Land Act

New bill on land sales to close tax loophole

The president’s office explained that under the existing land law, buyers and sellers could agree upon prices without any regulatory controls and evade the 15 percent tax on land sales. The government has submitted amendments to the 2002 Land Act to close the loophole. The changes were proposed after a 1,102 square foot plot of land in Malé was sold last month for MVR1.

Parliament approves legal changes for registering small plots of land