The Amendment to the Capital Gains Tax (Amendment) Bill 2016 is a measure intended to put money back into the pockets of citizens with no sinister motive by the Government. This is according to Finance Minister Winston Jordan in whose name the Bill was tabled and passed in the National Assembly this evening (Thursday January 5,2016).
However, the Parliamentary Opposition is contending that the Government is taxing the people to pay ministers “fat cat” salaries deeming the Amendments to the Bill as suspicious. The Opposition is reasoning that there must be something amiss.
The PPP/C believes the Amendment to this Bill is recognition by the Administration that the real estate market has crashed and this could be seen as a measure to revive it and encourage people to sell their properties.
The recommendation by the Opposition was to have capital gains lowered from 20% to 15% or have it lowered according to the various tax brackets.
The Bill seeks to amend section 2 of the Act by substituting for the relevant market value as at January 1, 1991, the market value as at January 1, 2011, as in the Property Tax Act, Chapter 80:01.
