Myanmar’s Lower House Speaker U Khin Yi says he will push for a National Property Tax Law, arguing that it could help curb inflation, increase government tax revenue, and reduce corruption.

Speaking to the media at the Parliament complex in Nay Pyi Taw on August 1, U Khin Yi said Myanmar currently has no standalone property tax law, despite existing municipal taxes on land, buildings, water, and waste collection, as well as Union-level income and commercial taxes.

He made the remarks in response to a media question on whether Parliament plans to introduce a property tax to discourage land speculation and make housing more affordable.

U Khin Yi said the absence of a dedicated property tax allows individuals to accumulate multiple properties without paying taxes on ownership, contributing to inflationary pressures, declining currency value, and opportunities for corruption.

He said a proposed National Property Tax Law would likely determine tax rates based on market value while providing exemptions for primary residences, people with disabilities, and other eligible groups. The law would also include penalties for violations.

U Khin Yi added that if Myanmar indeed lacks such legislation, Parliament will work toward drafting and introducing a National Property Tax Law.