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

Continue Reading

Honor Friendship Days sale: Honor View 20 at Rs 25,999, discounts on Honor Play, Honor 10 Lite and more

first_imgHonor Friendship Days sale is now live on Amazon India. The sale, which started on July 25 and will continue until July 29, 2019. During the sale, some popular Honor smartphones will be available with some exciting discounts and offers. The View 20, for example, will be available with a discount of Rs 17,000, making the flagship more attractive than ever before. The Honor 10 Lite and Honor Play are among those Honor phones that will also be on offer.We wrote a dedicated piece on why this is probably the best time to buy the Honor View 20. The flagship phone was launched in India in January starting at Rs 37,999. It is now being sold during the Honor Friendship Days sale starting at Rs 25,999 for the base model with 6GB of RAM and 128GB of internal storage. Meanwhile, the 8GB + 256GB Honor View 20, which was initially priced at Rs 45,999, is also selling at a discounted price of Rs 31,999.The View 20 was the first flagship smartphone from Honor this year following which the company launched the Honor 20 and Honor 20 Pro. The View 20 is similar to the Honor 20 in that it also sports a punch-hole display and rocks a flagship Kirin 980 chipset. The View 20 is easily one of the fastest phones launched this year and comes with a terrific battery life paired with 40W fast charging support. It is also the first smartphone to launch with a 48MP dual camera setup.During the Honor Friendship Days sale, the Honor Play will also be on discount. The 4GB + 64GB storage variant that is typically priced at Rs 19,999 is now available for Rs 12,999, which makes it one of the most affordable smartphones running Huawei’s 2018 flagship Kirin 970 chipset. The 6GB + 64GB variant of the Honor Play is also available at Rs 14,999, down from Rs 23,999.advertisementThe Honor 10 Lite, which was launched at Rs 12,999, is currently up for grabs for Rs 9,999 fir the 3GB RAM model. The 4GB RAM Honor 10 Lite, on the other hand, is being sold at Rs 11,999, down from Rs 13,999. The Honor 8X and Honor 8C also see discounts up to Rs 3,000 during the Honor Friendship Days sale on Amazon India.ALSO READ | Honor View 20 at Rs 25,999 on Amazon makes it a flagship worth buyinglast_img read more

Continue Reading