Land Betterment Charge Table of Rates Updated

On 28 February 2023, the Land Betterment Charge (Table of Rates and Valuation Method) (Amendment) Regulations 2023 was published in the Government Gazette. It replaces the Table of Rates in the Second Schedule of the Land Betterment Charge (Table of Rates and Valuation Method) Regulations 2022 (“Regulations“) with updated rates. The amendments have come into effect from 1 March 2023.

The Land Betterment Charge Act 2021 came into operation on 1 August 2022. It provides for the imposition of a tax (called a Land Betterment Charge or “LBC“) on the increase in the value of land resulting from a chargeable consent given in relation to land.

The Regulations provide for the rates and methods to calculate a pre chargeable valuation and post chargeable valuation for any land, so as to facilitate the Table of Rates method for ascertaining the amount of the LBC in respect of any chargeable consent in relation to a development of any land. The applicable rates at any time are set out in the Table of Rates in the Second Schedule of the Regulations.

For more information, click here to read the full Legal Update.

CONTACTS

Co-Head, Corporate Real Estate
+65 6232 0512
Singapore,
Co-Head, Corporate Real Estate
+65 6232 0693
Singapore,
Senior Partner
+65 6232 0514
Singapore,
Partner
+65 6232 0951
Singapore,

Country

EXPERTISE

SECTORS

Share

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Asia. All Rights Reserved. All trademarks are property of their respective owners.