PAYMENTS of property tax have been put on hold.
A flyer posted at the Board of Inland Revenue and other regional officers stated: “WITH IMMEDIATE EFFECT THE PROPERTY TAX PAYMENTS SUSPENDED UNTIL FURTHER NOTICE.”
The controversial tax took effect from January 1, 2024.
Finance Minister Colm Imbert speaking in December on The Finance Bill 2023, said that the implementation of the tax was just “weeks away, “ noting, “We do intend to collect property tax in 2024.”
During his 2023/2024 Budget presentation, Imbert had said the Board of Inland Revenue would have calculated the property taxes based on annual rental values discounted by 10% with an application of 3% of the discounted annual rental values,
For example, he said, with an annual rental value of $24,000, the property tax will be $54 per month being $24,000 minus $2,400 which will equal $21,600 multiplied by 3 %. This simple calculation will generate a tax of $648 per annum or $54 per month, Imbert said.
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