Property tax payments have been suspended with immediate effect until further notice, according to flyers posted at the board of Inland Revenue.

The Express Newspapers today says, a officials familiar with the situation indicated, the ministry of finance will be issuing a release explaining the matter soon.

 The highly controversial property tax took effect from, January 1^st .

Speaking in December on the Finance Bill 2023, Finance Minister Colm Imbert noted that implementation of the property tax was, “just a couple weeks away”.

A release from the finance ministry in November stated “for the record, the property tax act makes it clear property tax is only 3% of the annual rental value for residential properties, after first deducting 10% from the annual rental value.

The government from yesterday suspended collection of payment of the controversial property tax, and it’s raised hope that a proposed amendment to the property tax law, being laid in parliament this afternoon might lower the tax rate.