| And government is giving up some more revenue with the Stamp Duties Amendment Act.
In a pro-working class initiative, it exempts mortgages of less than one hundred thousand dollars from stamp duty, and also exempts transfers of property between family members from stamp duty. That's a good thing. But it also makes tax concessions for the wealthy by removing the stamp duty on transfers from an individual to a company he or she owns.
We asked the PM about it today:
Jules Vasquez
"Sir, have the stamp duty amendments enabled the oligarchy by creating a situation where wealthy persons who have companies and properties can transfer their ownership between themselves and their wholly owned companies with no stamp duty arising?"
John Briceno, Prime Minister
"Well, it has nothing to do with the oligarchy, it's about our citizens because there are many, many cases when I want to, I'm changing form within my own company or within (inaudible) to change the ownership, so it's not that it is changing hands. It's within."
Jules Vasquez
"But only rich people have that, sir."
John Briceno, Prime Minister
"But it doesn't matter. It doesn't matter. That should have never happened that actually. But, you know those things get on and they stay there and stay there just like, there's just so many things that should have been changed…"
Jules Vasquez
"But people who can afford to pay tax, should pay tax."
John Briceno, Prime Minister
"But, of course. I firmly believe in that and that's what we are doing."
In another win for the super-wealthy, transfers to or from a real estate fund, with a paid up capital of no less than $10 million dollars is also exempt.
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