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Between 1986 and 1995, land under
development was exempted from property tax. The
exemption was introduced to help developers tide
over the economic downturn during the recession
years. It was subsequently withdrawn after the
economy and the property market had shown strong
recovery. In view of the current difficulties
faced by the property sector, I have decided to
reinstate the property tax exemption for land
under development. The exemption will be for a
period of up to 5 years, and will apply from the
time construction begins to the time the Temporary
Occupation Permit is granted. The exemption will
take immediate effect. The estimated revenue loss
from this measure is $200 million a year. |
