People who buy and fix commercial buildings eligible for 20% allowance on capital expenditure

Persons who invest in the purchase and renovation of industrial buildings or structures for commercial purposes are now eligible for a 20 per cent allowance on the capital expenditure.

 

This is outlined in the Income Tax Amendment Act approved last Friday by the Senate.

 

The Bill also gives approval to the increase in the personal income tax threshold, which was implemented on July 1, 2016, by way of a Provisional Order.

 

Pearnel Charles Jr, Minister without Portfolio in the Ministry of Economic Growth and Job Creation, who piloted the bill, noted that the 20 per cent allowance will encourage the purchase, renovation and retrofitting of buildings as well as structures that have become derelict or no longer being used.