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The main reason that it less inflationary than it should be is because the retail bank then buys government securities with those real dollars. The retail bank in this way has moved the bad loans from a potential loss situation to a government security asset but no money has entered the system...

Hi NR I always understood 'pay land tax on single unit holding' to mean that the tenant would pay the land tax owing on the portion of the value above the threshold. I came to this conclusion because on a single holding the owner would get the threshold. Have I misunderstood this concept? Cheers