The Ministry of Lands and Physical Planning vide Legal Notice Number 151, gazetted the appointment of private valuers pursuant to the amendment of Section 10A of the Stamp Duty Act, Cap 480 (Click here), and the Stamp Duty (Valuation of Immovable Property) Regulations 2020 (Click here).
The Cabinet Secretary for the Ministry of Lands and Physical Planning, issued a Press Statement on 20th January 2021, (Click here) where she explained that the amendment of the Stamp Duty Act to introduce valuation for stamp duty by private valuers, would enhance efficiency and generally reduce the turnaround time for the return of valuation figures.
In line with the Stamp Duty (Valuation of Immovable Property) Regulations 2020, 255 practicing private valuers applied for an appointment and upon completion of the vetting process, 247 private valuers were listed as successful applicants (Click here).
While Government valuers do not charge fees, proprietors who opt for private valuers will incur valuation costs as stipulated in the Valuers Act.
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