BRA reaps over $7m from sale of delinquent properties

BRA

[ad_1]

There was barely standing room as those in attendance sought to get their hands on the properties on offer. (Picture by Jameel Springer.)

More than $7 million was added to the public coffers yesterday as six properties were sold when the Barbados Revenue Authority (BRA) held its third auction for delinquent properties for 2023.

Yesterday, there was barely any standing room in the auction, which was held at Sky Mall, Haggatt Hall, St Michael. Bids came in at a rapid pace, even for properties on which the bidding started at over a million dollars.

BRA’s Director of Audit and Compliance Angella Durham said the aim was to recoup close to three million dollars in unpaid land tax. She explained that the legislation provided for owners to get any excess beyond what was owed in taxes.

Originally there were 45 properties on the auction block, but that number was significantly reduced as owners had since made arrangements to pay their arrears. Seven properties were on offer yesterday, with only one remaining unsold. A second attempt would be made to sell the remaining property which would be added to the list to be auctioned next week.

“The properties were outstanding for over ten years and we have tried to contact outstanding taxpayers and after that failed, we are now at this stage. Approximately 25 people on the list have come in to make arrangements to pay. The bidding will start based on the value of the property so that we can recoup the taxes that are owed,” Durham said.

She explained that the auctions had the ripple effect of prompting people not on the list to come forward and make arrangements to settle their arrears.

“What we have noticed is that we have gotten to this stage because people were delinquent. A few properties went into arrears because the owner died but some people seem to have taken the position that Government will come with another amnesty or another waiver, so they just delay in making payments. I will urge people that now is the time to come forward and make arrangements to settle your arrears,” she stressed.

 

 

[ad_2]

Source link

vi.sasori.vi

Learn More →