.jpg)
THE Minister of Finance, Dr. Ashni Singh has tabled the Fiscal Enactment (Amendment) Bill 2013-Bill No. 11/2013 in the National Assembly. The bill provides for the amending of the Income Tax Act and the Property Tax Act to accommodate relief measures contained in the 2013 Budget. The bill, when assented to, will be effective from the financial year of assessment commencing January 1, 2014, and is applicable only to persons resident in Guyana for the year immediately preceding the year of assessment, which is 2013.
Persons meeting this requirement will be allowed a deduction of the interest paid on housing mortgage owed by the individual to licenced financial institutions or approved mortgage finance companies. The deductions will apply to sums owed for the purchase of land for the construction of a residential building; the construction of a residential building; or the acquisition of a residential building to be occupied by the individual as a first time home owner. Additionally, the deduction is applied where the principal amounts of the housing mortgage loans do not and did not at any time exceed the sum of $30M.
Additionally, the bill seeks to address the reduction of the rate of income tax from 33 1/3 percent to 30 percent with effect from the year of assessment 2014 (year of income 2013), and to change the valuation date of properties for property tax purposes from January 1, 1991 to January 1, 2011.
Further, the bill seeks to increase the non-taxable net property from $7.5M to $40M and to charge the remainder of the net property at three-quarters of one percent in the case of individuals.
It also increases the non-taxable net property from $1.5M to $10M and to charge the next $15M at half of one percent and every dollar of the remainder at three-quarters of one percent in the case of companies. (GINA)
Persons meeting this requirement will be allowed a deduction of the interest paid on housing mortgage owed by the individual to licenced financial institutions or approved mortgage finance companies. The deductions will apply to sums owed for the purchase of land for the construction of a residential building; the construction of a residential building; or the acquisition of a residential building to be occupied by the individual as a first time home owner. Additionally, the deduction is applied where the principal amounts of the housing mortgage loans do not and did not at any time exceed the sum of $30M.
Additionally, the bill seeks to address the reduction of the rate of income tax from 33 1/3 percent to 30 percent with effect from the year of assessment 2014 (year of income 2013), and to change the valuation date of properties for property tax purposes from January 1, 1991 to January 1, 2011.
Further, the bill seeks to increase the non-taxable net property from $7.5M to $40M and to charge the remainder of the net property at three-quarters of one percent in the case of individuals.
It also increases the non-taxable net property from $1.5M to $10M and to charge the next $15M at half of one percent and every dollar of the remainder at three-quarters of one percent in the case of companies. (GINA)
