Saturday, June 12, 2010

Feedback on property tax bill wanted

THE Ministry of Finance (MOF) yesterday launched a public consultation to seek feedback on proposed changes to the Property Tax Act.

There will be 12 suggested changes in the draft Property Tax (Amendment) Bill 2010. They are the result of periodic reviews of the property tax system, and 'aim to improve tax administration or provide clarity to taxpayers', MOF said in a release.

One proposed amendment will streamline reporting requirements for property owners - they will no longer need to inform the taxman about certain events, such as when a building is completed or rebuilt.

Another suggested change will allow the Comptroller of Property Tax to recover property tax for redevelopment sites prior to the current year, subject to a time-bar limit of five years.

The public consultation exercise will end on June 25. Consultation documents and explanations for the draft bill are available at MOF's website and the REACH consultation portal.

Source: Business Times, 12 Jun 2010

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