-$165M paid to lending institution so farThe Guyana Revenue Authority (GRA) has said that it has received 2,185 applications for the Mortgage Interest Relief (MIR) programme introduced by Government in 2013.GRA says it has done its part in the processing of relief for mortgage interest.Approximately 1,207 of those applications have been approved so far.“The MIR Unit has also completed processing of 1,617 applications in order to determine those that have been approved. The remaining 568 are at various stages of being completed. Records to date show that about 177 applicants have additional information which is yet to be submitted. Those persons are being urged to submit them in a timely manner,” the agency said in a statement yesterday.As part of the criteria for accessing the relief,Wholesale Jerseys Cheap, the applicant must be a first-time homeowner and must also provide relevant information from their respective lending institutions.According to GRA,Wholesale NFL Jerseys Online, the processing of MIR applications, including interviews with the applicants is ongoing and as the implementing body, the GRA is determined to ensure that the objective of the MIR is met thereby, ensuring that aspiring homeowners realise their dreams.The MIR leads to a 30 per cent reduction on the interest paid on a residential mortgage not exceeding $30M.MIR disbursements to date have totaled $165.9M.GRA made the disclosures yesterday in response to a complaint by a letter writer over problems he has encountered in his application.“It is rather incomprehensible that some taxpayers still face difficulties accessing concessions under the Mortgage Interest Relief (MIR), long after determined efforts would have been made by the Guyana Revenue Authority (GRA) to iron out obstacles hindering the process,” the tax agency said yesterday in response.The letter writer, Ricky Roopchand, said that he is unable to get benefits under the MIR programme. Roopchand,Cheap NHL Jerseys, GRA said, lamented the fact that he is yet to see evidence of the relief though he followed the outlined criteria, met all the requirements and was in receipt of his letter of approval.“In view of his publicly expressed concerns, a call was made to Mr. Roopchand’s banker, the Guyana Bank for Trade and Industry (GBTI) to discuss the concerns raised. The bank subsequently communicated to the GRA that there were administrative shortcomings at the institution. These resulted in the delays of payments to Mr. Roopchand and that a letter of apology will be dispatched to him.”GRA said that it recalls advising Roopchand during his visit to the MIR Unit on Monday,China Cheap Jerseys, that payments were made to his banker.“In fact, information from the Revenue Accounting Unit revealed that the cheque was prepared on February 16, 2015 and was uplifted by the bank on February 26, 2015.”GRA explained that for the benefit of taxpayers, especially those whose MIR applications have been approved, the relief takes the form of a refund check paid by the GRA to the bank where the taxpayer has accessed the mortgage and is bound by the contract to repay with interest.“In events that cheques are ready but have not been uplifted, the lending institution is notified.In the initial stages of implementation of the MIR, cooperation with the lending institutions was a problematic area that had stymied processing of a large number of applications. Subsequent meetings were held between the GRA and the bankers association to reach a solution.”GRA urged that all stakeholders, including the commercial banks,NFL Jerseys Outlet, fulfil their end of the bargain so that no other taxpayer, who has been approved for the MIR,NFL Jerseys Store, would have to face similar challenges.With thousands of new homes being built each year, applications for mortgage financing have increased significantly. The MIR was introduced to help reduce the burden of new homeowners, Government says.