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Property Tax in Trinidad & Tobago

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Re: Property Tax in Trinidad & Tobago

Postby zoom rader » September 18th, 2021, 8:40 am

You pay Stamp duty up front and now they want to tax you again and if you have AC , washing machine etc.

Trinidad sit down and take bull , all yuh like it so.

Go back and vote red government, one set ah dumb arses

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Re: Property Tax in Trinidad & Tobago

Postby 88sins » September 18th, 2021, 9:56 am

[quote="shake d livin wake d dead"]Question: how does property tax apply to pensioners? Pay like everybody else?[/quote]
Correct.
And if for some reason you can't pay (& you have to prove that you can't afford to pay it btw), you can request a deferral.
So, you not paying it, but it piling up, and your children or whoever takes ownership of the property after you will be left with the burden of all the years of unpaid tax.
And if they can't pay it, the property may be seized and sold by the state for them to get their tax.

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Re: Property Tax in Trinidad & Tobago

Postby bluefete » September 18th, 2021, 11:29 am

88sins wrote:
shake d livin wake d dead wrote:Question: how does property tax apply to pensioners? Pay like everybody else?[/quote]
Correct.
And if for some reason you can't pay (& you have to prove that you can't afford to pay it btw), you can request a deferral.
So, you not paying it, but it piling up, and your children or whoever takes ownership of the property after you will be left with the burden of all the years of unpaid tax.
And if they can't pay it, the property may be seized and sold by the state (to their friends and financiers) for them to get their tax.


Fixed.

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Re: Property Tax in Trinidad & Tobago

Postby 88sins » September 18th, 2021, 12:04 pm

Is level shaft people gonna get with this tax, particularly the elderly that have worked all their lives and built their homes and now in their old age living on a limited fixed income.
And a lot of people don't study this, but it has a lot of people these days in their 50's and upwards that have property but no progeny. So, they don't even have a kid to help them pay it for now and inherit the property afterwards.
So when they retire, sime of them might really have to rent out their homes to be able to afford this bs tax.

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Re: Property Tax in Trinidad & Tobago

Postby zoom rader » September 18th, 2021, 12:36 pm

88sins wrote:Is level shaft people gonna get with this tax, particularly the elderly that have worked all their lives and built their homes and now in their old age living on a limited fixed income.
And a lot of people don't study this, but it has a lot of people these days in their 50's and upwards that have property but no progeny. So, they don't even have a kid to help them pay it for now and inherit the property afterwards.
So when they retire, sime of them might really have to rent out their homes to be able to afford this bs tax.
It's good for them

Let them take all take bull, they wanted the red government so take it.

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Re: Property Tax in Trinidad & Tobago

Postby RedVEVO » September 18th, 2021, 3:33 pm

zoom rader wrote:You pay Stamp duty up front and now they want to tax you again and if you have AC , washing machine etc.

Trinidad sit down and take bull , all yuh like it so.

Go back and vote red government, one set ah dumb arses


The Peeps who are getting the "shaft" are the active supporters of the Red .

One day is "jab" and there was no riot ..

Next day is "shaft" and swollen balls .. and still no riot ..

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Re: Property Tax in Trinidad & Tobago

Postby gastly369 » September 18th, 2021, 3:41 pm

Looking to buy house and land sea lots or Beetham preferably thanks....

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Re: Property Tax in Trinidad & Tobago

Postby zoom rader » September 18th, 2021, 4:17 pm

gastly369 wrote:Looking to buy house and land sea lots or Beetham preferably thanks....
1% already have dat under wraps .

The entire East PoS will be gentrified

In parts of Good Park Africans are not allowed. Soon they won't be allowed to live in PoS
Last edited by zoom rader on September 18th, 2021, 4:17 pm, edited 1 time in total.

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Re: Property Tax in Trinidad & Tobago

Postby hover11 » September 18th, 2021, 4:20 pm

I seeing ttma done asking to be exempted from property tax so they must not pay anything , they must get a bligh for everything, when water rate increase they will want to pay old rates , when light rates increase they want will want a bligh as well

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Re: Property Tax in Trinidad & Tobago

Postby The_Honourable » September 20th, 2021, 12:13 am

Govt's Property Tax gamble

The Government collected $143 million in 2009, the year that the old Property Taxes ended.

The current estimates of the Property Tax to be collected are to the tune of $504 million annually, so that is about three-and-a-half times more than what property owners paid in 2009, according to Afra Raymond, chartered surveyor and managing director of Raymond & Pierre Limited.

