Locals interested in becoming landowners during the COVID-19 pandemic period will not be required to pay stamp duty.
Premier Andrew Fahie made the announcement during a recent national address on social media, where he said the initiative is part of his government’s overall economic stimulus plan.
He said Cabinet had approved the waiver of stamp duties to encourage more land ownership of Belongers.
“Cabinet agreed [on] the amendment of the Schedule of the Stamp Duty Act to allow for the waiver of stamp duty fees payable on the sale or transfer of property by a Belonger to another Belonger no matter the amount even if it’s just a transfer of love and affection,” Premier Fahie stated.
He added: “We recognise the need to ease some of the financial burdens of those of our people who would be in a position to purchase property during this COVID-19 era in a manner that encourages the properties to remain in local hands.”
Economic stimulus plan being tweaked
The Premier has been hinting at an economic stimulus-response plan since March. But, such a plan is yet to be rolled out.
Heowever, Fahie has said it is actively being assessed and improved to ensure effectiveness.
“The overall response is being tweaked so that it is practical, realistic and gets into the hands of the people in an accountable and transparent manner,” the Premier stated.
Initiatives which are part of stimulus plan
While the entire stimulus plan has not yet been revealed to the public, Premier Fahie said a number of the recent coronavirus-related initiatives from government is part of the overall economic stimulus package.
He said these initiatives include Cabinet’s approval to purchase 500 laptops for students and teachers to facilitate online education, a $2 million fishing and farmers stimulus, the house-to-house garbage collection, and free water delivery to customers of the Water & Sewerage Department.
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