Dear Editor,
In last year’s budget first-time home-owners with a mortgage not exceeding thirty million dollars could deduct the interest payable on such mortgages from their taxable income so it would not be subject to personal income tax. The applicant seeking such relief has to reside in Guyana on the said property as the sole or joint owner. This was to come into force on Januaty 1, 2014.
However, an applicant must be a taxable income earner to be approved for the relief. What happens to the retired, prospective remigrant who makes the decision to come back to Guyana on retirement, being unaware they have very little to expect in consideration of their return to the country? So why should they return?
This must surely be a discouragement to anyone contemplating a return to build a home and be made welcome. I personally as a retired person who remigrated regard it as discriminatory to a retiree who no longer has a taxable income, but still has to pay 16% VAT. Have retired persons in Guyana become persona non grata, when they are the ones for whom relief of any kind would be most beneficial.
Yours faithfully,
Jorge Bowenforbes
