Yangon Tax Dept Completes Evaluation

YANGON — Yangon Region’s Internal Revenue Department has completed its annual evaluation of real estate prices as part of its new property sales tax system, a department official said in mid-October.

U Myo Min Zaw, the department’s assistant director, said the department had brought its estimation of the value of properties in Yangon in line with market prices.

“From this year onward, we’re going to set the property values annually following market prices. If market prices go down, our estimates will go down too,” he said.

The Revenue Department’s survey found that land prices remain high in Myanmar’s largest city, which has been experiencing a property boom following the introduction of reforms by President U Thein Sein in recent years.

U Myo Min Zaw said the highest land prices were found in Bahan Township, an area known locally as the Golden Valley where many wealthy Myanmar own homes, with land on sale for about US$400 per square foot. Similar price levels were found on prime locations in downtown townships of Kyauktata, Botataung, Pazundaung, Pabedan, Latha, Lanmadaw, as well as in Dagon and Mayangon townships.

In October 2013, the government introduced an improved property valuation method in order to estimate the value of sales on Yangon’s booming property market and tighten tax controls.

The government also reformed and lowered its property sales tax in order to encourage more buyers and sellers to register transactions. –Kyaw

Hsu Mon