Dear Editor,
In his 2013 budget proposals, Dr Ashni Singh, former Minister of Finance, announced Mortgage Interest Relief for first-time home owners with mortgage loans of up to $30 million. Fast forward to 2016, and Minister Winston Jordan has announced a restriction to $15 million. At the same time, he has added VAT on construction items and imposed a withholding tax on payments to contractors, both of which will drive construction costs up.
Guyana as a whole is considered an upper-middle income country and consequently I find it difficult to believe that the new limit is representative of what a middle income earner would aspire to. Unfortunately, this move will not encourage our young professionals to remain in and build Guyana.
Yours faithfully,
(Name and address provided)
