The country can earn more dollars swiftly by selling condominium apartments according to the Condominium Law at a time when there is a scarcity of dollars in the country, said Shein Win, President of Myanmar Construction Entrepreneurs Association (MCEA) at a talk on the Condominium Law, at Pan Pacific Hotel in Yangon on August 26.
The government will get exact data and tax revenues as condo apartments are sold with official stamps and registration. Condo apartments are the only remedy to a shortage of dollars quickly. The Condo Law has emerged and so the effective use of this law is crucial.
We cannot sell condo apartments without the removal of restrictions, relaxations and incentives. So we need to do it in real time. Condo apartments are different from other types of apartments. They are luxury. Foreign entrepreneurs will invest in high-quality condo apartments and the modernized infrastructure projects for foreigners only when there are incentives, he added.
The Condominium Law is a special law for the construction sector. We can reactive the condominium market by reducing special stamp taxes and special income taxes. Thanks to the revival of condo market, the country will see a massive inflow of dollars into the country, he continued.
The event was attended by Union Minister for Construction Han Zaw, Yangon Region Electricity, Industry and Transport Nilar Kyaw, Professor Dr Aung Tun Thet, parliamentarians, members of Myanmar Construction Entrepreneurs Federation and construction entrepreneurs.
Union Minister for Construction Han Zaw said: “Construction entrepreneurs can report to the ministry if they met with their difficulties and weaknesses when performing works described in bylaws. They can send their suggestions to the ministry ensure the emergence of a better, complete law and bylaws.”
Myo Myint, General Secretary of Myanmar Construction Entrepreneurs Federation said he wanted the immediate emergence of management committee for the continued implementation of the Condominium Law. He also discussed the coordination works for the practical implementation of Condominium Law.
The Condominium Law was passed with the Union Parliament Law No.24, on January 29, 2016. On December, 7, 2017, the Construction Ministry issued a notification No.267/2017. The Union parliament approved the amendments to the bylaws on August 24, 2018.