Edwin Tong on Land Betterment Charge Bill
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Edwin Tong on Land Betterment Charge Bill(Updated: )
Simplifying the collection of charges for a rise in land value due to rights being granted to develop or enhance its use - that is the aim of a Bill up for debate in Parliament on Monday (May 10). Second Minister for Law Edwin Tong spoke on its key features. It proposes a Land Betterment Charge to replace three existing taxes and levies. This would be collected by a single agency, SLA, making things more transparent. There will be no change in the rates and rules for calculation; but for leasehold properties of 99 years or less, the LBC would be adjusted to account for the remaining tenure.