MPs discuss new tax to control property speculation

[DagonKhan]

MPs discuss new tax to control property speculation

A new tax on property sales may be implemented to control rampant speculation, which is a deterring foreign investment as making it increasingly difficult for working-class families to find homes, MPs said in Parliament on June 9.

Lower House MP Phyo Min Thein, who represents Hlegu constituency, raised the topic. He asked whether there were any plans to regulate soaring land prices.

“Surging land prices could hinder foreign investment. Moreover, working class families cannot afford to buy homes and this is leading to a surge in the number of squatters throughout the country,” the MP said.

Continues here:- http://www.elevenmyanmar.com/index.php?option=com_content&view=article&id=6409:mps-discuss-new-tax-to-control-property-speculation&catid=44:national&Itemid=384

[Joe Mamma]

Hit the middle class is what they want, the rich and elite will still have loopholes and other tax deriding abilities.

[Daniel Boon]

Wow .... an opportunity to raise the issue of 'adverse possession'

MP Phyo Min Thein (represents Hlegu constituency), was quoted - with reference to soaring land prices - as saying

"Surging land prices could hinder foreign investment.. Moreover, working class families cannot afford to buy homes and this is leading to a surge in the number of squatters throughout the country"

[Daniel Boon]

you make a good point Daniel; deeded property would allow the people to borrow bank money instead of loan-shark money; the savings in interest paid (5% per month loan shark money) could be directed to household improvements. .

In Australia (and the USA), when the value of real estate was inflated, people used the borrowing power of their home equity to buy stuff and or improve the value of their property ... which created greater demand and improved the GDP; however, in this case, the banks could improve their business ...