As part of the 2017-18 budget, the government introduced a new tax on the owners of multiple residential properties, which took effect on January 1, 2017.
The tax is levied on the value of the properties, irrespective of their use or rental status/income. It should also be noted that this tax is being administered by the Land Tax Authority, rather than the Income Tax authority.
We set out below the basic details of the rules in an FAQ format. Our FAQ below covers the basic details and is based on the law, as well as the guidance provided by the tax authorities. [Read more…]