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T&T Budget 2020 is on October 5th

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De Dragon
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Re: T&T Budget 2020 is on October 5th

Postby De Dragon » September 9th, 2020, 7:23 am

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?

15 BILLION dollars yo!

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Re: T&T Budget 2020 is on October 5th

Postby j.o.e » September 9th, 2020, 7:33 am

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.

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Re: T&T Budget 2020 is on October 5th

Postby Ben_spanna » September 9th, 2020, 7:33 am

D Dildo coming and with no lube or grease in sight! be ready for eet! :lol: :lol:

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Re: T&T Budget 2020 is on October 5th

Postby zoom rader » September 9th, 2020, 7:56 am

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 not a racket,

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.

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Re: T&T Budget 2020 is on October 5th

Postby Dohplaydat » September 9th, 2020, 7:57 am

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.

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Re: T&T Budget 2020 is on October 5th

Postby sMASH » September 9th, 2020, 8:04 am

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.

those closer in the FIU and revenue authority might be able to clear this up, but the banks upgraded thier online systems, and would have improved that they hvae greater interconnectivity between banks. and the laws that alwaris passing, might allow the accounts to be tracked, and more easily so, because of the bank system upgrades.

from what alwaris passing, i sensing that they intend to try shake down these people.

mind u, a man that was renting to the govt, put his son and wife as his replacement on that board, to become the AG for the same govt his business is still renting to.

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Re: T&T Budget 2020 is on October 5th

Postby Redman » September 9th, 2020, 8:50 am

zoom rader wrote:
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 not a racket,

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.


Yes ZR...I contrasted the UK....with what happens here...here accountants don't get sanctioned.
Trinidad is the place where chanka stated he cook hcu books...and he still practicing.

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Re: T&T Budget 2020 is on October 5th

Postby Dizzy28 » September 9th, 2020, 10:10 am

Every family run business I ever worked for early in my career engaged in tax evasion and tax avoidance.
cs/First place was during the time of the $25,000 annual tax allowance. Mandatory the boss and his wife were "earning" $2,000/month each. However all their personal groceries were run through petty cash, they used the company's vehicles, the company paid the rent for their house which was also the office for the company and when they visited their kids who were studying in foreign they bought the tickets as business travel. In my time there they got one notice of audit for VAT however I wasn't around for when it happened.
It was a construction company with multiple work sites so was pretty easy to get away with a lot of what they did.

2nd place I worked for was also in construction and the owner built a house for a Commissioner of BIR on land the commissioner owned. Spread the cost of the house's material among the various tendered projects including several large HDC ones.
You know he would never ever get audit though. /cs/

Tax evasion and avoidance has to be some of the biggest leakages in Govnt revenues.

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Re: T&T Budget 2020 is on October 5th

Postby Dave » September 9th, 2020, 10:22 am

Running certain personal expenses through a business can be justified....as for the rent and vehicles this is where the bik comes in and would be declared on the tax return.

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Re: T&T Budget 2020 is on October 5th

Postby MDtuner70 » September 9th, 2020, 12:22 pm

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.



Agreed!

In 10 years, money done and they have nothing. They should have just invested hard in getting their non-energy sectors off the ground. Renewables, agri, etc. Invest in proper education.

Maybe a good political move, but not a good development one.

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Re: T&T Budget 2020 is on October 5th

Postby The_Honourable » September 15th, 2020, 9:02 am

Budget 2021 Priorities or soundbites?

By Mariano Browne

In the “Apology” Plato feared that “popular acclaim would attend on the man who tells the people what they want to hear rather than what truly benefits them”. Unfortunately, that is the norm. TT’s economy has been in decline since 2014 when energy prices dropped precipitously and bringing the natural gas export-led boom to an end. Commentators who have argued for a more proactive policy approach highlighting the inconsistencies in government’s policy matrix have been publicly ridiculed. “Shooting the messenger" is an emotional response to unwanted “help”. It is also a very ineffective method of addressing well-intentioned advice.

