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Redress10 wrote:Redman wrote:Begin privatizing secondary school education
Agreed with this but I will add only for those who can afford it. There's no reason why taxpayers should be funding 1 percent children education when they can more than pay for it. Most of their children leave after form 5 amd head to international school or maple leaf and then to foreign universities. I'm sure that causes forex leakages as well. The wealthy all over the world pay for private education for their children.
There should be a means test to determine who gets accessed to subsidised education in TT. TT's problem is not lack of earnings, it's misplaced spending. The problem is the country is too unproductive for all the subsidies it receives. Look at all the money Tobago receives and what do they have to show for it? A world class tourism product? Gov't subsidises carnival. Look at what carnival is and what it represents? How does carnival advance the country?
elec2020 wrote:^ lol the system broken. I have a partner whose parents own an apartment building. He doing everything for the building. Collecting rent, repairs, etc. The only reason why the building ain't in his name is because if they transfer it now they will have to pay tax. But if it in the will no tax. How the government catching these set of trickidadians.
It's not a racket,Redman wrote:Groceries run off the books registers.
Get auditors like Chanka to run your books, file small taxes get stamped and then pull the file from BIR.
We all know the No bill sales that every hardware loves.
@ZR
Your scenario is the racket itself....without making any accusations ..if you were living on the 11800 and it was the only compensation/benefit you as an individual received then fine.
But declared profits include expenses like vehicles,office rental....possibly the office was at home, consumables like food,electricity, electronic devices....etc etc.
In the uk you would have clear rules and the posssibility of audit is real.
Not here
So the end result is that the local oversite is zero...and MANY people here are taking a small salary but receiving benefits in kind that are likely to increase taxable income.
Evasion is the rule here
j.o.e wrote:elec2020 wrote:^ lol the system broken. I have a partner whose parents own an apartment building. He doing everything for the building. Collecting rent, repairs, etc. The only reason why the building ain't in his name is because if they transfer it now they will have to pay tax. But if it in the will no tax. How the government catching these set of trickidadians.
Every system will have loopholes, this is a reasonable decision by them. This is actually playing by the rules.
Dohplaydat wrote:j.o.e wrote:elec2020 wrote:^ lol the system broken. I have a partner whose parents own an apartment building. He doing everything for the building. Collecting rent, repairs, etc. The only reason why the building ain't in his name is because if they transfer it now they will have to pay tax. But if it in the will no tax. How the government catching these set of trickidadians.
Every system will have loopholes, this is a reasonable decision by them. This is actually playing by the rules.
Yes a lot of men think these people being trickydadians but this is what accountants worldwide do for a living. It's not bending the rules, it's playing by the rules. The exception would be if things are obviously not meant for your circumstances but you frame it differently.
Bending the rules are things like doctors, lesson teachers not paying taxes on income received in cash.
Or landlords not paying taxes on that income (this one is huge, I know a guy collecting almost 200k in rent tax free). They stay under the radar by him, his wife and brother having multiple bank accounts in each bank.
Which brings me to another issue. Our local banks have independent databases that aren't tied together for inland revenue.
In the UK, HMRC knows all, not so in Trinidad. I could open a bank in RBC, RBL, FC, Scotia, JMMB etc deposit 8k in cash in each of them every month and escape the prying eyes of the government.
zoom rader wrote:It's not a racket,Redman wrote:Groceries run off the books registers.
Get auditors like Chanka to run your books, file small taxes get stamped and then pull the file from BIR.
We all know the No bill sales that every hardware loves.
@ZR
Your scenario is the racket itself....without making any accusations ..if you were living on the 11800 and it was the only compensation/benefit you as an individual received then fine.
But declared profits include expenses like vehicles,office rental....possibly the office was at home, consumables like food,electricity, electronic devices....etc etc.
In the uk you would have clear rules and the posssibility of audit is real.
Not here
So the end result is that the local oversite is zero...and MANY people here are taking a small salary but receiving benefits in kind that are likely to increase taxable income.
Evasion is the rule here
It's all legal as a sole trader/Self employed . UK tax rules are very strict. I had accountants who did all my taxes.
In the UK every one has a tax free amount which was the 11.8k , same as in Trini.
Your bussiness is registered to a brand name and coperate taxes is paid on that. You are the owner and the profits after taxes is yours under the brand name. You are also an employee and are classed as expresses .
This is how the UK keeps track of self employed persons like trades men. You must have a registered bussiness . It only cost £10 to open a registered bussiness. All paper work have to be accounted , money in to the bussiness bank account must match your invoices.
A tax inspector could visit you mixing concrete on a jobsite and ask for your bussiness certificate. Dont have that then you in some serious problems.
Once you have a good accounting firm they handel every thing from bus tickets to work and submitting all your paper work to the UK tax offices.
maj. tom wrote:A lot of that is some backward nonsense though. WTF is this?
-The ban on used tyres and importation of vehicles over eight years has now been reversed.
-Tax concessions for the mining, forestry, agriculture and manufacturing sectors.
- Log Export policy changed to allow sawmillers to export logs.
-Incentives which will see land being made available to plant soya bean and corn for feed mills
They eh think through that enough. They giving citizens a sheit stick to hold and next 20 years they will suffer real bad. And the environmental damage will have far longer and more destructive consequences. They made a move opening up the Amazon rainforest to even more logging and destruction.
And $25k GYD is about $800 TTD eh.
Numb3r4 wrote:^^^ Take it easy, watch the blood pressure you don't want to end up at any hospital public or private right now.
Exactly what's your motivation to continue to quietly pay taxes, or happily accept an increase in those taxes or the implementation of new taxes, when you know full well by your own past experiences that for all the taxes you paid only a fragment of the money you paid was actually being spent on things that benefited you, & you know that nobody is being held accountable for where the rest of it is spent/squandered & that those trends will continue?
zoom rader wrote:Poll tax in all yuh MC
maj. tom wrote:"tighten yuh belt and hold strain." - K. Rowley
maj. tom wrote:"tighten yuh belt and hold strain." - K. Rowley
MaxPower wrote:Trinis are bobolees......the Govt knows this.
Budget day will come and go, allyuh will say nothing and do nothing.
Carry on.
De Dragon wrote:MaxPower wrote:Trinis are bobolees......the Govt knows this.
Budget day will come and go, allyuh will say nothing and do nothing.
Carry on.
What would or what do you do O Great Vene tapeworm?
MaxPower wrote:De Dragon wrote:MaxPower wrote:Trinis are bobolees......the Govt knows this.
Budget day will come and go, allyuh will say nothing and do nothing.
Carry on.
What would or what do you do O Great Vene tapeworm?
Hello De Dragon,
I have to wait for budget day to know how to adjust.
Based on how my income is affected, it will determine how much harder i have to work.
I will not allow any Govt to break me.
death365 wrote:Aways remember
...
Right foot..... Pnm
Left foot.... Pnm
Forward pnm solders
Stright to poverty an suffering
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