{"id":53776,"date":"2017-05-05T05:00:35","date_gmt":"2017-05-04T22:00:35","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/views-wanted-on-proposed-changes-to-property-tax-act\/"},"modified":"2017-05-05T06:51:35","modified_gmt":"2017-05-04T23:51:35","slug":"views-wanted-on-proposed-changes-to-property-tax-act","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/views-wanted-on-proposed-changes-to-property-tax-act\/","title":{"rendered":"Views wanted on proposed changes to Property Tax Act"},"content":{"rendered":"


\nThe proposed changes include strengthening the enforcement and information gathering powers of tax officers.\u00a0
\nThe Ministry of Finance (MOF) is inviting the public to provide feedback on proposed changes to the Property Tax Act.
\nThe three amendments aim to update legislation and improve tax administration, the ministry said in a statement on Thursday (4 May). These include:
\n\u2013 Providing clarity to taxpayers that machinery used extensively for business or industrial processes will be assessed, together with the land or building on which it has been affixed, for property tax. If approved by Parliament, this change will take effect from 1 January 2018.
\n\u2013 Implementing an opt out approach for digital property tax notices, so that taxpayers can continue to receive hard copies while others will receive e-copies. This will take effect from the gazette date.
\n\u2013 Strengthening the information gathering powers of the Comptroller of Property Tax, the Chief Assessor and their authorised officers, as well as enhancing the penalties for failure to comply with a request of information made by them.
\nThe public consultation will run until 19 May 2017. Interested parties can access the detailed consultation documents, including the draft bill, on www.mof.gov.sg.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Views wanted on proposed changes to Property Tax Act<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The proposed changes include strengthening the enforcement and information gathering powers of tax officers.\u00a0 The...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-53776","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dZm","jetpack-related-posts":[{"id":65596,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-proposed-changes-to-property-tax\/","url_meta":{"origin":53776,"position":0},"title":"Two proposed changes to property tax","date":"September 6, 2017","format":false,"excerpt":"\r A total of 24 suggestions were received on the Property Tax (Amendment) Bill 2017. The Ministry of Finance will proceed with two proposed amendments to the Property Tax (Amendment) Bill 2017. This follows a public consultation exercise in May which drew a total of 24 suggestions. SEE ALSO: Views\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95569,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-buyers-and-sellers-to-pay-stamp-duty-on-digital-records\/","url_meta":{"origin":53776,"position":1},"title":"Home buyers and sellers to pay stamp duty on digital records","date":"August 7, 2018","format":false,"excerpt":"\r Stamp duty will be imposed on electronic records that effect the transfer of ownership over immovable properties as well as stocks. 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