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Developers react angrily to land and property tax hike

Thu, 26 Feb 2015

Eddie Teare MHK
Eddie Teare MHK

The decision to increase land and property tax by 10 per cent has not been met favourably by on Island developers.

That's according to the Treasury Minister who says on the whole this year's Budget has been well received.

Under the former scheme developers had to pay 20 per cent however they were able to break it into two payments, sometimes years apart - however they'll now have to pay everything in one go.

Eddie Teare says he will be meeting with those with grievances but can't make any promises: 

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