During the first ten months of this fiscal year, Myanmar generated around K43 billion from levying tax on buying and selling real estate.
The total exceeds last year’s amount by K6.9 billion thanks to higher number of real estate ownership applications. The government levies tax based on the assessment value of the property in reference to the standard rate set for the current year.
Myanmar started employing an assessment system during the 2014 Fiscal Year.
The Union Tax Law is approved yearly, and allows for tax exemptions, when applying for ownership of a property, for those who have paid income tax.
The recently released 2020 Property Tax Law shows a decreased rate from the previous year, because it is based on market pricing.
The Internal Revenue Department collected over K5.3 trillion from various types of tax between October and July of the 2019 Fiscal Year.
This hoard is collected from state-owned enterprises, co-operative businesses, and private business. State-owned enterprises paid over K1.09 trillion while co-operative businesses generated over K1.56 billion, and the private sector shelled out K4.2 trillion billion.