Tax rates for vehicle ownership changes may differ after September 2020 and the vehicle owners may pay 15 per cent of their car market price as a tax after September, said Lian Cin Mang, Director of Road Administration Department (Myinthar) on December 27.
Formerly, the vehicle owners had to pay 15 per cent of their car market price as a tax to change vehicle ownership and now they only need to pay 3 per cent of their car market price starting from October 1, 2019 to change the vehicle ownership.
“The vehicle owners need to change the vehicle ownership when the government reduces the tax to three per cent and we cannot guarantee that amount after September 2020,” he said.
The Road Administration Department will check whether the vehicle is registered under their current owners’ names or not starting from January 1, 2020, and the registration process will be successful if only the owner’s name is right. The department announced they will collect three per cent of the car market price as a tax to change the vehicle ownership.
All vehicles in Yangon Region will be installed devices that used Radio Frequency Identification (RFID) system and now only about 20 per cent of the cars registered in the region are registered under their current ownership names, he said.
At present, only a few car owners came to change their car ownership and they are waiting on whether the tax will be reduced and a new policy will be introduced before September 2020.