The revenue lost over the last 12 years since the axing of the tax could be more than $5.50 billion, Raymond estimated.

Raymond, a past president of the Joint Consultative Council for the Construction Industry (JCC), said the move to implement the Property Tax would be widely unpopular at a time of many burning issues, including the COVID-19 pandemic and the existing socio-economic situations.

Raymond believes that with only a slim parliamentary majority, the introduction of the new Property Tax will be a considerable gamble for the Government.

T&T is getting set to reintroduce Property Tax as one of the revenue streams which is expected to bring in millions of dollars for the Treasury.

While there is no specific date given for the rollout, the Government has started laying the foundation. They are attempting to populate the valuation roll. The Government has put out advertisements calling on citizens to file information on property and land ownership with the Valuations Division, Ministry of Finance (MOF). If citizens fail to do so by the end of November 2021, they can face a fine of $5,000.

With this move, Property Tax can be levied on residential and commercial properties and agricultural lands.

Raymond felt that the objections from the Opposition United National Congress elements are bemusing, to say the least. This, he said, is for two reasons–"Firstly, the official record of tax collections from 1993 to 2009 as shown in the graph and table below. When the UNC was in power in the seven-year period 1995-2001, there was a dramatic and unexplained decline in the collections of Land & Building Taxes, which are collected in the non-municipal areas. That decline was reversed when the UNC left office.

“Secondly, the People’s Partnership (PP) used ‘Axe the Tax’ as a strong slogan in the 2010 general election which they won with 29 out of 41 seats. With that rare three-fifths majority in hand, there was tremendous scope for the PP to have lawfully changed or removed any laws or arrangements it wished, without any need for PNM support. Like the Property Tax, for instance. But that never happened, for whatever reason.”

Raymond answers questions on Property tax.

You are of the view that the revision of the property tax is long overdue, can you elaborate on the need for this, please.

Yes, Property Tax is long overdue. The last time Property Tax was collected in T&T was in 2009, so 2022–which is next year, which is what is under discussion–would make that a total of 12 years that no taxes were paid by property owners. By any measure, that is a tremendous benefit that has been enjoyed by property owners. In the previous taxation system, the property taxes were called House Rates for the five Municipalities and Land & Building Taxes for the other parts of the country. The five municipalities are Port-of-Spain, San Fernando, Arima, Point Fortin and Chaguanas.

Image
The national totals of Property Tax paid in the period 1993-2009.

Taking into consideration the drastic negative economic impact of the COVID-19 pandemic, how do you feel about the reintroduction or aggressive laying of the foundation re: valuation log to be completed by November and the pushing of the Revenue Authority Bill at this particular time, is the anxiety level among citizens justified?

Apart from the truism that at any time most tax increases will be opposed, we are now in very trying times in which the very system has been tested at every level–social, economic, medical/scientific, communications. Whether it’s been tested to destruction and how we emerge from all of this remains to be seen. But the reality is that COVID-19 really sharpened certain serious challenges–we have been in decline for about a decade or more. There is tremendous, widespread and well-justified anxiety.

That is the background to the strong opposition and concerns being voiced about the re-introduction of this tax...When the old property taxes ended in 2009, a total of $143M was collected in that year. The current estimates of the property tax to be collected are of the order of $504M, so that is about three-and-a-half times more than what was being paid in 2009.

Ultimately this will be a widely unpopular move at a time of many burning issues, so with only a slim parliamentary majority (PNM 22, UNC 19), that will be a considerable gamble for the Government.

Do you foresee a considerable challenge for the TTRA given the number of citizens against the proposed renewal of property tax?

Despite the range of objections, we need to be clear that the real fear of property tax is rooted in the fact that a modern transparent database will allow our Revenue Authorities (either BIR or TTRA) to see the wider affairs of taxpayers, especially the true levels of rental income earned on investment property, on which income tax is seldom declared, far less collected.

Please offer a perspective on property tax’s place with respect to tax revenue and the T&T Revenue Authority (TTRA).

The Estimates of Revenue disclose that in 1995 property tax was two per cent of tax revenue and in 2009 it was expected to be a mere .18 per cent.

How much revenue on average has the Govt lost over the last 12 years?

That figure has always been underestimated, in my view, but the loss of revenue over that 12-year period would be over $5.50 Billion.

What are the modes of Property Tax?

