Fiscal Measures | Fiscal Year 2016/2017 cont’d
Annex D
May 26, 2016
[390]
2016/2017
DRAFT
ESTIMATES
OF REVENUE &
EXPENDITURE
ITEM
NO.
DESCRIPTION
EXISTING
RATE
97
Allow concessions to be granted
to First Time Home Owners for an
amnesty for persons who have missed
for any reason one of the many
versions of the legislation providing
exemption.
98
Waiver of real property arrears for
owner occupied residential property
with an assessed value of less $250,000
Properties with
an assess value
of less than
$250,000 do not
have bills but
currently over
41,000 of these
properties have
arrears
99
Allow the Minister of Finance to
provide duty and real property tax
concessions to owners of dilapidated
buildings in New Providence who
intend to demolish and/or renovate
these buildings for commercial,
educational and social purposes
No concessions
provided for
the demolishing
or renovating
of dilapidated
commercial
buildings.
100
Exempting from VAT ancillary fees paid
along with tuition fees.
No VAT
exemption
granted on
ancillary fees
paid along with
tuition fees
PROPOSED
RATE
ENABLING
LEGISLATION
AGENCY
RESPONSIBLE
Stamp Tax Act
Ministry of
Finance
Real Property
Tax Act
Ministry of
Finance
Customs duty and
Real Property Tax
exemption provided
for the demolishing
or renovating
of dilapidated
commercial buildings.
Tariff Act, Real
Property Tax Act
Ministry of
Finance
VAT exemption
granted on ancillary
fees paid along with
tuition fees
VAT Act
Ministry of
Finance
COMMENTS