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Budget 2016/2017

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Slartibartfast
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Budget 2016/2017

Postby Slartibartfast » September 29th, 2016, 3:08 pm

So here is what has been hinted or stated so far

Increased taxes on
- Property - If anything they could introduce a tiered program so people that hoard land pay more taxes to
- Internet Purchases - Still unsure of the reasoning behind this.
- "Luxury" Vehicles
- Alcohol - I'm guessing about a 10% to 15% service charge.

I'm expecting an increase in VAT back to 15% from 12.5% and the obvious gas increase (most likely they tack on another 15% so Diesel is $1.98 and Super is $3.58). If they like round numbers they may just increase it to $2.00 for Diesel and $3.60 for Super.

Here's a look at the top 10 announcements of the 2017 National Budget.

1. Diesel price raised by 15% to $2.30.

2. Property Tax returns, with a flat rate of three percent to be applied under the old Act

3. Online tax takes effect October 20 - 7% charge on purchases brought in via courier companies or air freight​

4. New tax bracket of 30% on individuals whose income exceed $1 million per annum

5. No immediate sanctions on FATCA

6. More affordable housing to come on stream in 2017, with the construction of 2500 homes

7. Tobago to get new international airport terminal

8. New gas fields to come on stream in 2017, 2018

9. Increased tax on alcohol (20%), tobacco (15%)

10. GATE reform expected to save $150 million by 2018

11. 25 percent rebate on households with electricity bill of $300 or lower

12. No taxes on agro-processing operations - must be 75% processed, grown or harvested in T&T.



Total estimated expenditure: $53.475b

Total estimated revenue: $47.441b

Oil priced at $48-50

Gas priced at $2.25/MMBTU



Allocations as follows:
National Security: $7.625b

Education: $7.222b

Health Sector: $6.250b

Transport: $2.087b

Public Utilities: $3.293b

Works and Transport: $2.087b

Local Development and Local Government: $1.919b

Agriculture: $766M

Housing: $664M

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Re: Budget 2016/2017

Postby bluefete » September 29th, 2016, 3:14 pm

But there is no longer a subsidy on super!!!!!

More pain and pressure.

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Slartibartfast
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Re: Budget 2016/2017

Postby Slartibartfast » September 29th, 2016, 3:20 pm

bluefete wrote:But there is no longer a subsidy on super!!!!!

More pain and pressure.
So what's the deal with premium? Where does that extra money go?

I'll be honest though, I didn't realise that there was no longer a subsidy on super. It will be interesting to see what happens tomorrow either way.

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Re: Budget 2016/2017

Postby BrotherHood » September 29th, 2016, 3:24 pm

Alcohol will still sell, so will cigarette. The drinkers and smokers will frown for a two days and back to the regular vibes.

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Re: Budget 2016/2017

Postby EFFECTIC DESIGNS » September 29th, 2016, 3:26 pm

How does Imbert plan to implement the online Tax?

Aren't we already paying Amazon a 6% Tax to ship to skybox in Florida? and then an additional 38% TAX when it enters Trinidad if its say electronic? so what foolishness is Imbert on about how we don't pay taxes when shopping online? If we buy a cellphone we are already paying 44% TAX this is one of the highest in the world.

Is he really that determined for us to buy 3rd world latin american trash from his local financiers down here?

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Re: Budget 2016/2017

Postby Sundar » September 29th, 2016, 3:29 pm

There are a lot of cuts to allocations for ministries. Diesel subsidy may go on the whole and price of super will increase.

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Re: Budget 2016/2017

Postby EFFECTIC DESIGNS » September 29th, 2016, 3:32 pm

And then its gonna cost the company about 5% more to transport the item to the grocery but they gonna just raise the price by 20% as usual.

Why don't the government listen to the suggestion from DOMA to just remove the subsidy in one shot completely and let people cuss for a week and be done with it so they can only raise prices once instead of digging out people eye?

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Re: Budget 2016/2017

Postby nos_specialist » September 29th, 2016, 3:40 pm

P.A.Y.E gonna go up

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Re: Budget 2016/2017

Postby cherrypopper » September 29th, 2016, 3:44 pm

They were contemplating implementing the online tax via courier companies
..

