Government is set to introduce a bill in Parliament today, titled “An Act to amend the Property Tax Act Chap 76:04”, in the name of Finance Minister Colm Imbert.
According to the amendment, the Government is proposing a reduction in the property tax rate for residential properties from the current rate of 3% of the Annual Rental Value to 2%.
The bill is scheduled to be debated in the House of Representatives from 1.30 p.m.
News of the bill comes as a surprise to many.
On Thursday 14 March, 2024, collection of payment of the property tax was suspended by the Government with immediate effect.
It is expected that the Government will propose that the next stage of the bill be addressed on Monday, following today’s debate.
Additionally, the amendment is intended to extend the deadline for issuing a notice of assessment, for this year, on or before June 30.
The amendment is also proposing to grant Imbert the authority to appoint deadlines for specific actions to be completed.
The amendment calls for the deletion of the word “affirmative” and the substitution of the word “negative”, thereby shifting the burden to Parliament to actively object to the action or decision within a specified period for it to be prevented from coming into force.
Meanwhile, A media release from the United National Congress yesterday called on the Government to clarify property tax confusion and “stop this wicked tax now.”
“The UNC calls on the Government to 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,” it stated. “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 stated.
The UNC yesterday said it remains committed to fighting against the imposition of this “unfair property tax”.
The bill being laid in Parliament today is expected to make changes to some parts of the Property Tax Act, including on assessment and the three per cent rate of taxation involved in the tax, sources said.