Latest update March 15th, 2025 7:55 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Bill tabled for new tax exemptions for interest earned on loans

Apr 23, 2010 News

…lending agency must be designated by Finance Minister

“This Bill seeks to give effect to a waiver of tax on income of a designated small business lending company derived from loans provided to a small business in a manner specified by agreement.”
This is the Explanatory Memorandum that accompanied the Fiscal Enactments (Amendment) Bill which was tabled in the National Assembly by Finance Minister Dr Ashni Singh and read for the first time by the Clerk.
It will soon be debated in the House and passed or deferred to a Special Select Committee for further scrutiny and refinement.
The Bill, if and when enacted, will amend the Income Tax Act as well as the Corporations Act.
Under the amendments to the Income Tax Act, the Bill is seeking to include the clause which will ensure that, “the (Finance) Minister may, by order, designate as an approved small business lending company, any company which has entered into an agreement with the Government in which the company agrees to finance small business loans in accordance with the terms of the agreement.”
The Bill also proposes to include in the Income Tax Act that, “Notwithstanding the other provisions of this Act, there shall be exempt from tax in the manner and to the extent as may be provided in the agreement, the income of an approved small business lending company.”
That agreement referred to in the proposed bill must include a list of collateral to be accepted for the loan and the rate of interest to be charged on the loan.
There must also be included a statement that in addition to the exemption on tax where any financial institution under the Financial Institutions Act 1995 is designated, an approved small business lending company the reserve requirement mentioned in section 41 of the Bank of Guyana Act 1998 shall, “where the Minister so approves, not apply to that company in relation to the liabilities used for small business loans.”

Similar Articles

The Glenn Lall Show|| March, 14th, 2025

Follow on Tik Tok @Glennlall

 

THE BLUNT OF THE DAY

Sports

West Indies Breakout League to Launch in 2025

West Indies Breakout League to Launch in 2025

Mar 15, 2025

St JOHN’S, Antigua – Cricket West Indies (CWI) and the Republic Bank Caribbean Premier League (CPL) are jointly launching the inaugural West Indies Breakout League, a new cricket...
Read More
Imlach ton, Motie/Permaul wizardry crush Volcanoes by 10-wickets with a day to spare 

Imlach ton, Motie/Permaul wizardry crush...

Mar 15, 2025

Team Lausanne confirmed for One Guyana 3×3 Quest  

Team Lausanne confirmed for One Guyana 3×3...

Mar 15, 2025

ESCL T20 bowls off tomorrow

ESCL T20 bowls off tomorrow

Mar 15, 2025

President’s College edge Mackenzie High School for overall title

President’s College edge Mackenzie High School...

Mar 14, 2025

Spinners give Harpy Eagles control, despite Solozano gritty fifty

Spinners give Harpy Eagles control, despite...

Mar 14, 2025

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]