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Re: Budget 2016/2017

Postby pugboy » September 29th, 2016, 4:32 pm

Tax doubles and sugar

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Re: Budget 2016/2017

Postby VexXx Dogg » September 29th, 2016, 4:40 pm

My thoughts:

Vice Tax: Alcohol, Cigs and Imported food may have a tax increase
Skybox tax: Will come in some form or fashion - suspect an increase across the board in import duties rather than online shopping tax
Property Tax will be back.
Increase in Stamp duty and other real estate related charges
Increase in cost for DP/Passports/other related services
Increase in Fixed penalty tickets and other fines
Complete Removal of fuel subsidy.
Increase in car registration taxes, luxury cars will be even more expensive. Maybe a bracket shakeup.

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Re: Budget 2016/2017

Postby Redman » September 29th, 2016, 4:45 pm

I really disagree with removal of the subsidy

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Re: Budget 2016/2017

Postby SPK1983 » September 29th, 2016, 4:57 pm

and the obvious gas increase (most likely they tack on another 15% so Diesel is $1.98 and Super is $3.58). If they like round numbers they may just increase it to $2.00 for Diesel and $3.60 for Super.


Um, either you're not living in Trinidad or don't buy your own fuel - those diesel/super prices are what we currently pay since the mid-budget review!

If they do another round of increases(15% bump), then we're looking at approx. $2.28/L for diesel, and $4.12/L for super.

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Re: Budget 2016/2017

Postby shake d livin wake d dead » September 29th, 2016, 5:28 pm

VexXx Dogg wrote:My thoughts:

Vice Tax: Alcohol, Cigs and Imported food may have a tax increase
Skybox tax: Will come in some form or fashion - suspect an increase across the board in import duties rather than online shopping tax
Property Tax will be back.
Increase in Stamp duty and other real estate related charges
Increase in cost for DP/Passports/other related services
Increase in Fixed penalty tickets and other fines
Complete Removal of fuel subsidy.
Increase in car registration taxes, luxury cars will be even more expensive. Maybe a bracket shakeup.


Just add an increase to PAYE to this list and there you have it

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Re: Budget 2016/2017

Postby Daran » September 29th, 2016, 5:49 pm

So all the election goodies (increases PAYE allowance and VAT going back to 15%?) are revoked in one year?

Wow.

Ok assuming they don't dont something that stupid I expect:
- Property Tax
- increased gas prices
- Alco and Cigarette tax increase
- online shopping/Skybox Tax

Some good and bad. Gas subsidy and property tax are inevitable and don't mind paying those. Alco and cigarette tax is fine by me. But taxes will encourage a larger black market for these items.

I will only agree with the skybox tax if it applies to individuals and not businesses, otherwise you'll be killing lots of small businesses (unless that was the intention).

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Re: Budget 2016/2017

Postby EFFECTIC DESIGNS » September 29th, 2016, 6:44 pm

^ Killing small businesses is most likely their intention, it is one of the ways the EU does it by imposing regulation that would make small businesses die quicker so they won't threaten big businesses that finance politicians hence one of the big reasons Brexit succeeded. Same thing in the US which is why Trump is popular.

This was one of the few good things about the 2010 UNC they were largely financed by Jack Warner which is why the big elites did everything in their power to get them out of office. The problem was the UNC assisted in digging their own grave because of failed management and leadership.

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Re: Budget 2016/2017

Postby VexXx Dogg » September 29th, 2016, 6:46 pm

agreed, don't see them changing paye and vat just yet.
Forgot gaming, them fckers gonna get it hard.

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Re: Budget 2016/2017

Postby pete » September 29th, 2016, 7:15 pm

Number of people I've seen who say they brought in iPhones or other high end phones and claim they pay shipping and duty of like $200 is fairly obvious the country is losing a crapload of taxes with the couries.

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Re: Budget 2016/2017

Postby EFFECTIC DESIGNS » September 29th, 2016, 7:24 pm

pete wrote:Number of people I've seen who say they brought in iPhones or other high end phones and claim they pay shipping and duty of like $200 is fairly obvious the country is losing a crapload of taxes with the couries.


