Power102FM

Property Tax Talk. Finance Minister Offers Citizens Comfort.

Property Tax Talk. Finance Minister Offers Citizens Comfort.

Finance Minister Colm Imbert

Finance Minister, Colm Imbert, is assuring citizens that the government has no plans to retroactively apply the Property Tax.

Minister Imbert explained that what the Government is proposing in the bill before the Parliament is the extension of the waiver of the collection of property tax beyond December 31st, 2015, as is the current law.

In a media release this afternoon,  the Finance Ministry pointed out that in January 2015, the former Government went to Parliament and waived the collection of property tax for the years 2010-2015 by way of the Finance Act of 2015 (act No. 2 of 2015).

Prior to this waiver, the former Government had left the 2009 Property Tax Act on the books unchanged for almost 5 years, thus making the tax retroactively collectible for the years 2010, 2011, 2012, 2013 and 2014.

However, this waiver lapsed at the end of 2015, making the tax applicable in 2016.

Accordingly, in the current version of the property tax act amendment bill before the Senate, it is proposed that the waiver be extended to December 31st 2016.

It is to be noted that the property tax act amendment bill is still before the Senate and that the committee stage of the bill has not yet taken place and is scheduled for Friday May 11th.

The release added that to date, the Government has not yet circulated its proposed list of amendments to the bill for the consideration of the Senate, since the Ministry of Finance is in the process of reviewing the contributions made by all Senators in order to finalize the list of amendments.

COMMENTS

WORDPRESS: 0
DISQUS: 0
%d bloggers like this: