The Internal Revenue Department (“IRD“) has issued fresh guidance reminding parties to real estate transactions of their tax obligations. Sellers of land, buildings, apartments and other capital assets must comply with Capital Gains Tax (“CGT“) rules, while buyers must be able to substantiate the source of funds used to acquire the property.
The guidance, which follows an earlier 2024 IRD issuance, sets out the procedures, documentation, valuation process and tax obligations for the purchase, transfer, exchange, gift, inheritance and court-ordered transfer of real estate in Myanmar.
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
To read more about the tax update, please visit DFDL.
