Banks ‘biggest hurdle’ to mortgage relief scheme, Sattaur says

-over 1,400 applications received since last year

Guyana Revenue Authority (GRA) Commissioner-General Khurshid Sattaur says that several banking institutions are delaying access to the mortgage interest relief scheme for first-time home builders and owners based on the number of applications that lack critical banking information.

The scheme, which was one of the measures announced in last year’s national budget, permits first-time home owners who are holders of mortgage loans of up to $30 million from a commercial bank or the building society to deduct the interest they pay on such mortgages from their taxable income for the purpose of personal income tax.

In a statement issued yesterday, Sattaur noted that implementation requires the assistance of the …..To continue reading, login or subscribe now.

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