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Lower tax rates

The Senate has approved legislation that would extend lower cabin tax rates in Hamilton and St George’s, among other legislation.

In a busy session on Friday, the Senate passed the Miscellaneous Taxes Amendment Act 2012, which extends the lower tax rates until 2015.

The lower rates are hoped to encourage cruise ships to visit the ports, which are too small for many modern ships.

Also passed was the Land Tax Amendment Act 2012, which rolls back the land tax exemption for seniors first established in 2005.

Government Senator David Burt said that under the new legislation around 76 percent of the Island’s seniors would still be eligible for the full excerption, while the remaining 24 percent would receive a discount on the usual rate.

And the Stamp Duties Amendment 2012 was also unanimously approved, removing stamp duties from the transfer of mortgages from one bank to another.

One Bermuda Alliance Senator Michael Fahy said he hoped the legislation would have its intended affect of encouraging competitive mortgage rates, but also suggested government take a look at regulating the percentage cut of realtors to help lower the cost of property.

All three pieces of legislation were approved unanimously.

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Published March 26, 2012 at 10:04 am (Updated March 26, 2012 at 10:04 am)

Lower tax rates

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