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The Mayor and City Council (M&CC) has decided to reduce its 21 percent compound interest on rates and taxes to 18 percent simple interest and this will take effect on January 1, 2022. The change marks the first of its kind since 1995.
“We lessened the burden on the business sector and the residents because we want people to feel comfortable doing business with the City Council and we want the people to invest locally, our local people must be investors as well,” Mayor of Georgetown, Ubraj Narine told the Village Voice News.
“We’re trying all round to help the business sector and residents, especially because the pandemic has taken a toll on everyone.”
The decision was made at a statutory meeting earlier in May and was supported by a majority vote. The decision is expected to be gazetted soon by the Town Clerk.
For 2020 and 2021, the M&CC had also waived the interest on residential and commercial taxes. The measure was intended to provide relief to homeowners and businesses within the municipality.