There are four modes in which property is taxed in a modern system:

Stamp Duty or Transfer Tax–This is the tax paid by the purchaser when acquiring a property. This is the only one of the four types of property tax that is working to some extent. That said, most lucrative property investments are nowadays held in company names so that they can be split and sold by transfers of shares, which attracts a fraction of the stamp duty payable on a sale of the property.

Occupation Tax–This is the tax paid for the length of time one owns or occupies the property and this is the one being revised now. It is called either Land & Building Taxes or House Rates under our laws.

Income Tax on Rental Income–taxes payable on the income received from property rentals. This is poorly monitored at present.

Capital Gains Tax–This is a tax paid on the profits made when the property is sold. CGT is only payable here in the cases of property disposals taking place within 12 months of acquisition. Few vendors dispose of the property within that time limit.

What is your view on the merging of the collection agencies–BIR, Customs, into one unit to facilitate the functioning of the TTRA?

We are here contemplating a widely-discussed public policy shift which is an essential step onto the path of modern and effective Public Financial Management. These combined and crowd-sourced agencies are really the only effective way to tackle some of these big wicked problems, hence the same model was used for the Office of Procurement Regulation, which is also an integral part of modern and effective Public Financial Management. Crowdsourcing refers to the use of whistleblowers since those people are the most valuable source of critical information to stop white-collar crime, as all the research shows.

The Trinidad & Tobago Revenue Authority:

The TTRA was launched in June 2009 and is intended to be a unified body to collect taxes and customs duties. The Board of Inland Revenue and the Customs and Excise Division are to be merged.

Some of the cited benefits of the Revenue Authority model are improved revenue generation and compliance with the country’s revenue laws; better services to taxpayers and traders; a more professional staff complement; improved retention of qualified personnel; and, an improved capacity to deal with corruption. Those are objectives with which I fully agree and the Property Tax review under discussion must be understood as a part of the transition to the TTRA.

Image
Property tax 1993-2009

Up to the start of 1998, the country’s fiscal year-end for national accounting was December 31. There was a transition between 1998 and 2001, with periods to be read as follows ‘1998’ is January 1 to September 30 of that year: ‘1998/1999’ is 12 months ending September 30, 1999, and 1999/2000 being 12 months ending September 30, 2000.

For more on this discussion, please log on to afraraymond.net

Source: https://www.guardian.co.tt/news/govts-p ... 59ab518b1e

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Re: Property Tax in Trinidad & Tobago

Postby 88sins » September 20th, 2021, 3:55 am

Everything in this country is tax.
I said it before, and I'll say it again

You paying a tax to buy property, and then you paying more taxes to keep said property. Impsbutt want property tax? Cool, no more stamp duty, and the revenue from property taxes must be collected and administered by the corporations to the benefit of taxpayers. Do that, and people will gladly support it.

But nah, in their hollow heads, it hadda go into the pile that does use to pay back financiers, run bobol and squander on useless projects.

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Re: Property Tax in Trinidad & Tobago

Postby VexXx Dogg » September 20th, 2021, 4:51 pm

At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/

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Re: Property Tax in Trinidad & Tobago

Postby Habit7 » September 20th, 2021, 5:20 pm


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Re: Property Tax in Trinidad & Tobago

Postby shake d livin wake d dead » September 20th, 2021, 6:17 pm

VexXx Dogg wrote:At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/


Everything will be easy when the govt has to collect $!

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Re: Property Tax in Trinidad & Tobago

Postby 88sins » September 20th, 2021, 6:48 pm

shake d livin wake d dead wrote:
VexXx Dogg wrote:At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/


Everything will be easy when the govt has to collect $ for doing not one thing besides crushing your nutz!

Fixed

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Re: Property Tax in Trinidad & Tobago

Postby VexXx Dogg » September 20th, 2021, 7:04 pm

shake d livin wake d dead wrote:
VexXx Dogg wrote:At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/


Everything will be easy when the govt has to collect $!


Yea, but beats having to line up in the sun like the last time when people panic.
now with a deadline and a possible 5k fine, better take front.

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Re: Property Tax in Trinidad & Tobago

Postby shake d livin wake d dead » September 20th, 2021, 7:14 pm

VexXx Dogg wrote:
shake d livin wake d dead wrote:
VexXx Dogg wrote:At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/


Everything will be easy when the govt has to collect $!


Yea, but beats having to line up in the sun like the last time when people panic.
now with a deadline and a possible 5k fine, better take front.


