Acting on a pre-election promise to effect certain concessions for homeowners, Bahamian Prime Minister, Perry Christie this week introduced several proposed amendments to the Real Property Tax Act.
Speaking to the House of Assembly, the Prime Minister announced that under the terms of the PLP plans, tax rates would be reduced across the board, and the exemption on real property would be increased from $100,000 to $250,000.
Mr Christie suggested to Parliament that the introduction of such changes will actually boost the amount of revenue collected, and may encourage those property owners who have arrears to come forward and clear them in order to take advantage of the higher exemption level.
‘I do hope that Members will find it convenient to support this bill, and to see that in fact it is a revenue enhancing bill, as opposed to one in which we will lose revenue,’ he concluded.
By Amanda Banks, Tax-News.com
