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Transfer Tax on property titles to be abolished 
Tuesday, 25 September 2007 
The newly installed Bruce Golding led administration will be moving to abolish Transfer Tax on property titles and lower Stamp duties.
Minister of [COLOR=blue! important][COLOR=blue! important]Finance[/COLOR][/COLOR] Audley Shaw made this announcement while addressing stakeholders in the Real Estate Industry at a training seminar.
For years, owners of property wishing to remove or transfer names on titles were required to pay seven and a half percent of the cost of the property to the government.
Buyers and sellers of property were also expected to pay a 5 per cent stamp duty which was really the government stamping a document to show approval.
Mr. Shaw says if the [COLOR=blue! important][COLOR=blue! important]budget[/COLOR][/COLOR] will allow, the stamp duty will be reduced.
He says the JLP administration will now make it easier for buyers of property to be able to own a home, however he did not say how soon the plans will be put in place.
According to Managing Director of Century 21, Deborah Cumming these high costs heaped additional expenses on buyers and this slows the buying process.
She says the proposed initiative is a huge relief for the Real Estate Industry and will be a plus for buyers and sellers.
The Finance Minister also addressed the problem of accessing funds from the National Housing Trust (NHT).
According to Mr. Shaw, the NHT focuses mainly on middle [COLOR=blue! important][COLOR=blue! important]income[/COLOR][/COLOR] earners and have excluded the poorer class.
He says everyone should be given the opportunity to own property.
He says this will benefit the entire country as employment rates will be boosted which will lead to an increase in the PAYE and GCT which will lead to an improved growth rate for the economy.
In the meantime, Mr. Shaw says he will be taking the issue of the state of his ministry to next Tuesday's sitting of Parliament.
Speaking with RJR News Tuesday Mr. Shaw said he entered the Ministry where the affairs are in disarray.
Mr. Shaw said the country has a right to know of the state of affairs of the economy.
The country's [COLOR=blue! important][COLOR=blue! important]debt[/COLOR][/COLOR] situation has been of growing concern coming out of the previous administration.
Tuesday, 25 September 2007 The newly installed Bruce Golding led administration will be moving to abolish Transfer Tax on property titles and lower Stamp duties.Minister of [COLOR=blue! important][COLOR=blue! important]Finance[/COLOR][/COLOR] Audley Shaw made this announcement while addressing stakeholders in the Real Estate Industry at a training seminar.
For years, owners of property wishing to remove or transfer names on titles were required to pay seven and a half percent of the cost of the property to the government.
Buyers and sellers of property were also expected to pay a 5 per cent stamp duty which was really the government stamping a document to show approval.
Mr. Shaw says if the [COLOR=blue! important][COLOR=blue! important]budget[/COLOR][/COLOR] will allow, the stamp duty will be reduced.
He says the JLP administration will now make it easier for buyers of property to be able to own a home, however he did not say how soon the plans will be put in place.
According to Managing Director of Century 21, Deborah Cumming these high costs heaped additional expenses on buyers and this slows the buying process.
She says the proposed initiative is a huge relief for the Real Estate Industry and will be a plus for buyers and sellers.
The Finance Minister also addressed the problem of accessing funds from the National Housing Trust (NHT).
According to Mr. Shaw, the NHT focuses mainly on middle [COLOR=blue! important][COLOR=blue! important]income[/COLOR][/COLOR] earners and have excluded the poorer class.
He says everyone should be given the opportunity to own property.
He says this will benefit the entire country as employment rates will be boosted which will lead to an increase in the PAYE and GCT which will lead to an improved growth rate for the economy.
In the meantime, Mr. Shaw says he will be taking the issue of the state of his ministry to next Tuesday's sitting of Parliament.
Speaking with RJR News Tuesday Mr. Shaw said he entered the Ministry where the affairs are in disarray.
Mr. Shaw said the country has a right to know of the state of affairs of the economy.
The country's [COLOR=blue! important][COLOR=blue! important]debt[/COLOR][/COLOR] situation has been of growing concern coming out of the previous administration.
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