The tax on transferring the ownership of vehicles will be brought down to 3 per cent of their value in the 2019-2020 financial year (1 October, 2019-30 September, 2020), according to the Yangon Region Road Transportation Administration Department (Myintha)
“We are encouraging vehicle owners to update the ownership status as the tax rate will drop significantly to 3 per cent from 15 per cent. But, the reduced rate will be applicable only for a period of one year. Therefore, we would like to urge the current owners of vehicles to get the ownership transferred in their name within one year, as we cannot guarantee any tax relief thereafter,” said U Lian Cin Mang, the director of the RTAD (Myintha).
“The new tax rate has been set for the next fiscal year, and after that, the old tax rates of 15 per cent is likely to be imposed again. Transfer of ownership of vehicles valued below K100 million will attract a tax of just 3 per cent,” he added.
To transfer ownership, vehicle owners will have to present a tax receipt from the Internal Revenue Department and the vehicle registration book to the RTAD. If the vehicle license is still valid, the vehicle will not be checked, according to the RTAD.
A radio-frequency identification (RFID) system is being implemented to track traffic crimes and control unregistered vehicles. The RFID will work only for actual vehicle owners, according to the RTAD. — Myint Maung Soe (Translated by Ei Myat Mon)