Documents for all our properties inside since 2018. They made there visits, measure everything with its own roof(makes no sense to me)....so we waiting to pay the tax and get value for $

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Re: Property Tax in Trinidad & Tobago

Postby 88sins » September 20th, 2021, 7:43 pm

shake d livin wake d dead wrote:
VexXx Dogg wrote:
shake d livin wake d dead wrote:
VexXx Dogg wrote:At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/


Everything will be easy when the govt has to collect $!


Yea, but beats having to line up in the sun like the last time when people panic.
now with a deadline and a possible 5k fine, better take front.


Documents for all our properties inside since 2018. They made there visits, measure everything with its own roof(makes no sense to me)....so we waiting to pay the tax and get value for $

You know that you go be waiting till 2278 right?

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Re: Property Tax in Trinidad & Tobago

Postby one eye » September 20th, 2021, 7:45 pm

As I have said many times before. Consumerism will be the demise of Trinis.

How will this economy flow if there is no circulating money from taxes?

Will the government print more money and further inflate?

This property tax should have been implemented a long time ago.

Username De Dragon you and I are not friends don't call me in your orgy. You frothing now that you renovate to outrank the neighbour like the cretin you are.

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Re: Property Tax in Trinidad & Tobago

Postby shake d livin wake d dead » September 20th, 2021, 7:51 pm

88sins wrote:
shake d livin wake d dead wrote:
VexXx Dogg wrote:
shake d livin wake d dead wrote:
VexXx Dogg wrote:At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/


Everything will be easy when the govt has to collect $!


Yea, but beats having to line up in the sun like the last time when people panic.
now with a deadline and a possible 5k fine, better take front.


Documents for all our properties inside since 2018. They made there visits, measure everything with its own roof(makes no sense to me)....so we waiting to pay the tax and get value for $

You know that you go be waiting till 2278 right?


To short

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Re: Property Tax in Trinidad & Tobago

Postby zoom rader » September 20th, 2021, 8:00 pm

shake d livin wake d dead wrote:
VexXx Dogg wrote:At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/


Everything will be easy when the govt has to collect $!
You still not going to get any service.

They take your money and you still left with a pot hole in front your driveway

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Re: Property Tax in Trinidad & Tobago

Postby 88sins » September 20th, 2021, 10:09 pm

one eye wrote:As I have said many times before. Consumerism will be the demise of Trinis.

How will this economy flow if there is no circulating money from taxes?

Will the government print more money and further inflate?

This property tax should have been implemented a long time ago.

You have selected the ideal moniker, oneye. Because like you really half-blind.

After 20+ years of pnm/unc yappage and gum flappage about "constitutional reform", neither pnm nor unc have moved even 1mm in the direction of said reform that would allow the respective regional corps to collect said property tax and utilize said funds in the districts from which they were collected. You feel that is an unintentional and coincidental occurrence of happenstance? If they did that, i give you odds of 1000:1, not one soul would have a problem with property tax, because you the taxpayer would see your tax dollars at work for your benefit. Ok, that is too much to expect? Ok. Do away with stamp duty. But nah, daz more free money for doing nothing, daz not no option. So is level shaft across the board.

The problem most people have, is with paying a tax based on the perception of wealth, for which you not sure to see the benefits.
But as it stands, what these ticks and fleas and tapeworms want with this current version of the property tax, is everyone but them and theirs pays, ans them and their financiers and their people see the gains, and the general population foots the bill.

What you post there have you looking like a real pnm anus-eating stooge jed.

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Re: Property Tax in Trinidad & Tobago

Postby zoom rader » September 20th, 2021, 10:48 pm

88sins wrote:
one eye wrote:As I have said many times before. Consumerism will be the demise of Trinis.

How will this economy flow if there is no circulating money from taxes?

Will the government print more money and further inflate?

This property tax should have been implemented a long time ago.

You have selected the ideal moniker, oneye. Because like you really half-blind.

After 20+ years of pnm/unc yappage and gum flappage about "constitutional reform", neither pnm nor unc have moved even 1mm in the direction of said reform that would allow the respective regional corps to collect said property tax and utilize said funds in the districts from which they were collected. You feel that is an unintentional and coincidental occurrence of happenstance? If they did that, i give you odds of 1000:1, not one soul would have a problem with property tax, because you the taxpayer would see your tax dollars at work for your benefit. Ok, that is too much to expect? Ok. Do away with stamp duty. But nah, daz more free money for doing nothing, daz not no option. So is level shaft across the board.

