SOME taxpayers still face difficulty accessing concessions under the Mortgage Interest Relief (MIR), long after determined efforts have been made by the Guyana Revenue Authority (GRA) to iron out problems hindering the process.The GRA is therefore calling on Banks to ensure that the payments are made in a timely manner – a call that comes after concerns of non-payments were publicised.

The most recent such action was a letter by Mr Ricky Roopchand, who lamented the fact that he is yet to see evidence of the Relief, though he followed the outlined criteria, met all the requirements and was in receipt of his letter of approval.
The GRA, in a statement, said: “In view of his publicly expressed concerns, a call was made to Mr. Roopchand’s banker, the Guyana Bank for Trade and Industry (GBTI), to discuss the concerns raised. The bank subsequently communicated to the GRA that there were administrative shortcomings at the institution which resulted in the delay of payments to Mr. Roopchand and that a letter of apology will be dispatched to him.
“The GRA recalls advising Mr. Roopchand during his visit to the MIR Unit on Monday, March 16, 2015, that payments were made to his banker. In fact, information from the Revenue Accounting Unit revealed that the cheque was prepared on February 16, 2015 and was uplifted by the bank on February 26, 2015.”
According to the Authority, taxpayers whose MIR applications have been approved, can access the relief via a refund cheque paid by the GRA to the bank, where the taxpayer has accessed the mortgage and is bound by the contract to repay with interest.
“In events that cheques are ready but have not been uplifted, the lending institution is notified,” the GRA said.
In the initial stages of implementation of the MIR, cooperation with the lending institutions was a problematic area that had stymied processing of a large number of applications.Consequently, subsequent meetings were held between the GRA and the bankers association to reach a solution. The GRA therefore expresses hope that all stakeholders, including the commercial banks, fulfil their end of the bargain so that no other taxpayer, who has been approved for the MIR, would have to face similar challenges.
The GRA said, “While it is regrettable that Mr. Roopchand had such an unfortunate experience with the MIR, the GRA is of the opinion that editorial discretion should have been exercised with an attempt by Stabroek News to first contact the GRA for a response before publishing the letter. Subsequent to the publication of the letter, the newspaper made contact with the Authority seeking a response on the issue as well as other information relevant to the MIR since its introduction in October, 2013.”
To date, GRA has received 2,185 applications for MIR. Approximately 1,207 of those applications have been approved. The MIR Unit has also completed processing of 1,617 applications in order to determine those that have been approved. The remaining 568 are at various stages of being completed. Records to date show that about 177 applicants have additional information which is yet to be submitted. Those persons are being urged to submit same in a timely manner.
As part of the criteria for accessing the relief, the applicant must be a first-time homeowner and also provide relevant information from their respective lending institutions.
The processing of MIR applications, including interviews with the applicants, is ongoing and as the implementing body, the GRA is determined to ensure that the objective of the MIR is met thereby ensuring that aspiring homeowners realise their dreams. The MIR is a 30% reduction on the interest paid on a residential mortgage not exceeding G$30M.
MIR disbursements to date have totalled $165.9M.