Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698075044736.pdf (Guyana)
4 No.

3] THE LAWS OF BRITISH GUIANA [A.D. 1966 I assent.

RICHARD E. LUYT Governor.

1966.

17th February, ORDlNA..�CE NO.

3 OF 1966.

PROPERTY TAX (AMENDMENT) ORDINANCE, 1965.

Arrangements of Sections.

Section 1.

2.

3.

4.

5.

6- 7.

8.

9.

3 of the Principal 4 of the Principal 6 of the Principal 10 of the Principal Short title and commencement.

of section Amendment" of section Amendment Amendment of section Amendmeint of section Repeal and re-enactment Ordinance.
Repeal of Part V of the Principal Ordinance.

Amendment Consequential Ordinance.

Ordinapce.

Ordinance.

Ordinance, of Part VI of the Principal 13 of the Principal amendments.

of s'ection Ordinance.

AN ORDINANCE to amend the Property Tax and the Gift Tax Ordi­ nance, 1962, to provide other purposes.

e for th abolition of tlhe gi:fltI tax and for A.D. 1966.

Enacted by the Legislature of British Guiana:- 1966] [19th February, Short title and 1.

( 1 ) This Ordinance =�cc- (Amendment) No.


19 of one "Yith the Property 1962. inaner referred to as the Principal Ordinance, 1965, and shall be construed Tax and the Gift Tax Ordinanc:1e, and read as 1962, here- may be cited as the Property Ordinance.
Tax (2)This Ordinance shall be deeimed to have come into to and from the year of assessment 1965. operation with respect ( 3) From and after the commencement of this Ordinance, Ordinance may be cited as the Property Tax Ordinance, 1 of the Principal Ordinance shall have effect accord­ the Principal 1962, and -section ingly.

A.D. 1966) PROPERTY TAX (AMENDMENT) [No.

3 S 2.Section 3 of the Principal Ordinance is hereby amended in the following respects - Amendment of section 3 of the IPriDcipal Ordinance.
(b)by the substitution (a)by the deletion expressions "donee", of the definition of the therefrom "donor" and "gift"; of the following "market respectively- and definitions value" for and o'I' the expressions value" with reference the definitions "year of assessmept" ' "market to any property any date means the price which could reasonably have been obtained.
market on that date; "year of assessment" months commencing each subsequent period means the period of twelve on the 1st January, for that property of twelve months;' 1962 and in the opeo at • �-Subsection ( 1) of section amended by the deletion 4 of the Principal js Amet1d!11�t of of the words "and the Gift ��i��11t� Ordinance therefrom Ordinance.

·hereby Tax".

4.
·hereby Tax".

4.

Section h f 11 t e O OWlllg respects · - 6 of the Principal Ordinance is hereby amended io Amendment of sccdon 6 of the P�incipal (a)by the substitution of a semicolon for the full stop at Ordinance .
the end of the section; and ( b)by the insertion " (x) any company period thereafter granted exemption of the following paragraph- from in.come 1965 for a of the In- under section 2 tax on or after the 1st January, tax holiday come Tax (In Aid of Industry) respect of the company on the income of which such from income tax is granted, exemption ibe tax holiday Ordinance, in the business of its property employed period."

during in Cap.
during in Cap.

300 5.Section 10 of the Principal · t e o owmg respects h f 11 - Ordinanc or e is hereby amended in Am�ndmentof oootion JO the Principal of the word "and" at the end of the Ordinance.

(a)by the deletion proviso to sub-paragraph (ii.i) of paragraph (a); and (b)by the insertion of the following made in British "(iv) investments ... after the 1st January, as may be prescribed; Guiana from and 1965, of such nature and."
- sub-paragraph 6.Section and the following 13 of the Principal ,section Ordinance - therefor : 13.

When the value of the stocks on pany which has paid or is liable is substituted "Se_t-0 � hereby repealed Repeal and re­ of enactment section ;1'3 of the Principal Ordinance.

or shares of a com­ 3.IIIS �fope��re-included botdor.
in the net property to pay the tax has beien of a share-holder, and the rate an amount equal to the product of the tax payable tax payable by the company by the shareholder: of the value so included shall be selt off against 6 No.
31 THE LAWS OF BRITISH GUIANA [A.D. 1966 - Provided (a) that the rate of tax shall be the rate arrived at by dividing the total value of the net pro­ perty of the company (including excluded (a) of 1Section 10 graph (iv) of paragraph by the of this Ordinance) into the tax payable company; under the provisions and property of sub-para­ ... (b)that the amount to be set off shall in no case be in excess by the shareholder before the set off."

of the amount of the tax payable .. Repeai or 7.


Sections �:t;ci�.u°' Ordinance.

th0 Part V of the Principal 14 to 18 (both sections inclusive) constituting Ordinance are hereby repealed.

Amendmmt of Part VI of the the 8.Part VI of the Principal following - respects Ordinance is hereby amended in Principal 0.-diRanoc.

(a)by renumbering (b)by renumbering the Part as Part V; sections 15 Fespectively; 19 and 20 as sections 14 and of the we,rds "and the Gift Ta1.
:" in (c)by the deletion subsection (1) of section 14; of subsection (d)by the repeal (e)by renumbering (3); section subsection (3) of section (4) of section 14; 14 as sub­ (f)by substituting in subsection (3) of section the word "second" 14; for the word "third" (g)by deleting 14; and (3)of section the words "and the Gift Tax" in subsection (h)by inserting o'f section 14 - the following subsection as subsection (4) anything "(4) Notwithstanding in this Ordinance, within of assessment contained year of assessment of a notice missioner -- sioner where any person in any forty-five served on him by the Com­ days after the date claiming property tax, pays to the Commis­ to the contrary (a)the amount equivalent to twice the amount of the tax claimed property purchasing ent value from the Accountant in the notice government prescribed for the purpose of of equival­ securities or General; (b)the amount nearest perty tax claimed wards the purchase from the Accountant of prescribed General; as aforesaid that can be applied government securities to­ to twice the amount of the pro­ A.D. 1966) PROPERTY TAX (AMENDMENTj [No.
3 7 (c)part of the property tax claimed as aforesaid to twice the amount and, in (d)part of the property tax claimed the amount equivalent addition of the remainder of purchasing lent in value of prescribed from the Accountant of the property tax for the purpose the equiva­ General securities; or government and, in as aforesaid to twioei the amount of tax claimed the purchase as aforesaid of prescribed General, from the Accountant the amount nearest addition the remainder that can be applied government of the property towards securities shall discharge the Commissioner ment made to the Commissioner the purchasei made for the said securities: the property under this subsection shall be regarded price of the said securities and pay­ in respect of tax assessed as payment �rovided the purchase that where payment this subsection towards there are no such securities ment, any such payment shall to the darte on which such securities at the same rate payable public, purchase is made to the Commissioner under of the aforesaid and at the time of pay­ from the date of payment by the for purchase on sale to the public bear interest :are available eventually thereof."
securities on the securities after • 9.The Principal Ordinance is hereby a,mended in the follow-ConsedquentiaJ • amen ments.

• mg respects - (a) by the deletion of the second schedule o'f the third schedule and the thereto as the second redesignation schedule; (b)by the substitution of a reference 19 in the second schedule; 14 for the to section and to section reference (c)by the deletion • second schedule.
of the words "and the Gift Tax" in the Passed by the House af Assembly on the 30th December, 1965 (Bill No.

41/ 1965).

E.V.

VIAPREE Clerk of the Legislature .

l