Friday, February 5 2010

FINANCE Minister Karen Nunez-Tesheira yesterday said plans to implement the new property tax regime in the country from March 31 are proceeding smoothly to date. While allowances would be made for any teething problems, Nunez-Tesheira described preparations to implement the new taxes as “so far, so good.”

Addressing the post-Cabinet news conference, Nunez-Tesheira again dismissed views that the new legislation was designed to increase property taxes.

“We, by going to the Parliament, reduced the rate of tax from ten percent and 7.5 percent to three percent. The rate of tax had been reduced significantly. What has changed and we did not have to go to Parliament to do this, is the valuation of properties that has been brought up to date,” Nunez-Tesheira explained.

She said it was this that was going to affect the quantum of tax. Citizens are expected to receive their new property tax bills in the mail in March.

Also at the conference, Public Utilities Minister Mustapha Abdul-Hamid said Government had allocated $496,000 to develop a draft postal code that would help to improve the delivery of mail in the country.