Tax cut planned for low-cost housing purchases
The government is planning to drastically reduce the taxes it levies when people purchase state-commissioned low-cost housing, which developers say puts many units out of reach for ordinary buyers. Union Planning and Finance Minister U Kyaw Win, in a speech to developers and business leaders last week, said that the only taxes levied on purchases of low-cost housing would be the stamp duty, according to people who attended the meeting. The Myanmar Times contacted several ministry officials who were unable to comment. The office of deputy minister U Maung Maung Win directed inquiries to the International Revenue Department, and IRD director U Than Zaw Win confirmed the plan.
