Business
The Bahamas: Property owners given tax amnesty
The Bahamas is providing a tax amnesty to property owners ahead of the June 30 deadline.
The Christie administration says effective immediately, the Real Property Tax Amnesty Program could save home owners up to 50 percent of the taxes owed to government if they make arrangements with the assessment team.
The Bahamas government has not given any indication as to how much money is owed to it by tax payers.
According at the Chief Evaluation Officer and Controller of Inland Revenue, Roger Forbes, taxpayers have three options to meet the June deadline. He said taxpayers would then have up to December 2013 to finalize a zero balance on their property tax accounts.
“The government has instituted an amnesty program under the Real Property Tax Act and it allows persons to benefit tremendously from several options under this program,” said Forbes, noting that persons who have properties that are assessed with arrears of not more than three years, are able to get relief on the assessed amount, plus the surcharge interest of 50 percent.
“That’s 50 percent of the tax amount and 50 percent of the surcharge. That’s a tremendous relief. That’s for arrears of not more than three years, and of course, those taxes must be paid in full by the 30th of June, 2013,” said Forbes.
“The second option is for properties that are on the assessed list and with arrears going back for more than three years. These persons are entitled to a waiver of 100 percent of the total surcharge,” he said, adding however, the payment must be made in full by December 31 this year.
The third option would allow people with properties that are not on the assessment list to get them on the list.
“The government will waiver the taxes for the prior years, providing again that the property is on the register with our department, that is the Evaluation Department, on or before the 30th of June, 2013,” Forbes said, adding that nearly 20 percent outstanding properties remain to be put on the list.
Forbes said Bahamas citizens would know how much they are required to pay when they receive their tax bill which, if they are exempt, will not show a taxable amount. He said if anyone is in doubt, they are free to call the office and visit to validate the balances.
“We recommend that all properties are registered because you may be exempt today but with improvements done to the property, it may fall within another category tomorrow,” he said warning people not to sit back and procrastinate because there is no guarantee of any future amnesty. – (CMC)