real estate and property tagged posts

Property Taxes Shut Doors of Church of the Holy Sepulchre

February 26, 2018 Taxation in Israel

Church of the Holy Sepulchre, Jerusalem, IsraelJERUSALEM – Property taxes and land sales are at the centre of a growing dispute at one of the holiest Christian sites in Israel.

A dispute is escalating in Israel between Church of the Holy Sepulchre in Jerusalem and the national and municipal government, with taxation being at the centre of the disagreement.

The current culmination of the disagreement was the temporary closure of the Church to visitors, which was done as a protest by the Church against its perceived mistreatment by the state.

New regulations which are being enacted would remove the tax break currently enjoyed by the Church on all its properties.

The Jerusalem municipal authority is claiming that church-owned businesses and property which are not used as houses of prayer should not be able to enjoy a break from local p...

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Ghana Needs Drain Tax

October 3, 2017 Taxation in Ghana

The Drain (i)ACCRA – Ghana needs to tax property owners in order to fund anti-flooding measures.

The World Bank is recommending that the government of Ghana begins levying a new tax to help pay for the construction of drainage and anti-flood measures in the country.

The suggestion for a so-called drainage tax came after a tour of selected flood-prone areas by a working group at the bank.

It was suggested that a drainage tax be set up to be directly property owners, hotels, and individuals who live in flood-prone lowland areas.

In addition to funding flood-water drainage infrastructure, the funds raised by the tax could also be used to build and maintain wastewater disposal facilities in cities.

Flooding is a significant problem in Ghana, with recent floods in 2015 killing hundreds of people.

The gov...

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UK Landlords Persistently Dodging Taxes

August 19, 2017 Taxation in UK

Rental in the UKLONDON – The UK could be GBP 1 billion better-off if landlords didn’t dodge their taxes.

Landlord across the UK are avoiding billions in taxes by simply not declaring their rental incomes, according to new information released by Richard Murphy, a professor at the City University of London.

The researcher bases his claim on his own analysis of tax dodging in the Newham Council in London.

He estimated that approximately half of the landlords in the area have not registered for the self-assessment of their taxes.

The lack of registration equates to approximately GBP 200 million in missed annual taxes in London.

Richard Murphy believes that if the data and assumptions are extrapolated to a national level, then the annual loss of tax income could be in excess of GBP 1 billion.

Under current ...

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Australia Looks to Tax Ghost Houses

May 2, 2017 Taxation in Australia

Ghost house tax in AustraliaCANBERRA – The Australian government is hoping to use taxes to address the issue of foreign buyers hoarding investment properties.

The government of Australia could enact a new tax on any vacant properties owned by foreign investors.

The new tax would become part of the conditions imposed by the Foreign Investment Review Board when a foreign investor attempts to purchase property in the country.

Currently the tax is expected to be set at approximately AUD 5 000.

The money raised from the tax would go to fund the government’s housing affordability programs.

The new “ghost house tax” is expected to help alleviate the country’s overheated housing market, as it will encourage foreign investors to either rent out their properties or to sell them entirely.

Some experts believe that pr...

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Duterte Wants to Tax Idle Land

February 7, 2017 Taxation in Philippines

idle land PhilippinesMANILLA – The President of the Philippines wants to push land developers to either use their properties or face paying a hefty tax.

On February 6th the President of the Philippines Rodrigo Duterte announced that he intends to see greater levels of taxation on “idle land” in the country.

Idle land is property which is intentionally left undeveloped by its owner, in the hopes that the value of the property will rise at a greater rate than the potential profits to be drawn from development work.

The President did not specify how much he will raise taxes, but did say “…I will tax idle lands heavily. If it hasn’t been developed for 10 to 20 years, I will double its real estate tax or triple unless you are willing to lend it to somebody or to the barangay for the people to use it.”

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