Singapore raises land development tax effective Sept 1

SINGAPORE Aug 31 (Reuters) - Singapore on Wednesday raised land development charges for the the six months starting Sept 1 to reflect higher property values.

The biggest percentage increase is for land used for industrial and warehousing purposes, which will go up by 31 percent on average, the Ministry of National Development said in a statement.

For commerical land, development charges will rise by 22 percent on average, while the charge on land for condominiums and other non-landed residential property will increase by 12 percent.

A development charge is imposed on developers when there is an increase in the value of land due to re-zoning, or when the government allows a higher plot ratio, which can mean taller buildings.

(Reporting by Kevin Lim)