{"id":4211,"date":"2019-10-10T17:22:20","date_gmt":"2019-10-10T10:22:20","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=4211"},"modified":"2021-06-04T14:41:12","modified_gmt":"2021-06-04T07:41:12","slug":"myanmar-legal-economy","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/myanmar-legal-economy\/","title":{"rendered":"Myanmar plans to legalise its informal economy"},"content":{"rendered":"<p>The proposed tax amnesty program is designed to improve the economy and attract more real estate investors<\/p>\n<figure id=\"attachment_4214\" aria-describedby=\"caption-attachment-4214\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-4214 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/10\/shutterstock_328226603.jpg\" alt=\"Myanmar\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/10\/shutterstock_328226603.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/10\/shutterstock_328226603-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/10\/shutterstock_328226603-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-4214\" class=\"wp-caption-text\">Yangon, Myanmar. SeanPavone\/Shutterstock<\/figcaption><\/figure>\n<p>In an attempt to rally undeclared funds and spark real estate investment activity in the nation\u2019s slow economy, Myanmar government has enforced a new tax amnesty program, <a href=\"https:\/\/www.asiatimes.com\/2019\/10\/article\/myanmar-looks-to-legalize-its-informal-economy\/\" target=\"_blank\" rel=\"noopener noreferrer\">Asia Times<\/a>\u00a0reports.<\/p>\n<p>The program aims to lower tax rates for concealed revenues, from 15-30 percent to as low as 3 percent. The basic tax rate will be applicable to individuals with undeclared earnings of up to MMK100 million (USD66,000), 5 percent for funds of up to MMK300 million (USD200,000), 10 percent for MMK3 billion (USD2 million), and 30 percent for over MMK3 billion.<\/p>\n<p>To qualify for the tax amnesty program, the government stresses that all undeclared income must have been earned from justifiable trades, including undeclared property rentals.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/10000-low-cost-homes-up-for-grabs-in-myanmar-thanks-to-malaysian-developer\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More:\u00a0<\/strong><strong>10,000 low-cost homes up for grabs in Myanmar, thanks to Malaysian developer<\/strong><\/a><\/p>\n<p>\u201cThe tax revenue collected as a result can then be used to promote investment and consumption and push for more development in the current economic slowdown,\u201d Deputy Finance Minister Maung Maung Win told parliament.<\/p>\n<p>By 2020-21, the World Bank predicts the nation\u2019s gross domestic product (GDP) to reach 6.6 percent, sustained by an increase in global and local real estate investments.<\/p>\n<p>\u201cShould the tax amnesty be successful in generating more property transactions, it would not only be beneficial for the real estate market, but also for the government\u2019s ability to raise revenue,\u201d said Hugo Slade, managing director of Yangon-based Slade Property Services.<\/p>\n<p>Having received multiple valuation and acquisition interests from global investors himself, Slade adds that \u201cThe condominium market is most likely to receive the largest share of this new capital due to the lack of supply of viable alternatives and the historical preference of Myanmar investors.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The proposed tax amnesty program is designed to improve the economy and attract more real estate investors<\/p>\n","protected":false},"author":9,"featured_media":20307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[464,193,192],"class_list":["post-4211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-economy","tag-myanmar","tag-yangon","news_country-myanmar","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Myanmar plans to legalise its informal economy | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/myanmar-legal-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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