Speculation tax

(1) Subject to the provisions of this section, there shall be raised, levied, collected and paid annually a speculation tax on all pieces or parcels of agricultural land, suburban or beach land exceeding 300 acres. (2) The rate of speculation tax leviable under sub-section (1) above shall be five percent (5%) of the unimproved value of such land or such other rate as the Minister may from time to time by Order published in the Gazette, prescribe. (3) The speculation tax leviable under this section shall be in addition to the Land Tax chargeable under section 21. (4) This section shall not apply, (a) where the aggregate value of improvements, if any, made to land referred to in sub-section (1) 16 [CAP. 58 is more than one and one-half times the unimproved value of such land or where thirty percent (30%) or more of land referred to in sub-section (1), is put to agricultural use or production; (b) to any land being used for eco-tourism purposes where the Commissioner is satisfied that unimproved land forms an integral part of improved land; (c) to leased national lands; or (d) to any other category of land which the Minister may exempt from the payment of tax under this section by Order published in the Gazette. (5) All Regulations or Orders made by the Minister under this section shall be subject to negative resolution.