The Ministry of Finance says it is extending by one month, the time period for the Board of Inland Revenue (BIR) to issue notices of assessment of property tax, even as the main opposition United National Congress (UNC) said it remains committed to fighting against the imposition of this “unfair property tax”.
Finance Minister Colm Imbert said that the time period has been extended from June 30 to July 31 this year.
“This has become necessary to permit the Valuation Division to deliver Notices of Annual Rental Value (ARV) and make appropriate adjustments to ARVs where required and for the Board of Inland Revenue to deliver Revised Notices of Assessment for Property Tax, at the reduced rate of two per cent, to residential land owners and occupiers not yet in receipt of same,” Imbert said.
He said that as of June 28, 2024, over 198,000 ARVs and over 140,000 revised notices of assessment for property tax were dispatched through TTPost for delivery to residential land owners and occupiers.
Imbert added that residential land owners and occupiers who meet the requirements under the Property Tax Act may apply to the BIR for deferral of Property Tax
“The public is also reminded that pursuant to the Property Tax (Amendment) Act, 2024, the rate of Property Tax was decreased from three to two per cent,” he added.
But the UNC has already called on the government to “stop this wicked tax now”.
In March, when the government brought the measure to Parliament to reduce the tax from three to two per cent, the opposition party said the government should “immediately clear up the confusion surrounding the notices circulating online and, apparently, also in Government offices, regarding the alleged suspension and/or alteration of the dreaded property tax.
“Going further, however, the UNC urges the Government to immediately stop the implementation of this wicked tax and re-implement the previous (2009) Land and Building Taxes,” it added. (CMC)