Speaker of the Pyithu Hluttaw says will try to enact Property Tax Law

To curb inflation, increase state revenue, and prevent corruption, efforts will be made to enact a National Property Tax Law, said Speaker of the Pyithu Hluttaw U Khin Ri, speaking to the media on August 1 at the Zabu Thiri Hall of the Hluttaw building in Nay Pyi Taw. When asked by a domestic media outlet about the Hluttaw's plans to prevent citizens from being subjected to land speculation to the extent that they cannot own homes, U Khin Ri responded as stated above. "I have also looked into it. We do not have a separate Property Law. However, there are things being implemented. For example, for houses and land, there are municipal laws. Furthermore, municipalities collect water tax, land tax, and garbage tax. At the Union level, there is the Union Tax Law. This collects income tax and commercial tax. As I mentioned earlier, if a person builds one building, the tax is one type. If they buy three, four, or five more, and it increases, they do not pay tax. Then, inflation occurs. The value of money falls. Many negative consequences arise, such as corruption. To put it simply, there are many. Therefore, this is a very good thing. As far as I have studied, Myanmar does not have a Property Tax Law that collects tax on houses and land. Therefore, we will try to introduce a National Property Tax Law. If it truly does not exist, it needs to be introduced. There will be many things involved. We have looked at the drafts. What kind of things are they, what is ownership, how will the tax rate for this ownership be determined, how will the market value be decided according to value, what kind of things will be exempted. For example, a basic house will be exempted, and those with disabilities will be exempted. Those kinds of things. Furthermore, what are the penalties for illegal acts, after reviewing the law, the Property Law is a very good suggestion for preventing inflation, preventing people from becoming corrupt, and increasing state revenue. I am not a legal expert, so it may be incomplete. If it truly does not exist, we will try to introduce a Property Tax Law," said Speaker of the Pyithu Hluttaw U Khin Ri. Speaker of the Pyithu Hluttaw U Khin Ri stated that there is no specific Property Tax Law in Myanmar and that efforts will be made to enact one. # Property Tax Law #Speaker of the Pyithu Hluttaw #elevennews