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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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. “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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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