MOF seeks feedback on proposed changes to the Property Tax Act

11 May 2017

The Ministry of Finance is seeking feedback on three changes to the draft Property Tax (Amendment) Bill 2017. This exercise will be conducted from 4 May to 19 May 2017.

Firstly, the proposed amendments clarify that machinery used for providing the setting/controlled environment for business and industrial processes that takes place in the building or for storage will not be exempted from property tax i.e. it is to be assessed together with the land or building on which it has been affixed. This change will take effect from 1 January 2018.

Another change is to amend the Property Act to allow taxpayers who wish to receive hardcopy property tax notices to opt-out. Currently, taxpayers will need to provide consent before digital tax notices can be issued. This change will take effect from the date the Property Act is gazetted.

Lastly, the Bill will enhance the information gathering powers of the Comptroller of Property Tax, the Chief Assessor and the officers where they can require persons to attend personally before them, or to be examined orally, so as to provide information. Penalties for failure to comply with a request will also be enhanced.

For full details, please refer to the Ministry of Finance’s website or the REACH consultation portal.

Source: Ministry of Finance