PROPERTY TAX (AMENDMENT) BILL

Order for Second Reading read. 6.38 p.m.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, I beg to, move, "That the Bill be now read a Second time."

The amendment in clause 2 is principally to improve the property tax administration. Section 7 of the Property Tax Act is amended to remove the requirement that any claim for a refund of tax on an unoccupied building must be received by the Comptroller not later than six months after the end of the half year in respect of which the claim is made.

Owners of existing air-conditioned commercial buildings are required to comply with the energy conservation standard, set at an overall thermal transfer value (OTTV) of 45 watts per square metre or less under the Building Regulations, with effect from 3rd August, 1979. The OTTV is a measure of the ability of a building envelope to keep out external heat. In order to encourage the owner to make the necessary renovations to comply with the energy conservation standard, clause 3 incorporates a new subsection (7A) in the Act to provide for 40% of the cost of renovation to be deductible against the annual property tax.

Clause 4 amends section 17 of the Act to require the architect or the building surveyor to report in writing to the Chief Assessor within 15 days when a building is erected, rebuilt, enlarged, altered or improved. It also provides that where an owner fails to give notice, he will be liable to pay interest at 10% per annum on the tax payable.

The amendment in clause 5 allows the Chief Assessor to amend, without notice to the owner, the Valuation List for the following year in accordance with the notice, where notice to amend the Valuation List is given after the List for the following year has been closed for inspec- tion but before it comes into operation and the owner does not object to the notice.

Clause 7 enables the Comptroller to allot a number to, or alter the number of, any property and to require the owner to fix or replace the number of the property. The Comptroller may also fix or replace the number and charge the cost to the owner. This provision will facilitate the renumbering of highrise buildings.

A related amendment in Clause 12 empowers the Minister to make regulations relating to the marking and display of the number allotted to the property.

Clause 11 amends section 59 of the Act to increase the fine for any offence under the Act or its Regulations, where it is not expressly provided, from $1,000 to $5,000.

Clauses 6, 8, 9 and 10 incorporate amendments in the Act which are consequential in nature.

Sir, I beg to move.

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole House.

The House immediately resolved itself into a Committee on the Bill. - [Mr Hon Sui Sen].

Bill considered in Committee. 6.43 p.m.

[Mr Speaker in the Chair]

Clause 1 -

The Chairman: The citation year will be altered from "1981" to "1982".

Clause 1 ordered to stand part of the Bill.

Clauses 2 to 12 inclusive ordered to stand part of the Bill.

Bill reported without amendment; read a Third time and passed.