Parliament on Monday passed an amendment to the Land Act, granting tax exemptions to first-time buyers of residential flats.
The amendment, tabled for debate by Funadhoo MP Ali Saleem, was passed unanimously with 71 votes.
The bill seeks to exempt first-time buyers, from the 15% tax imposed on the sale price of apartments.
It was reviewed by the Parliamentary Committee on National Development, with Fonadhoo MP Abdul Raheem Abdulla presenting the committee report to the floor.
Lawmakers noted that the amendment would have a positive impact, especially with the Government undertaking multiple housing projects across the country.
The first reading of the bill was held on June 20, and sent to the National Development Committee for review on June 27.