Teachers and Public Officers to Be Exempt from Some Stamp Duties

John Briceño

A bill was passed today in the House to exempt public officers and teachers from certain stamp duties.  According to Prime Minister Briceño, this bill is being passed in fulfillment of an agreement made with the joint unions while in negotiations over the ten percent pay cut.

Prime Minister John Briceño

“It is simply a part of the consultation process that we had with the unions, recognizing that many of them, because of the ten percent reduction on salaries, that we wanted to find ways to make, how we can try to assist the public service officers during this period. One of the things we have been saying is we will be making fifty million dollars available through the financial institutions, expecting we can reduce the interest rates, and this will allow public officers to shop around a better deal or a lower interest rate, for a better deal, so that their payments can be reduced. The idea here is that whenever they go to another bank, or they refinance, they have to pay stamp duty. So, by this bill, the amendment will simply allow these public officers to exempt them from stamp duties on certain instruments. This is not on anything if you want to go buy a car, or whatever you want to do. This is only on certain instruments which we have agreed with them in the consultation process.”