The Land Betterment Charge Bill (“Bill”) was passed by Parliament on 10 May 2021. The Bill provides for the imposition of a new land betterment charge (“LBC”), which is a tax on the increase in land value resulting from a “chargeable consent” given in relation to the land.
The money collected as LBC can be used by the Government to fund infrastructure development and public programmes. In this connection, the collection of LBC is intended to ensure that an appropriate proportion of the economic benefits from the grant of rights to develop or otherwise use land will be returned to the community. Click here to read.