Aamu Rayyithunge Party proposes to Land Value Tax
4 މާރިޗު 2020 | ބުދަ 02:14ARP is a political party founded on February 5th.
Aerial view of Male\' city, capital of the Maldives
Aamu Rayyithunge Party (ARP) has decided to propose to levy Land Value Tax instead of GST and income tax.
A land value tax (LVT) is charged according to the value of an undeveloped piece of land. Unlike property taxes, LVT does not take the value of buildings or other facilities developed on the land into consideration and levied upon the owner of the land.
According to ARP, charging LVT instead of GST and income tax would solve many challenges facing the country in addition to easing the financial burden on regular citizens.
Many believe that rent prices will increase due to the recently passed income tax bill. ARP - a newly formed political party - stated that LVT's will be a permanent solution for the issue of exorbitant rent prices charged in the capital city, adding that the tax will also force landowners to put abandoned land to use and prevent them from unnecessarily hoarding land.
The party believes that even Maldivians if are exempt from income tax, all citizens should submit income tax statements so as to understand zakat thresholds and prevent illegal wealth via corruption.
ARP is a political party founded on February 5th. The party continues to campaign for different economic ideologies on social media.
