While the Guyana Revenue Authority (GRA) is taking steps to implement the recently approved and gazetted mortgage interest relief for first time home builders and owners, not all of the commercial banking institutions have put the necessary measures in place, according to Commissioner General of the GRA Khurshid Sattaur.
Under the newly introduced relief, first-time home owners who are holders of mortgage loans of up to $30 million from a commercial bank or the building society will be permitted to deduct the interest they pay on such mortgages from their taxable income for the purpose of personal income tax.
However, Sattaur said that the implementation of the measures is taking longer than
