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Apr 28, 2015

Myanmar restricts
property ownership to its citizens


INDIVIDUAL TAXATION

Nonresident individuals are taxed on their income from sources in Myanmar. Married couples are assessed and taxed separately.

Foreigners are not allowed to own immovable property in Myanmar.

INCOME TAX

Income tax earned by nonresident foreigners is generally taxed at a flat rate of 35%. However, progressive income tax rates may apply, if these rates will yield a higher income tax liability.

INCOME TAX 2014

TAXABLE INCOME, MMK US$
TAX RATE
Up to 2 million (US$1,860)
0%
2 million- 5 million (US$4,651)
5%
5 million – 10 million (US$9,302)
10%
10 million – 20 million (US$18,605)
15%
20 million – 30 million (US$27,907)
20%
Over 30 million (US$27,907)
25%

RENTAL INCOME
Taxable rental income is computed by deducting income-generating expenses from the gross income. However, when it comes to income from immovable property, no depreciation allowance can be deducted.

Stamp Duty on Rental Income

Stamp duty is levied on rental income, and the applicable rate depends on the rental period.

STAMP DUTY ON RENTAL INCOME

RENTAL PERIOD
RATE
Up 1 year
0%
1 year – 3 years
1.5% of annual average rent
Over 3 years
3% of annual average rent

CAPITAL GAINS TAX

Capital gains realized by nonresident foreigners from the sale of immovable property are taxed at a flat rate of 40%. Taxable capital gains are computed by deducting acquisition costs and transaction costs from the sales proceeds.

Stamp Duty on Sale of Property

Stamp duty is levied on sale of real property, and the applicable rate depends on the location of the property.

STAMP DUTY ON SALE OF PROPERTY

LOCATION PROPERTY
RATE
Yangon
7% of property value
Outside Yangon
5% of property value

PROPERTY TAX

Property Taxes

Property taxes are levied on the property’s annual value or the property’s anticipated gross rent if it is leased unfurnished. The property’s annual value is determined by the local authorities where the property is located.

PROPERTY TAX

CLASSIFICATION
TAX RATE
General Tax 20% of annual value
Lighting Tax 5% of annual value
Water Tax 12% of annual value
Conservancy Tax 15% of annual value

CORPORATE TAX

INCOME TAX

Income earned by nonresident companies is generally subject to corporate income tax at a flat rate of 35%. Income-generating expenses are deductible when calculating taxable income.

CAPITAL GAINS TAX

Capital gains earned by nonresident companies are generally subject to corporate income tax at a flat rate of 40%. Taxable capital gains are calculated by deducting the following from the sales proceeds: acquisition costs and additional expenses, and any allowable tax deduction.

Stamp Duty on Sale of Property

Stamp duty is levied on sale of real property, and the applicable rate depends on the location of the property.

STAMP DUTY ON SALE OF PROPERTY

LOCATION PROPERTY
RATE
Yangon
7% of property value
Outside Yangon
5% of property value





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