use of tax stamps on the land-sale contracts.

“The plan we are working to solve the issue is that regional governments will revalue current land prices and calculate the cost of each square foot of land. Yangon region has already completed it. After that, we will apply tax stamps accordingly,” the deputy minister said.

President’s Office Minister Soe Thein agreed on the need to enforce effective tax regulation.

“Land taxes need to be reviewed. Some taxes need to be applied. Now, people are dealing in lands and houses. If a tax is levied on each sale of land, the tax will control the rising land prices,” he said.

Prices for land and property have been spiraling lately in Myanmar, reflecting the insufficient supply and the high demand from investors and expats.

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Reading Time: 1 minute

Sharply rising prices for land in Myanmar have inspired the government to take steps to enforce “effective tax regulation” to curb speculation, Eleven Myanmar reported.

Reading Time: 1 minute

Myanmar land1Sharply rising prices for land in Myanmar have inspired the government to take steps to enforce “effective tax regulation” to curb speculation, Eleven Myanmar reported.

“Land prices increase because people buy and sell land as if they are gambling,” Maung Maung Thein, Deputy Minister for Finance said at a press conference in the capital Naypyitaw on August 23.

He said the first solution for controlling land prices is to ensure correct use of tax stamps on the land-sale contracts.

“The plan we are working to solve the issue is that regional governments will revalue current land prices and calculate the cost of each square foot of land. Yangon region has already completed it. After that, we will apply tax stamps accordingly,” the deputy minister said.

President’s Office Minister Soe Thein agreed on the need to enforce effective tax regulation.

“Land taxes need to be reviewed. Some taxes need to be applied. Now, people are dealing in lands and houses. If a tax is levied on each sale of land, the tax will control the rising land prices,” he said.

Prices for land and property have been spiraling lately in Myanmar, reflecting the insufficient supply and the high demand from investors and expats.

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