Property Tax (Approved Development Projects) Order

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Not current version
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Property Tax Act

(Chapter 254, Section 9)

Property Tax (Approved Development Projects) Order

O 2

REVISED EDITION 1990

(25th March 1992)

[1st January 1967]

Citation

1. This Order may be cited as the Property Tax (Approved Development Projects) Order.

Definitions

2. In this Order —

“approved development project” means a building project approved by the Minister within any of the areas set out in the First or Second Schedule;

“date of approval” means —

(a)	in the case of a lease granted by the Government of the site of the approved development project referred to in paragraph 5, the date of commencement of such lease; and
(b)	in any other case, the date notified by the Minister, when a project is approved.

Period during which tax payable

3. When an approved development project has been undertaken by an owner of any property, property tax shall continue to be payable throughout the period during which the work is in progress.

Rate of tax payable from end of concession period

4.—(1) Subject to sub-paragraph (2), the tax payable for a period of 20 years from the date of expiry of the concession period mentioned in paragraph 5 in respect of property to which an approved development project relates shall be at the rate of 12% per annum.

(2) If the approved development project is not completed on that date, the tax payable in respect of the property for the period of time between that date and the date of completion of the approved development project shall be at the rate prescribed in section 9 of the Act.

(3) Sub-paragraphs (1) and (2) shall not apply to approved development projects situated within any of the areas set out in the Second Schedule.

Refund of tax on completion of approved development project

5. Upon completion of an approved development project the owner may apply for a refund of tax paid in respect of the following periods:

(a)	the period of 6 months from the date of approval of the approved development project; and
(b)	a further period of one month in respect of each storey of the approved development project,

notwithstanding that the development project may be completed before or after the end of the concession period.

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