Mandatory Valuations

IRC: Mandatory Valuation

The notice was issued to taxpayers, real estate agents, conveyance lawyers, banks, land registry officials, and others involved in land transactions (both sellers and buyers) and the general public.

In a press conference on Friday 1 October, IRC Commissioner General Sam Koim announced the mandatory valuations, saying the IRC has uncovered many instances of gross evasion of stamp duties and undervaluation of properties, thus a requirement for mandatory evaluation.