Large businesses owe the Mayor and City Council (M&CC) of Georgetown over G$4B in rates and taxes, the town clerk has said.
Speaking at a media briefing on Thursday, Royston King explained that the large businesses are reportedly undervaluing their properties and paying less than they are supposed to in rates and taxes.
“We have an outstanding amount of over G$4B owed to this Council by mainly big businesses. Those who neglect to pay their rates and those who are undervaluing their properties. So they are paying, for example; instead of the commercial rates of 250%; they’re paying the domestic rate of 40 %” King said.
It is the necessary for businesses upon completion of the building phase to approach the Valuation Department for revaluation and further to approach City Hall in order for their expected monthly rates and taxes to be calculated.
When this phase is completed, failure to honour these debts will result in the City Council taking the delinquent businesses to Court.
King said “The property owners know that once they complete building, that they have to approach the Valuation Department for revaluation and they have to approach the City Council so that we can calculate the correct amount of taxes or rates that they are expected to pay and that they go ahead and pay it. In the event that they neglect and refuse to pay it, the matter is taken to the court”. (Kizzy Coleman).
