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Capital investments over $1million qualifies for tax deduction

July 3, 2018 7:51 pm

In an effort to promote and upgrade modernization of buildings in various towns and cities, government says capital investments above one million dollars will qualify for 25% investment allowance or 125% tax deduction.

While giving details of the 2018/19 budget to Members of Parliament, Minister of Economy Aiyaz Sayed-Khaiyum says developing our urban Centres is vital.

Sayed-Khaiyum says the new initiative will further enhance the ability of building owners to renovate or upgrade their buildings.

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“As I have said in the budget, if you go to tappoos and look towards Mark Street and Cumming street, the buildings are really run down, most of the buildings they are not being painted, so we are trying to uplift the look of town and cities and various other places not in just municipalities.”

The National Budget debate will begin in parliament next Monday.

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