The Demands in Real Estate Market To Be Increased Due To New Taxation Laws

It is expected the construction market in order to be stronger than before due to the new Taxation Laws, said some construction businessmen.

• 

In January and February, 2018, the businessmen in Yangon and Mandalay requested to reduce tax rates on the construction sector. Therefore, the draft Taxation Laws have been submitted to the Parliament by the Government on February 14. According to the new Taxation Laws, those who avoided paying taxes could pay taxes at the cheaper tax rates during one year.
The construction businessmen welcome the new Taxation Laws. As a result, the real estate market could become active and the demands would be increased.

A year is not an enough term to repay the avoided taxes but the term would be negotiated with the Government to extend the period because the Taxation Laws are used to amend once a year.

Moreover, the access of foreign investment could be increased due to the new Companies Law and likewise the real estate market could be active.

Credit: The Modern