Capital Gains Amendment Bill passed

first_img…despite absence of Opposition from National AssemblyThe Capital Gains Tax Amendment Bill was passed on Thursday in the National Assembly, as Government continued its legislative agenda despite the absence of the parliamentary Opposition from the proceedings. The Opposition People’s Progressive Party/Civic has since stated that now that the no-confidence resolution has been passed, all sittings of the National Assembly for usual business is unconstitutional. However, at the sitting on Thursday, Finance Minister Winston Jordan focused on the benefits of the amendments. According to Jordan, there is a need for Government to encourage more persons to acquire houses. He noted that there is a housing deficit in Guyana; a case of too many people and too little housing.“Section 2(c) of the amendments we are proposing is a relief such that if you sold your house and you reinvested the proceeds within that year in a house that cost similar or more than the value you got when you sold the house, you would be extended from payment of capital gains tax.”“In other words, if you got a house for $3 million and you sold it for $4 million, you would be liable for capital gains on the $1 million or 20 per cent. However, if you immediately reinvested the $4 million in a house that cost $4 million and above, you would be exempted from paying capital gains tax, saving you an extra $200,000.”According to Jordan, this provision is especially applicable for persons who sell their homes with the intention of buying another one. The Finance Minister cited young professionals as an example.“You know, as a young professional, you start off with a little (house) and as you rise in your profession and you gain more income, you want to buy something new, something larger and you may want to move into a more exclusive area.”“So we need to have incentives recognising such professionals and recognising such people who want to move up and this particular aspect of the Capital Gains Tax Act will allow them to do so.”Besides amendments to the Capital Gains Act, the Property Tax Amendment Bill was also passed on Thursday. This will increase the threshold for individuals to file a return, from net property of $1.5 million to $40 million.In addition, the same threshold will also apply for companies. It is likely that the amount of applicable taxes will be impacted by the countrywide property evaluations that Government has initiated.During the 2019 Budget debates, Opposition Leader Bharrat Jagdeo had zeroed in on the amendments to the Capital Gains Tax. He had noted that the changes were not as benign as they seemed.“A lot of my colleagues got excited about the Capital Gains Tax; if you reinvest your capital gains within six months at another property, you don’t have to pay; but they did not realise the Minister took away the ownership exemption they had — that if you own something for 25 years, you are not capital gains exempt.”“All the older folks who own their buildings across Guyana would not have had to pay capital gains if they sold their property. They now have to pay capital gains,” the Opposition Leader explained.last_img read more

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MB Sandaka commences operation between Guyana and Suriname

first_imgThe MB Sandaka has commenced operations between Guyana and Suriname on Thursday according to Public Infrastructure Minister David Patterson.The MB SandakaThe Minister told Guyana Times that the first sail has commenced and will last for a period of 123 days.“We will access the response of the travelling public to find out if the one sailing per day is okay and if we need to make adjustments, so it came as a result of a one-day intense discussion with my Surinamese counterpart”.Patterson added that during the discussion with his Surinamese counterpart, it was revealed that both sides were facing similar issues and therefore, systems will be put in place for the continuation of the ferry service.The MV Canawaima will be back in service from October 16, 2019, so therefore, the MB Sandaka will be operating on Guyana’s expense. “I have an agreement with my Surinamese counterpart that if the MV Canawaima is not in full operation on the date set, then the expense will be shared equally for the operation of the MB Sandaka,” according to Minster Patterson.The ferry, which will be working on a rotational basis between Guyana and Suriname, will be inspected by a joint team of engineers, who will be carrying out a full inspection on October 2, 2019. The two countries have also agreed to address all issues facing the ferry service, not only mechanical but also hospitality.On May 27, the Management of the Guyana-Suriname Ferry Service, through the Department of Public Information (DPI), had announced the suspension of operations from that day until further notice. Terminal Manager Gale Culley-Greene had told DPI that the Canawaima Ferry had been experiencing mechanical difficulties for some time and a decision was taken to have the vessel assessed and repaired.Government had expressed concern at the inconvenience to travellers while saying that this country had been funding most of the maintenance over the years. It had also noted that the vessel’s engine “had been limping for some time and [the ferry] was being towed by a tug” during its trips between the two countries.The suspension of the ferry service caused soaring traffic across the “backtrack” route on the Corentyne River border utilising speedboats.last_img read more

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Eugeneson Lyngdoh injured and out, ATK coach Terry Sheringham calls for action on ‘horrendous’ tackles

first_imgKey ATK and India midfielder Eugeneson Lyngdoh is out for sometime, head coach Teddy Sheringham confirmed ahead of their away fixture against Chennaiyin FC at Jawaharlal Nehru Stadium in Chennai alias Marina Arena on Thursday.”He has got a bad knee. I am sure if we have got it scanned. I am not sure about the diagnosis at the moment. But he will be out for a little while. It’s quite a bad one but we are hoping for good news once specialists have read it and had a special opinion so that we know exactly what the matter is with his knee,” Sheringham told reporters on the eve of the fourth round of the Indian Super League (ISL) game.Lyngdoh picked up a knee injury during the club’s round three match against Jamshedpur FC last Friday and was seen limping out of the ground at the stroke of half time.There are chances that the former Bengaluru FC and India player would be ruled out of the season as the injury is serious.Sheringham also dashed hopes of star forward Robbie Keane getting his first start on the morrow. Despite travelling with the ATK squad for their away fixture against Chennaiyin FC here on Thursday, the Tottenham Hotspur legend will play no part in the tie, Sheringham said.”He is not involved tomorrow. It’s far too early for Robbie,” Sheringham told reporters ahead of the fourth round game.Sheringham came down heavily on the referees not taking stern action against “horrendous” tackles flying around in the ISL games.advertisement”There have been some horrendous challenges. In all the games, not just the games against us. It’s not an excuse for not having good results. I think there have been horrendous challenges that have gone unpunished. I think I am very very surprised there has not been more injuries because of some of the challenges that have gone on,” Sheringham said.”If they (the tackles) keep going unpunished, you’re going to get more injuries. It’s as simple as that. The referees have to be more on the ball about what’s happening,” Sheringham complained.Initially, Keane, who captained the Republic of Ireland and has 146 caps under his belt, was expected to be involved after the first three games as he was nursing an Achilles injury.”I expect him to start tomorrow and we will show huge respect which he deserves,” Chennaiyin coach John Gregory had said just before Sheringham’s media interaction.ATK, languishing at the foot of the table with just two points from three games, are dogged by a raft of injuries to key players like Jayesh Rane and Carl Becker.last_img read more

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