In the absence of timely statistical data, politicians try to give the impression they have a grasp of the issues. The current economic difficulties are already complex and made worse by having to address Covid 19 simultaneously. However, proposing simple answers to complex problems is sure way to court disaster.

Such answers have included “locking down borders” to prevent the spread of Covid19, when community spread was already here and “masked” by inadequate testing. Or a revenue authority which will magically ensure that tax collection efficiency would improve, and that governments revenue shortfall would disappear. Or that an agreement with Venezuela on either the Dragon gas field or Loran Manatee would solve TT’s energy woes. Or that one “Sandals” Hotel would change the shape of tourism. Really!

The key issue facing TT is how to improve the country’s foreign exchange generating capacity. If there were a simple answer to this problem, it would have already been found and deployed. This is a complex task involving many moving parts. The energy sector accounts for roughly 37% of the economy and 80% of the foreign exchange generated. It cannot be replaced with one “game changer” or even three over a 10-year period.

Politicians sell hope and want to appear action oriented. Hence the reliance on simple solutions as evidenced by the examples given above. They are easy to communicate and make good political soundbites, but they are not solutions. Such proposals require a matrix of supporting policies, including a competitive business environment, reduced government bureaucracy supported by many interventions that must dovetail and be consistently applied. This process can be accelerated, but it takes time and qualitative objectives are like a race with no finish line. One must constantly improve to stay competitive.

In the World Bank’s 2020 Ease of Doing Business Index TT is ranked 105 out of 190. But this is an average and masks several weak areas in the sub-indices. For example, TT ranks 158th of 190 countries for registering property, 174th for enforcing contracts, and 166th for payment of taxes in the 2020 report, indicating a deterioration.

TT ranks 166 out 190 in the ability to pay taxes! In a time when revenue is critical? Surely, we need not wait on the arrival of the Revenue Authority to fix this! Every finance minister since 2011 has promised improvement. That is the danger in simple sound bites. They give a false sense of possibility.

The most recent sound bite is “digitisation” as an important tool in making TT competitive. The single electronic window (SEW), TTBIZLink, has been touted as a significant area of promise since it was started in 2009. In 2016 an IDB loan was sourced to improve and deepen the SEW’s capacity. Four years later and the improvements have been marginal. On the hustings the Attorney General was effusive in his claims about the work that had been completed to improve the registry operations which form part of TTBIZLink.

However, the US State Department’s Report on the TT Investment Climate 2020, which was published this week, refers to an evaluation of the SEW by the Global Enterprise Registration Network (GER). It gave the TT business registration website a below-average score of 3 out of 10 for its single electronic window and 4.5 out of 10 for providing information on how to register a business.

The inability to make online payments, submit certificates online, and engage in simultaneous requests are the three main reasons for the low score. These are significant improvement areas that ought to have been addressed as part of the upgrade funded by the IDB. This example demonstrates why improvement initiatives require rigorous evaluation and assessment and ongoing public review. It is not enough to enumerate initiatives in a budget statement. They must be supported by an accountability framework to explain progress.

Addressing the persistent fiscal deficits and the foreign exchange earning gap are difficult issues to fix. There is no clear agreement among economists that the deficit is best solved by increasing taxation or reducing expenses or in what combination. And there are certain expenses that will increase naturally. TT’s population is ageing and with that comes increased spending on health care and pensions as with the poor and the vulnerable.

As already pointed out, most issues are complex; reasonable people can disagree. Policy differences should be celebrated as a sign of intellectual health, rather than used for one-upmanship.

Source: https://www.linkedin.com/pulse/budget-2 ... 1096892416

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Re: T&T Budget 2020 is on October 5th

Postby MaxPower » September 15th, 2020, 9:13 am

Let’s see what this budget brings.

You, the “citizens” of T&T are to blame.

You all spread this sheit,

You all were supposed to wear your masks, wash allyuh stink hands, social distance and stay DF home.

But NO, you all are the reason the Govt had to lockdown the country and had to waste money to mine allyuh.

