Dept. of Inland Revenue now has full responsibility for all real estate tax matters
The Ministry of Finance confirmed yesterday in a press statement that the Department of Inland Revenue (DIR) now has full responsibility for all tax matters that apply to real estate transactions, following government’s changes to the Stamp Act and Value Added Tax (VAT) Act that came into effect July 1.
“Last month the government announced that realty transactions would no longer attract stamp tax; instead they attract VAT,” the statement noted. The changes are primarily administrative as the rates are the same.
Acting Controller of Inland Revenue Gaynell Rolle said the DIR recognizes that the public has been “looking for guidelines on implementing the new amendments”.
“So we are happy to announce the streamlined process and that information is now available online,” she said in the statement.
“Long term, we are committed to delivering a simple and convenient process for online applications and online payment, so we are asking for patience as we transition.”
The statement explained that the DIR will handle all mortgages and conveyances.
“This is just the beginning because our ultimate goal is to have the entire process automated and delivered online,” Rolle continued.
“In fact, the transition is already underway as we have developers working on the digital system. We plan to run a pilot test later this year, but eventually we will have a fully automated, easy-to-use online system for realty transactions similar to the portals we now have for business license and VAT filings.”
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