Suggest a correction

Period of exemption from date of commencement of foundation works until completion of floor slab of first floor or lowest basement not to exceed 6 months

Property Tax (Exemption of Land under Development) (Off-Budget) Order

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) The maximum period of exemption under paragraph 3 in respect of any vacant land from the date of commencement of the foundation works for the building to be constructed on the land until the completion of the floor slab of the first storey or the lowest basement of the building shall not exceed 6 months or such other period as may be determined by the Comptroller under sub-paragraph (2).(2) The Comptroller may extend the period of 6 months referred to in sub-paragraph (1) to such period beyond 6 months as he thinks reasonable.(3) Any period in excess of the period of 6 months referred to in sub-paragraph (1) or in excess of the extended period determined under sub-paragraph (2) in respect of any vacant land shall not qualify for exemption under paragraph 3, and the total period of exemption specified in paragraph 3 in respect of the land shall be reduced by such period in excess that does not qualify for exemption.(4) Nothing in this paragraph shall be construed as extending the total period of exemption specified in paragraph 3 in respect of any vacant land.

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