WE, the minority of law abiding, concerned and responsible citizens of T&T, hold the majority of you petty Trinis accountable for what is to come.

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Re: T&T Budget 2020 is on October 5th

Postby Numb3r4 » September 15th, 2020, 5:44 pm

^^^ Take it easy, watch the blood pressure you don't want to end up at any hospital public or private right now.

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Re: T&T Budget 2020 is on October 5th

Postby MaxPower » September 15th, 2020, 9:05 pm

Numb3r4 wrote:^^^ Take it easy, watch the blood pressure you don't want to end up at any hospital public or private right now.


Hello Numb3r4,

Thanks for the tip.

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Re: T&T Budget 2020 is on October 5th

Postby death365 » September 16th, 2020, 8:47 am

u kno like when yuh waiting for the hurricane to reach, just full of dread and fear of the unknown. that's how i is now. to be honest i am not in any vulnerable group - i consider my self middle class.

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Re: T&T Budget 2020 is on October 5th

Postby 88sins » September 16th, 2020, 9:26 am

Ok fellas, I have a serious question for allyuh.
Consider this
Taxes are fees levied upon & collected from the population by the state as a means of individuals paying what can be considered their fair share of contributions, and this is supposedly done so that the state has the resources to pay for the implementation, development & upkeep of necessary services & infrastructure. All well & good & logical & understandable & acceptable in principle.

Now, given our history of nationwide shortcomings over all these decades past in many (might I dare say almost all?) state run departments (eg, healthcare, road network development & maintenance, education, nat.sec., housing, social services, national food sustainability, etc), even with total budgetary allocations running as high as TTD$50+ billion in some years (considering that this is a nation that has a population of only 1.4M people, that's a LOT of money when you look at in terms of the cost per capita). After all these years of paying your taxes quietly & getting the short end of the stick wrt services, infrastructure development & maintenance, etc, one has to ask oneself the question.So here's my question.



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?

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Re: T&T Budget 2020 is on October 5th

Postby Redman » September 16th, 2020, 9:48 am

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?


Great Q
For me the truth is simply that I want to be here.
Being here is a long term thing- and I would like smallman to have a choice- not one made because of conditions here.
For this place to be somewhere I want him to be we need to get many things changed.
If I want it to be 'that' place..then why not work for it.
This is our mess lets clean it up.

Fixing what we have control over...and pushing for change on other things is a great start.

Taxes are within my control.

While much is wasted- plenty of it goes to where it is desperately needed.

Waiting for things to be perfect to do your part is just an excuse to NOT do your part...not directing that at you 88.

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Re: T&T Budget 2020 is on October 5th

Postby zoom rader » September 16th, 2020, 11:24 am

Poll tax in all yuh MC

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Re: T&T Budget 2020 is on October 5th

Postby 88sins » September 16th, 2020, 11:49 am

zoom rader wrote:Poll tax in all yuh MC

:lol: ent

next ting yuh hear impsy say they implementing a life tax

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Re: T&T Budget 2020 is on October 5th

Postby daxt0r » September 16th, 2020, 12:03 pm

with PNM in power it could never be cleaned up, there here from 1962 takin taxes, wasting money, plundering resources, its all downhill and you advocating more taxes? Yea Laventille really need some more swimming pools, 2 plate need 3 plates, arse wari need some more building rent out. Meanwhile down south ah road cya get fix or simple water.
You really love yuh balisier yes

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Re: T&T Budget 2020 is on October 5th

Postby Numb3r4 » September 16th, 2020, 7:55 pm

If "we the people" have to do everything, then what is the point of the state?

We have to fix the supposedly government drains in front our houses.
We have to burglar proof our houses on account of a failing justice system.
We have to buy cars (in rural) areas because we don't have a properly functioning public transport system.
We have to buy up to 3-4 extra tanks on account of unreliable water supply.
We have to stand outside and wait for government offices to deliver services to us that we are rightly due yet we are made to feel as if they are doing us a favour.
We have to endure bad roads, which impacts BOTH commute times and your vehicle, in a land where WE have a pitch lake.

