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CIR 02/23 | Rural Lease Valuations

The Council of the Kamra tal-Periti has been alerted to a legal notice directing periti to produce fictitious values for agricultural land that have no underpinning in the market.

It appears that the purpose of this exercise is to artificially contain the value of farmland, and direct periti away from reporting a fair market value in line with international and national valuation standards.

In view of the above, the Council is advising periti not to file valuation reports in accordance with such legal notice until further notice as such reports may give rise to potential professional negligence, besides exposing periti to litigation by aggrieved parties due to the apparent unconstitutionality of such subsidiary legislation.

 

Perit André Pizzuto
President

 

 

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CIR 09/22 | Update on Tender for Property Valuations issued by CFR

Further to Directive DIR 08/2022, the Council met with the Commissioner for Revenue, Mr Joseph Caruana, and the Director of Property Tax, Ms Josette Galdes on 12th August 2022. During this meeting the Council outlined its serious misgivings about the tender, particularly relative to the capping of €25 per valuation report and €25 per Court sitting. The Council also pointed out that there is no mention of remuneration for disbursements, such as acquiring planning permits from the PA, and that such remuneration fees would inevitably affect the quality of the valuations being provided.

 

During the meeting the CFR stated that it understood the nature of the Kamra’s objection, and expressed its openness to introducing differential rates, distinguishing between the valuation of garages and hotel resorts, which would have otherwise all been compensated for at the capped rate of €25.

It was agreed that the CFR would consult with the Department of Contracts (DoC) to establish whether the tender as published could be amended. However, the CFR was not willing to withdraw and republish the tender should this not be possible.

 

On 16th August 2022, the CFR informed the Council that the DoC was unable to amend the tender.

 

Given the above, the Council is notifying members of the profession that the only resolution to the matter is allowing the current tender to run its course without any bids, so it may be republished after appropriate consultation is made with the Kamra in accordance with article 4 of Subsidiary Legislation 390.01.

 

Moreover, the Council shall retain Directive DIR 08/2022 in place. Members of the profession are reminded that disciplinary action will be taken against periti who do not abide by the Directive.

 

Perit André Pizzuto
President

 

 

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DIR 08/22 | Tender on Property Valuations issued by CFR

The Council of the Kamra tal-Periti has been notified of a tender issued by the Commissioner for Revenue with reference SPD7/2021/081 named “SERVICES – FRAMEWORK AGREEMENT FOR THE PROVISION OF PROFESSIONAL SERVICES OF PERITI TO PROVIDE VALUATIONS OF PROPERTIES TO THE COMMISSIONER FOR REVENUE (CFR)”.

The tender stipulates that “[v]aluations of properties is capped at a fixed fee of twenty-five Euro (€25.00) excluding VAT”. These are unacceptable terms, which undermine the scope of the due diligence and research necessary for the preparation of a valuation report, as well as underestimate the associated liabilities.

 

In view of the above, the Council is hereby instructing all Periti not to submit bids for this tender.

Failure to abide with this Directive will result in disciplinary action.

 

Perit André Pizzuto
President

 

 

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NSO issues call for Statistical Services for Construction Survey 2018

The National Statistics Office is inviting submissions from persons/organisations interested in the provision of services related to construction projects. The Construction survey forms part of the Purchasing Power Parities Survey.  Pricing a construction project involves collecting unit prices with which to value its components and summing the values obtained to arrive at a total price for the project. PPPs for construction are calculated with the total prices for a set of construction projects. The set covers three types of structures: residential buildings, non-residential buildings and civil engineering works.

Interested persons/organisations shall include in their proposals the following information:

a) Name of submitting person(s)/organisation;

b) Contact information for person(s) authorised to represent the submitting person(s)/organisation;

c) A outline brief of how the above mentioned objectives will be meet;

d) An indication of the expenditure outlays of the entire project.

Those interested should submit their proposals to the Prices Unit, National Statistics Office by not later than the 16th of March 2018 by e-mail on denise.magrin@gov.mt.

Call for Quotations
Annex 1
Annex 2
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Lands Authority clarifies the issues raised by KTP on Property Valuations EOI

Following the call for Expressions of Interest for periti to provide property valuation services to the Lands Authority, the latter had organised an information session for periti which was held last October. A number of our members had contacted the Kamra tal-Periti to request clarification on a number of issues raised during such meeting.

The Council had set up a working group to address these issues, and had written to the Lands Authority outlining these matters. The issues raised include valuation methodologies to be adopted, payment of professional fees, and timelines for the drawing up of reports among other things.

 

The Authority has responded. Please refer below to the correspondence exchanged between the Kamra and the Lands Authority. Should you have any comments, it would be appreciated if you could forward to the Kamra by not later than the 30th March 2018 on info@kamratalperiti.org.

KTP letter to Lands Authority | 21/10/2017
Reply from Lands Authority | 12/02/2018
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