Bhutan’s Gelephu Mindfulness City (GMC) adopts Singapore’s Property Tax Act 1960 to build GMC to harmonise economic growth with well-being and to reshape land pricing. The Act establishes a transparent framework, calculating the annual value (AV) through potential rental income (Section 2(1)), and aligning taxes with market realities. This market-driven approach ensures fairness, eliminating arbitrary assessments. GMC may appoint a Chief Assessor to maintain a public Valuation List (Section 10), det...
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