A tax reform bill has been drafted on what is looking to become a controversial discussion between property owners and the National Assembly.
The Deputy Finance Minister Dulcidio de la Guardia, indicates that that this reform bill reflects the thoughts of several unions, the Chamber of Commerce, Real Estate Developers, Association of Brokers and the National Housing Council were not opposed to the following modifications.
The bill proposes a 1 percent flat tax which would encompasses the land value, along with all improvements that one has done to the land or structures. This means the owner of a $55,000 residence currently pays a preferential tax of $185.00 per year, one would then pay an estimated $250.00.
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