Budget 2023: Low-Income Mortgage ceiling raise to $20M; VAT removed from sale of homes

The content originally appeared on: INews Guyana

Adding to the suite of measures it has implemented since taking office in 2020, the PPP/C Government remains committed to supporting the housing development in Guyana and its Manifesto promise of providing 50,000 house lots by the end of its current term.

Recongising the importance of home ownership, Finance Minister Dr Ashni Singh has announced in Budget 2023 the increase in the low-income mortgage ceiling to $20 million – up from $15 million.

This, he noted, will “…reduce the cost of borrowing within this range from the commercial banks, and further incentivising home ownership.”

In addition, the Finance Minister also announced this evening, the removal of VAT (valued added tax) on the sale of residential properties in support of Government’s aggressive housing drive as well as to reduce the cost of home ownership.

“I propose the removal of the 14 per cent VAT with respect to the sale of residential properties, which will also further reduce the cost of home ownership,” he said.