Thats not the fault of the couriers though, they just doing what they can to have the lowest prices when clearing so everybody will switch to them and they will get more business.
Customs Officers have computers right where they are clearing the packages, they always have Amazon and Ebay Open in their web browser they check the prices to know. But besides that they don't even have to check prices everybody knows iphone 6 and galaxy S6 costs like $500 US etc They know the price of it locally aswell its always being advertised in the newspapers. LOL

Is all about eating ah food always has been. When customs clearing a ship or a plane the reality is couriers paying next to nothing to clear that while the customs officer eat ah food. All of us are aware by now how things operate in Trinidad I mean how allyuh feel all this drugs and guns does enter the country? cellphones are nothing to get pass for small money.
Last edited by EFFECTIC DESIGNS on September 29th, 2016, 7:33 pm, edited 2 times in total.

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Re: Budget 2016/2017

Postby cherrypopper » September 29th, 2016, 7:29 pm

Yup 10k to clear a container with a million and more in electronics. .

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Re: Budget 2016/2017

Postby EFFECTIC DESIGNS » September 29th, 2016, 7:36 pm

cherrypopper wrote:Yup 10k to clear a container with a million and more in electronics. .


Yeah the sad thing is people actually believe that all these cellphone stores or electronic stores in Trinidad are actually paying their taxes, these people bring in container loads of products, and customs will clear it for a special fee. They are NOT paying anywhere remotely close to the actual cost and customs are NOT checking every item.

10K to clear and ah man go eat ah food out of that.

So terrorizing the poor man who shopping online should be the last thing the government should be doing. If the government feel they aren't getting their fair share start with CORRUPTION don't go and terrorize the poor man.

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Re: Budget 2016/2017

Postby cherrypopper » September 29th, 2016, 7:44 pm

Corruption is big business.
Do you really think government going to stop that?

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Re: Budget 2016/2017

Postby BRZ » September 29th, 2016, 8:16 pm

There has to be a way to separate commercial purchases vs personal online , a lot of companies use CC because they cannot get the USD to pay suppliers, so it's extremely unfair if the online or CC tax is across the board, if that's the case local businesses should raise their prices accordingly.

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Re: Budget 2016/2017

Postby niso » September 29th, 2016, 9:39 pm

Make Health Surcharge compulsory like NIS if it isnt

and raise it from its current value of $33.00.

Put a quota on brand new vehicles liken to that of roll on roll off.

Tax only on the importation of foreign goods and services and remove it or reduce it on locally produced goods and services.

Free health care services to ONLY citizens

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Re: Budget 2016/2017

Postby pugboy » September 29th, 2016, 10:03 pm

This

niso wrote:
Free health care services to ONLY citizens

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Re: Budget 2016/2017

Postby EFFECTIC DESIGNS » September 29th, 2016, 10:22 pm

So wait non citizens can get free health care? LOL

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Re: Budget 2016/2017

Postby pugboy » September 29th, 2016, 10:26 pm

And non tax paying folks too

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Re: Budget 2016/2017

Postby Slartibartfast » September 29th, 2016, 10:54 pm

SPK1983 wrote:
and the obvious gas increase (most likely they tack on another 15% so Diesel is $1.98 and Super is $3.58). If they like round numbers they may just increase it to $2.00 for Diesel and $3.60 for Super.


Um, either you're not living in Trinidad or don't buy your own fuel - those diesel/super prices are what we currently pay since the mid-budget review!

If they do another round of increases(15% bump), then we're looking at approx. $2.28/L for diesel, and $4.12/L for super.


LOL. My bad. I just know my car is approx. $30 per segment on the fuel gauge now with six segments. Gas prices change so much I don't pay attention to the person litre price as much.

Anyway. I still waiting to see what going to happen with gas tomorrow. A raise in super price now would be ridiculous.

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Re: RE: Re: Budget 2016/2017

Postby nervewrecker » September 29th, 2016, 11:20 pm

pete wrote:Number of people I've seen who say they brought in iPhones or other high end phones and claim they pay shipping and duty of like $200 is fairly obvious the country is losing a crapload of taxes with the couries.

Depends on the mood of the customs officer too.
When a superior officer want to allow a friend to break the rules and embarrass a junior officer in front a crowd that officer may very well let everyone pass through free for the rest of the day. Esp when it's a racist senior officer.

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Re: Budget 2016/2017

Postby nervewrecker » September 29th, 2016, 11:22 pm

Y'all forgetting Gate and all the freeness at schools. They paying kids to come to school now, providing free clothes, tools and lunch. Stop that dotishness one time.
I think nesc cut it, time to stop it in mic and not sure if same.in ytepp.

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