§ 5 — Purpose of Act

5. The purpose of this Act is to define and impose a tax on the increase in the value of land resulting from a chargeable consent given in relation to the land —(a)

that ensures the return to the community of an appropriate proportion of economic benefits from the grant of rights to develop or otherwise use land;

(b)

that affords certainty and transparency through rules and processes for calculating most land betterment charges that refer to fixed rates or formulae without need for valuation;

(c)

that would promote land development activity in Singapore and support outcomes which accord with the land planning and urban development system and productivity enhancement measures for the construction industry in Singapore; and

(d)

that will promote or encourage environmentally sustainable development or use of land that balances the interests of current and future generations in Singapore.