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June 06, 2018

Mandalay real estate to improve with lower stamp, sales tax

Real estate agents predicted the market for high-end housing could substantially improve after Internal Revenue Department lowered the tax on stamps and sales from 7 per cent to 4 per cent.
Internal Revenue Department stated they lowered the taxes on 6 February in hopes of relieving tax burden of home ownership.
In 2015, sales for high-end housing in Mandalay came to a near-standstill after real estate taxes were increased.
Furthermore, the escalating taxes resulted in some buyers not reporting a change in home ownership to the development committee so as to avoid paying the additional taxes, instead signing a General Power (GP) agreement, real estate agents said.


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