The problem most people have, is with paying a tax based on the perception of wealth, for which you not sure to see the benefits.
But as it stands, what these ticks and fleas and tapeworms want with this current version of the property tax, is everyone but them and theirs pays, ans them and their financiers and their people see the gains, and the general population foots the bill.

What you post there have you looking like a real pnm anus-eating stooge jed.
Leave eliteauto-tuntun alone

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Re: Property Tax in Trinidad & Tobago

Postby Gladiator » September 20th, 2021, 11:08 pm

one eye wrote:As I have said many times before. Consumerism will be the demise of Trinis.

How will this economy flow if there is no circulating money from taxes?

Will the government print more money and further inflate?

This property tax should have been implemented a long time ago.

Username De Dragon you and I are not friends don't call me in your orgy. You frothing now that you renovate to outrank the neighbour like the cretin you are.


Allyuh PNM zombies real special yes....

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Re: Property Tax in Trinidad & Tobago

Postby zoom rader » September 21st, 2021, 12:31 am

Gladiator wrote:
one eye wrote:As I have said many times before. Consumerism will be the demise of Trinis.

How will this economy flow if there is no circulating money from taxes?

Will the government print more money and further inflate?

This property tax should have been implemented a long time ago.

Username De Dragon you and I are not friends don't call me in your orgy. You frothing now that you renovate to outrank the neighbour like the cretin you are.


Allyuh PNM zombies real special yes....
One eye=eliteauto-tuntun

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Re: Property Tax in Trinidad & Tobago

Postby De Dragon » September 21st, 2021, 2:03 am

one eye wrote:As I have said many times before. Consumerism will be the demise of Trinis.

How will this economy flow if there is no circulating money from taxes?

Will the government print more money and further inflate?

This property tax should have been implemented a long time ago.

Username De Dragon you and I are not friends don't call me in your orgy. You frothing now that you renovate to outrank the neighbour like the cretin you are.

Cacahole eye, the last person I would want to be anything to me, least of all a "friend" would be your useless LFD RFD PNM slave arse.
You not frothing because like most of you LFD RFD PNM slaves here, you prolly living in a 15 year unpaid rent HDC house with your parents.

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Re: Property Tax in Trinidad & Tobago

Postby De Dragon » September 21st, 2021, 2:07 am

88sins wrote:
one eye wrote:As I have said many times before. Consumerism will be the demise of Trinis.

How will this economy flow if there is no circulating money from taxes?

Will the government print more money and further inflate?

This property tax should have been implemented a long time ago.

You have selected the ideal moniker, oneye. Because like you really half-blind.

After 20+ years of pnm/unc yappage and gum flappage about "constitutional reform", neither pnm nor unc have moved even 1mm in the direction of said reform that would allow the respective regional corps to collect said property tax and utilize said funds in the districts from which they were collected. You feel that is an unintentional and coincidental occurrence of happenstance? If they did that, i give you odds of 1000:1, not one soul would have a problem with property tax, because you the taxpayer would see your tax dollars at work for your benefit. Ok, that is too much to expect? Ok. Do away with stamp duty. But nah, daz more free money for doing nothing, daz not no option. So is level shaft across the board.

The problem most people have, is with paying a tax based on the perception of wealth, for which you not sure to see the benefits.
But as it stands, what these ticks and fleas and tapeworms want with this current version of the property tax, is everyone but them and theirs pays, ans them and their financiers and their people see the gains, and the general population foots the bill.

What you post there have you looking like a real pnm anus-eating stooge jed.

The "keke keke keke" LFD RFD PNM slaves like him, Tunts7 and Caca Colos who defending it, still cannot say why Impsy 3.75M per unit apartment complex was specifically exempted from property tax. These nimrods too dotish for words :roll:

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Re: Property Tax in Trinidad & Tobago

Postby Redman » September 21st, 2021, 7:03 am

Because imbert is the only entity that building anything that meets the criteria for the temporary tax shelter.


No one else was also building or has since built anything that also qualifies for the shelter.

They pass the shelter just for Imbert project.
No one else ever.

You uncovered the sinister plot.
Well done.

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Re: Property Tax in Trinidad & Tobago

Postby Redman » September 21st, 2021, 10:04 am

What property tax was exempted Dragon???

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Re: Property Tax in Trinidad & Tobago

Postby Habit7 » September 21st, 2021, 10:07 am

I am sure, just like in the other threads, me debunking this UNC propaganda is going to cause excess beat up. Here it was, ppl were comfortably holding on to lie, now I have to come with my rude self and reveal the truth.

