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Section: General News - The Finance Ministry has assured land developers they will not face an unreasonably high tax burden under a planned property tax revamp, The Nation reports.
The ministry is revamping the property-tax structure in an effort to plug legal loopholes that allow owners of some lands and buildings to escape paying taxes.
An informed source at the Finance Ministry involved in drawing up the new property-tax rules said provisions in the latest draft reflected advice from parties likely to be affected by the new measures.
One is that the ministry will offer a tax grace period, probably of two to five years, to land developers who accumulate …