Wealth tax: Treasury to review taxable property value

TREASURY is in the process of raising the taxable property value from US$100 000, following a public outcry that the current threshold includes low-to-middle-income earners.

In the 2024 national budget, the Finance, Economic Development and Investment Promotion ministry introduced a wealth tax whereby any owner of a property valued at a minimum of US$100 000 is subject to 1% tax starting next year. It is believed that the tax will be an annual charge to be paid over a 12-month period.

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