Property Tax (Amendment) Bill

This Act may be cited as the Property Tax (Amendment) Act 1986.(2) Sections 2 and 4 shall be deemed to have come into operation on 1st July 1986.(3) Section 3 shall be deemed to have come into operation on 1st July 1985.

Section 2 of the Property Tax Act (referred to in this Act as the principal Act) is amended by inserting, immediately after paragraph (f) of the proviso to the definition of “annual value”, the following paragraph:“(g)in assessing the annual value of any property required to be assessed on the basis of gross receipts by any order made under section 6A, the Chief Assessor shall determine the annual value of the property in the manner specified in the order and the amount so determined shall be deemed to be the annual value of the property;”.

Section 6 of the principal Act is amended by inserting, immediately after subsection (5), the following subsection:“(5A) The Minister may by order published in the Gazette remit or exempt wholly or in part the tax payable in respect of such category of properties for such period and subject to such conditions as he may specify in the order.”.

The principal Act is amended by inserting, immediately after section 6, the following section:“Valuation by gross receipts6A. The Minister may by order published in the Gazette require the annual value of any property or part thereof falling within such category as may be prescribed to be assessed on the basis of the gross receipts (whether in the preceding or current year) arising from the use of that property for the purposes of any trade or business and such assessment shall be determined in such manner as specified in the order.”.

Section 18(7) of the principal Act is amended by deleting the colon at the end of paragraph (d) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:“(e)the Chief Assessor is of the opinion that the annual value of any property or part thereof in the Valuation List required to be assessed on the basis of gross receipts by any order made under section 6A does not correctly represent the annual value as evidenced by the gross receipts arising from the use of that property for the purposes of any trade or business and determined in the manner specified in the order:”.

Section 20(1) of the principal Act is amended by deleting the word “six” in the seventh line and substituting “9”.

Section 46(2) of the principal Act is amended by deleting the words “house or building” wherever they appear and substituting in each case the word “property”.