14 November 2013

The Property Tax (Amendment) Act 2013, first published in the Government Gazette, Electronic Edition, on 12 November 2013, was passed by Parliament on 21 October 2013 and assented to by the President on 5 November 2013.

This Act amends the Property Tax Act (Cap. 254, 2005 revised edition). Some of the amendments include:

• Sec 2(1) (Interpretation) — Deletion of the definition of “industrial premises” as it is no longer necessary, and amendments to the definition of “Minister”.
• Sec 8 (Refund on unoccupied buildings) — Removal of the refund for unoccupied buildings with effect from 1 January 2014 and to allow claims for refunds in respect of any period falling between 1 November 2012 and 31 December 2013 (both dates inclusive) to be made by 31 March 2014.
• Sec 9 (Rates of tax) — Replacement of subsections (2) and (3) to empower the Minister to prescribe properties and classes of properties and direct tax rates less than 36% on the annual value of the properties, and to provide for a change in the prescribed class of any property.
• Sec 19 (Notice of transfer of property) — Insertion of new subsections (12) to (12E) to require an owner of property to notify the Chief Assessor of a change in the prescribed class of his property, and to clarify what tax is payable in relation to the property.
• Sec 20 (Amendment of Valuation List) — Amendment to subsection (2) to deem a Valuation List inaccurate where there has been a change in the prescribed class of any property.
• Sec 20A (Objection to Valuation List) — Amendment to subsections (2) and (7) to extend the time within which an owner may make an objection to the Chief Assessor against an amendment to the Valuation List and appeal to the Valuation Review Board against any decision of the Chief Assessor in relation to the objection.
• Sec 22 (Collection of taxes under section 21) — Amendment to subsections (2) and (5) to extend the time within which an owner may make an objection to a demand from the Comptroller of Property Tax and appeal to the Valuation Review Board against any decision of the Chief Assessor in relation to the objection.

The Act will come into operation on 1 January 2014, as specified by the Minister of Finance by way of the Property Tax (Amendment) Act 2013 (Commencement) Notification 2013 [No. S 690/2013], first published in the Government Gazette, Electronic Edition, on 12 November 2013.

Source: Government Gazette