Higher tax for unused land soon
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The National Land Resource Committee plans to enact a new land resource law which can impose higher tax on unused land plots in a move to control rising land prices.
The plan is in response to increasing land prices and will be enacted in cooperation between the concerned ministries and foreign experts.
The Land Resource Law will include raising heavy tax monthly and yearly on the land plots that are not in use despite being purchased, confiscating land officially purchased from the government that fails to utilise the land within the agreed time period, etc. Moreover, it also plans to raise tax on land business.
Due to the rising land prices near the developing projects, original land owners including farmers faced disowning their land, decrease in production, more farmers without cultivating land, and housing problems were reportedly discussed during the meeting of the National Land Resource Committee.
Rising land prices can hinder urban development and the country’s economy, so we need to enact a new Land Resource Law soon, said a committee member.
