Friday, 23 May 2014

Yangon’s property tax to be amended

The Yangon Regional Government is planning to modify its property tax according to ownership, according to official sources.

Experts say that Yangon’s skyrocketing property prices can only be controlled if the property tax can be updated and enforced so the government can receive more tax from the rich as a result.

The Internal Revenue Department will not be responsible for collecting the tax when the update is completed. The regional and state governments will be responsible for it.

“In other countries, regional governments collect the property tax. We also do the same here,” said Myo Htut, director general of Internal Revenue Department.

President Thein Sein said the taxes are for the country’s development, at a recent formal meeting.

source: Eleven Myanmar
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