Building and Land tax is imposed on the owners of a house, building, structure or land, which is rented or otherwise, put to a commercial use. The tax rate is 12.5% of the actual or assessed annual rental value of the property (the annual value is the amount that a property may gain in rent for one year if the property is offered for lease).
A Local Development Tax is imposed upon any person who either owns or is in possession of land. These tax rates vary according to the appraised value of the property, being determined by the local authorities. There is an allowance granted for land that is utilised for personal dwellings. This allowance differs accordingly dependant upon land location.
Without prejudice. The information presented on these pages are solely guidlines. Nikolsons strongly recommend you consult with a qualified lawyer before commencing any business transaction.