Minister of Finance responds to allegations regarding a private apartment building project

The following is a rebuttal of the false allegations made by the Parliamentary Opposition and its associates and agents from September 6th – 20th, 2019 with regard to the involvement of the Minister of Finance in a private apartment building project in Port of Spain.

Allegation: The Minister should have recused himself from the debate on the Finance No. 2 Bill in 2016, since he stood to benefit from incentives designed to stimulate the construction sector.

Fact: This allegation is baseless.
The Finance No. 2 Bill of 2016 was a Money Bill. Such Bills can and do potentially benefit every single Member of Parliament.

Some examples are Bills with measures providing for tax amnesties, improvement in Parliamentarians’ pension benefits and/or salaries and allowances, reduction in VAT and increase in the personal allowance.

If Parliamentarians were required to recuse themselves from debates on beneficial financial measures, then all Parliamentarians would have to vacate the Parliament during debates on such matters and the Bills in question could not be passed.

The Leader of the Opposition herself and other Members of the Opposition have participated fully in and voted for numerous Bills that have benefitted them financially, without having declared an interest. In contrast, in the debate in the Finance No. 2 Bill of 2016, the Minister of Finance took the unprecedented step of declaring a potential future interest in the incentives to stimulate the construction sector.

Most importantly, there is no evidence that the Minister of Finance will or can benefit from the 2016 tax exemptions for a multi-family dwelling. On the other hand, there are pre-existing tax incentives for the construction of apartment buildings, such as the Picton Street project, going as far back as 1966.

Allegation: The planning laws and rules do not permit buildings of more than 2 storeys in height in the area in Port of Spain where the project is located and the Minister of Finance used his position to obtain a variation or waiver of these laws and rules to benefit himself as well as to accelerate and unduly influence the approvals process.

Fact: This allegation is false.
Several high-rise buildings already exist in the Newtown area as part of a long established Development Plan for the area, such as the TATIL building at 14 stories and the Guardian General and Sagicor Buildings at 7 stories. This particular parcel of land has had planning approval for a high-rise building of at least 6 storeys in height since 2005, 14 years ago. Further, Final Town and Country Planning Approval (Grant of Permission to Develop Land) for an 8-storey multi-family residential building at 61-65 Picton Street was granted under the previous UNC Government in February 2014 (see attached approval). Further, it took 4 years for the current owner of the land to obtain planning and building approvals, from 2012 to 2016, which by no stretch of the imagination can be considered to be “accelerated”.

Allegation: The Building Permit for the Project was only obtained in February 2019, while construction work started before that, in breach of the applicable laws.
Fact: This allegation is false.
The building permit was obtained in 2016 (see attached 2016 permit). Construction commenced in March 2019, after the original 2016 building permit was re-issued.

Allegation: The company that owns the land at 61-65 Picton Street was acquired by the Minister of Finance in 2012 for $1.75 million after being purchased by its previous owners in 2005 for $3 million. This allegation implies that the Minister of Finance got a sweetheart deal for the land in return for some undisclosed favour.
Fact: This allegation is false.
The company that owns the land at Picton Street was purchased by the Member of Parliament for Diego Martin North/East in 2012, who was not a Government Minister of Finance at the time, but rather a Member of the then Opposition, and was thus in no position to grant anyone any favours at that time. In addition, the price paid for the
company in 2012 was the prevailing fair market value in 2012, and in any event, exceeded the alleged 2005 price of $3 million.

Allegation: The Minister of Finance knew that he had a pending application for a multifamily dwelling to get exemption from income tax, when he piloted the Finance No. 2 Bill in July 2016.
Fact: This allegation is false.
In July 2016, the Minister of Finance had no application before any Government Agency, Ministry or Department of any kind whatsoever when he piloted the Finance No. 2 Bill, since all required approvals were obtained before that date. Further, to date, the Minister has not applied for any exemption from income tax whatsoever for the project.

Finally, the Minister of Finance has consulted his lawyers and has been advised that the false statements made in public about his involvement in the Picton Street project and his actions with respect to the Finance Bill No. 2 Bill of 2016, which have been published in the print and electronic media, uttered on political platforms, circulated on the Internet and published on social media, are extremely defamatory and damaging to his reputation. As a result, he will be taking legal action against all concerned.

http://www.news.gov.tt/content/minister ... UnkOrhKjDc

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