Now some may say, well that was the "oil money", this is taxes, this is different, but my thing is if they couldn't handle that, then, which was of a significantly larger quantity, that was easier to obtain, what proof do I have that they can handle my taxes?

What convinces me that I should give over a portion of my hard earned money to the very same folks/system that couldn't appreciated a lucrative resource?

I question the system's attitude to money? Money that isn't theirs and certainly money that I worked for.

Simply asking for trust now isn't enough, we trusted that they would use the oil and gas resources, did they?

Well given the situation we are in now they I guess not? Because if they (the system) did then our sovereign wealth fund (Heritage and Stabilization Fund) wold have been in a much better position.

Our public health care system would have been better.
We would have had better infrastructure spanning the country.
We would have functioning social and government services and systems.

If the government were really serious they would give the populace a grand gesture of their ability for the coming fiscal year. Show us how you can use what you already have to the best. Show us what you can do on a shoestring budget before you ask for more taxes.

Be smart about how you cut expenditure, consider getting rid of some ministries altogether, engage in digitization not that half ass system we have that still hasn't improved our ease of business rankings. Improve the level of accountability and service provided to citizens.

I don't think these things take more money, it does take effort and good management skills though.

Write and bring before parliament better laws that can stand up to scrutiny and don't favour one or the other, laws that are fair and not onerous.

Laws that convince and reward people for good behaviour not simply punish folks for bad behaviour, even though that may be necessary sometimes, they should be used judiciously.

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Re: T&T Budget 2020 is on October 5th

Postby maj. tom » September 16th, 2020, 8:28 pm

"tighten yuh belt and hold strain." - K. Rowley

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Re: T&T Budget 2020 is on October 5th

Postby De Dragon » September 16th, 2020, 10:12 pm

maj. tom wrote:"tighten yuh belt and hold strain." - K. Rowley

And learn to peel cassava, which is rich coming from those who pay for absolutely nothing in life, but live well off of said taxes.

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Re: T&T Budget 2020 is on October 5th

Postby MaxPower » September 16th, 2020, 10:22 pm

Trinis are bobolees......the Govt knows this.

Budget day will come and go, allyuh will say nothing and do nothing.

Carry on.

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Re: T&T Budget 2020 is on October 5th

Postby 88sins » September 16th, 2020, 10:22 pm

maj. tom wrote:"tighten yuh belt and hold strain." - K. Rowley

Boi, it have some people today, if they tighten their belts any tighter they go have to start walking with their hands cuz everything from the waist down getting cut off.

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Re: T&T Budget 2020 is on October 5th

Postby De Dragon » September 16th, 2020, 10:34 pm

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? :roll:

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Re: T&T Budget 2020 is on October 5th

Postby MaxPower » September 16th, 2020, 11:44 pm

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? :roll:


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.

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Re: T&T Budget 2020 is on October 5th

Postby 88sins » September 17th, 2020, 6:31 am

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? :roll:


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.


you see that right there, is an outright lie.
because when you & milions of others fled the Maduro regime in venezuela, that's EXACTLY what you did.

btw, you don't have to allow any government to break you, they do that whether you allow them to or not by way of their incompetence & the collapse of the nations economy & structure. When a gov't fvcks up, the citizenry pays the price, the only differennces between citizens being that some will pay a heavier price than others

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Re: T&T Budget 2020 is on October 5th

Postby death365 » September 17th, 2020, 7:14 am

Aways remember
...


Right foot..... Pnm

Left foot.... Pnm


Forward pnm solders

Stright to poverty an suffering

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De Dragon
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Posts: 17902
Joined: January 27th, 2004, 3:49 am
Location: Enjoying my little miracles............

Re: T&T Budget 2020 is on October 5th

Postby De Dragon » September 17th, 2020, 7:17 am

death365 wrote:Aways remember
...


Right foot..... Pnm

Left foot.... Pnm


Forward pnm solders

Stright to poverty an suffering

But, but, but Kamla teef out ALL de morney! What yuh expeck!

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