Filing of Property Tax Returns not a requirement for Mortgage Interest Relief approval

Georgetown, Friday, April 27, 2018: The Guyana Revenue Authority (GRA) wishes to advise the general public that the filing of Property Tax Returns is no longer a prerequisite when applying for Mortgage Interest Relief (MIR).

The aforementioned exclusion, however, does not preclude property owners (residential or business) from filing and paying property tax at the appropriate rates in accordance with the Property Tax Act.

Lastly, GRA has been in receipt of information that in some instances, the charges imposed by financial institutions when issuing the statement of annual interest paid on mortgage (Form 4) to eligible taxpayers in many instances exceed the mortgage interest relief granted. The Authority wishes to advise that in accordance with the Income Tax (Mortgage Interest Relief) Regulations 7, the provision of the statement to a taxpayer benefitting from MIR is a statutory requirement from the mortgagee.

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