Property tax burden on foreign investors in industrial zones

Source : Daily Eleven
View Count : 4323
Oct 25, 2017

Foreign investors who hire land plots in industrial zones have to pay property tax, said MP Kyaw Zeya, secretary of Yangon Region Finance, Planning and Economic committee.
        Six government ministries are tasked with handling land management, and there are 10 kinds of land, including army-owned land.
        But the other authorities can only handle the land when the home affairs ministry designates the rules for them. The committee made field trips to around 20 factories in Minglardon Industrial Zone.
        Myanmar’s land rental price is the highest in Asean countries, but land owners do not need to pay property taxes. Most of factories in industrial zones are garment factories, and salaries of factory workers are the lowest among Asean countries.
        Foreign investors want to invest in the country thanks to the new Myanmar Investment Law, but they hesitate to make investments due to higher land rentals and squatters near industrial zones.
        Nine MPs have debated a proposal urging the government to re-seize idle state-owned lands and buildings in Yangon region.

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