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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Family seeks assistance to care for motherless 5-month-old baby

first_imgBy Davina RamdassSunita Vandyke, who died six days after removing her eye at the Suddie Hospital in Region Two, has died, leaving six children behind for relatives to care for, something that has become a major challenge.Phyllis Carter with two of her grandchildren that she cares forFive-month-old Rebecca ThorneThe now dead woman’s mother-in-law, 59-year-old Phyllis Carter of Parika, East Bank Essequibo, recently reached out to this publication to share her story. Carter has been taking care of Vandyke’s two small children since her passing.According to her, after her daughter-in-law died, her relatives also took custody of the other children.She said her son, 32-year-old Brian Oswald, is self-employed and makes television antennas for a living and does not want his baby to be taken away from him, as the child is one of the only memories he has of his late wife.Although the man loves his daughter dearly, he is afraid that he may not be able to take care of her, his mother said, as his earnings are hardly enough to feed himself at the end of the day.The worried grandmother said it is hard to look at her son every day, fighting to earn a daily bread, as his business has been really slow over the past few months.Carter, who is unemployed at this point, said her husband, 70-year-old Raymond Carter, depends on his pension to sustain the family. She said the pensioner would usually take up “day works” around the community, but has been unable to do so due to his health deteriorating.She said that her husband’s monthly allowance is hardly able to feed everyone in the house since most of it goes towards paying bills.She, however, noted, as she hid her tears behind her voice, that it has not only been financially challenging for the family, but physically as well.According to her, she wakes up several times during the night with the little baby, who appears to be looking for her mom. In fact, Carter said that the now dead woman’s other children sometimes even ask where she is.The family is now seeking assistance from the public to be able to care for the little children. Carter said the family is willing to accept clothing for the children, food stocks and even financial assistance. Persons who would like to make a donation to the family can do so by contacting the widower’s mother on cellphone number 687-7302.The mother of six, Sunita Vandyke died in May at the Georgetown Public Hospital Corporation (GPHC) two days after being referred there from the Leonora Hospital in Region Three because of the severity of her condition.The young mother had been admitted at the Suddie Hospital on the Essequibo Coast in Region Two (Pomeroon-Supenaam) for several weeks, after doctors at the Georgetown Public Hospital had removed one of her eyes without any proper explanation, although she had never had any medical complication with her eye.She had been taken to the Parika Health Centre, where the nurses had administered saline. After receiving the saline, she had started complaining of blurred vision.She explained that after her daughter-in-law had continued to complain about having blurred vision, she had taken her to the Leonora Cottage Hospital, from where doctors had transferred her to the West Demerara Regional Hospital.However, she had taken Vandyke to the GPHC after the eye problem had worsened and Vandyke’s condition had deteriorated. “We meet GPHC Emergency (Department) with the eye draining inflammation and the nose bleeding, and they said, ‘That’s not an emergency’. And we waited several hours and were sent away without seeing a doctor.“I even went to the boss upstairs to complain that we were not getting to see a doctor, and still we could [not] get help; we were sent away,” Carter said.The woman’s health condition had gotten worse, to the point where she had been unable to walk, and had stopped speaking. Since the incident, she had been in and out of hospital, and had been unable to care for her newborn.last_img read more

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Indonesia braces for more violence

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREThe top 10 theme park moments of 2019 The alleged masterminds of the Bali attacks were believed to be Azahari bin Husin and Noordin Mohamed Top, both Malaysians who fled to Indonesia after a crackdown on militants following the Sept. 11 attacks, officials said. The masterminds were not among the suspected bombers, whose remains were found at the scenes, officials said. All three bombers were believed to be wearing belts of explosives, police said. Mbai said at least three other people were believed to be involved in the operation, and suspected they were still on Bali. He did not say whether they included the two Malaysian fugitives. Mbai also said police believe the bombs were detonated by mobile phone. Authorities have enlisted the help Nasir Abbas, a former Jemaah Islamiyah operative working as an informant, to help in the investigation. Abbas arrived on Bali two hours after the blasts, but it was unclear whether he had concluded a deal with police. BALI, Indonesia – Police raised the alert level for Indonesia’s capital and the president warned of more attacks Sunday as a chilling video shot the day before showed a suspected bomber clutching a backpack and strolling past diners moments before one of three suicide bombings killed 26 people on Bali. The near-simultaneous bombings on the resort island also injured 101 people, including six Americans. The attacks apparently were planned by Southeast Asia’s two most-wanted men, who are believed to be connected to the al-Qaida-linked Jemaah Islamiyah, said Maj. Gen. Ansyaad Mbai, a top Indonesian anti-terror official. Fear of more attacks on tourists prompted Israel to warn its citizens Sunday not to travel to Egypt’s Sinai desert during the upcoming month of Jewish holidays, saying it has information that Arab militants planning strikes against Israelis already are located in the resort area. “Police are using him to help find which group is behind this operation, former terrorists can help give details,” Mbai told The Associated Press. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

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