The Ministry of Finance (MOF) has launched a public consultation to ask for feedback on the proposed changes to the Property Tax Act.
MOF said the draft Property Tax (Amendment) Bill 2010 will have 12 suggested changes including the periodic reviews result of the property tax system and “aim to improve tax administration or provide clarity to taxpayers”.
One suggested amendment will update reporting requirements for real estate owners, as to eliminate taxman’s permission for certain events like when a building is completed or being rebuilt.
Another proposed change will allow the Comptroller of Property Tax to recover property tax for redevelopment sites before the current year. This is subject to a five-year time-bar limit.
The public consultation will end on June 25. Explanations about the draft bill and consultation documents are available at the REACH consultation portal and at MOF’s official website.