Mid Year Review of 2015/16 Budget April 8 2016

[Duane 3NE 2NR]

So all pickups are luxury vehicles?
I don't think there are any that are 2000cc or less

[ADONI]

Just now financing go be 5,7 & 10 years on a new vehicle....

[S_2NR]

Don't buy. Let the cars stay in the showroom. Then you will see the dealerships start to pressure the government.

[eliteauto]

Just now financing go be 5,7 & 10 years on a new vehicle....

anything above 5 years is technically illegal, some banks tried the 10 years and were cut down by the Central Bank, they retreated to the 7 years and "get away" with it

[De Dragon]

Don't buy. Let the cars stay in the showroom. Then you will see the dealerships start to pressure the government.

I was actually looking for something for the wifey, so I have a good idea of the prices being offered pre-mid year review. I will contact all those dealerships and see what the costs are now. If they have gone up, fack it, because those vehicles were imported before the new taxes took effect.

[DVSTT]

Red and ready.

[zoom rader]

Meanwhile the government clamps down on GATE .

GATE gone

[antlind]

Meanwhile the government clamps down on GATE .

GATE gone

GATE was a blessing and a curse to TT. Poorly administered. All kinda people opening up schools offering degree programs to anybody with <5 O Levels. We essentially turned TT into a degree mill where anybody who could afford the exam fees essentially got a degree. The main losers are those folks who opened schools to bleed the GATE program.

[zoom rader]

Just hear it on news, it's P vehicle over 2000 that will be classed as a luxury vehicle.

So T vehicles, no taxes except diesel

[S_2NR]

Meanwhile the government clamps down on GATE .

GATE gone

This confirmed?
If so, good job.

[K74T]

GATE is still there

[zoom rader]

Meanwhile the government clamps down on GATE .

GATE gone

This confirmed?
If so, good job.

Yeah they are implementing a "means" test.

So if u look like Sharku Khan it's point blank for you, the same way they assess who's gets HDC homes

[Duane 3NE 2NR]

Don't buy. Let the cars stay in the showroom. Then you will see the dealerships start to pressure the government.

I was actually looking for something for the wifey, so I have a good idea of the prices being offered pre-mid year review. I will contact all those dealerships and see what the costs are now. If they have gone up, fack it, because those vehicles were imported before the new taxes took effect.

if the vehicles are in bond though they won't acquire taxes and duties until they are sold and taken out of bond - correct me if I'm wrong.

[S_2NR]

Meanwhile the government clamps down on GATE .

GATE gone

This confirmed?
If so, good job.

Yeah they are implementing a "means" test.

So if u look like Sharku Khan it's point blank for you, the same way they assess who's gets HDC homes

Lmao. Sad but true

[eliteauto]

Don't buy. Let the cars stay in the showroom. Then you will see the dealerships start to pressure the government.

I was actually looking for something for the wifey, so I have a good idea of the prices being offered pre-mid year review. I will contact all those dealerships and see what the costs are now. If they have gone up, fack it, because those vehicles were imported before the new taxes took effect.

if the vehicles are in bond though they won't acquire taxes and duties until they are sold and taken out of bond - correct me if I'm wrong.

would love a proper answer to this, was looking at a vehicle a dealership a couple weeks ago and asked for a quote, I informed them that I will not be paying MVT only VAT and they told me I'd have to special order and wait 3 months for delivery even though they had stock in bond

[kjaglal76v2]

Don't buy. Let the cars stay in the showroom. Then you will see the dealerships start to pressure the government.

I was actually looking for something for the wifey, so I have a good idea of the prices being offered pre-mid year review. I will contact all those dealerships and see what the costs are now. If they have gone up, fack it, because those vehicles were imported before the new taxes took effect.

if the vehicles are in bond though they won't acquire taxes and duties until they are sold and taken out of bond - correct me if I'm wrong.

would love a proper answer to this, was looking at a vehicle a dealership a couple weeks ago and asked for a quote, I informed them that I will not be paying MVT only VAT and they told me I'd have to special order and wait 3 months for delivery even though they had stock in bond

bond or no bond it won't matter, basically you have to go BIR & get the exemption from there & then carry it to the dealership, they would arrange with customs & have the exemption applied to the purchase

afaik

[zoom rader]

Don't buy. Let the cars stay in the showroom. Then you will see the dealerships start to pressure the government.

I was actually looking for something for the wifey, so I have a good idea of the prices being offered pre-mid year review. I will contact all those dealerships and see what the costs are now. If they have gone up, fack it, because those vehicles were imported before the new taxes took effect.

if the vehicles are in bond though they won't acquire taxes and duties until they are sold and taken out of bond - correct me if I'm wrong.

What I was told by a dealer today, is the dealership pays for all taxes and then puts in storage untill it is sold. Once dealers pays for it, it is considered payed for.

It all depends on when it was or being payed for will determine any new taxes.

It was confirmed that only P vehicles over 2l will be classed as luxury

[Habit7]

With more taxes on +1999cc vehicles, dealerships will bring more hybrids.

Honda HRV selling at $270K from ANSA while a local dealer selling hybrid versions from Japan at $190K. Now hybrids will be more attractive to dealers when it comes to SUVs.

Plus VW Amarok TDI is 1968cc with a twin turbo, so it would be a alternative to 2.3L Ranger and Hilux.
Expect more 1.4T, 1.6T and 1.8T options now from dealers rather than +2L normally aspirated engines.

[zoom rader]

With more taxes on +1999cc vehicles, dealerships will bring more hybrids.

Honda HRV selling at $270K from ANSA while a local dealer selling hybrid versions from Japan at $190K. Now hybrids will be more attractive to dealers when it comes to SUVs.

Plus VW Amarok TDI is 1968cc with a twin turbo, so it would be a alternative to 2.3L Ranger and Hilux.
Expect more 1.4T, 1.6T and 1.8T options now from dealers rather than +2L normally aspirated engines.

Amraok is a failure in trini and prone to many problems. Don't waste ur money on that crap

However luxury vehicles is now classes as P vehicles over 2l as was reported on TV6 news

T vehicles are nor luxury

[BRZ]

I suspect that from tomorrow, everyone buying a Sorento, Mitsubishi Pajero, Prado, Fortuna, Benz van bmw SUV and so forth will get them registered as "T"

[jhonnieblue]

Hope it's not at point of sale
how would it work if say you buy stuff while abroad?

[dredman1]

7% tax on online purchases of goods and services.

So apart from my Amazon and Ebay purchases of goods coming through skybox, foreign services are getting taxed too. Foe me this affects subscription payments to among other things Netflix, Unblock-us, Amazon prime, Dyndns, Tmobile sim card, iCloud, etc.

This obviously means they will be basing the tax on c/card transactions (hence as someone mentioned before they have to liaise with the banks - probably why it being implemented in September as this would take time to implement).

Hope it's not at point of sale
how would it work if say you buy stuff while abroad?

I believe in the last budget in September, the finance minister mentioned the gov't would have to distinguish between online purchases vs. purchases while abroad for taxing, and this will prove to be near impossible. I guess we have to wait and see.

[pugboy]

Skybox companies will probably introduce an "invoicing" service where they will makeover an invoice
From Amazon to some other name and imaginary address

[ingalook]

Your purchases while abroad will also be taxed 7% - you are using our precious foreign exchange

Colm also mentioned "Target and Amazon" by name - once the business does not pay taxes locally your purchases will be taxed

I suspect Paypal will also be taxed, I sometimes use it to send money to my relatives abroad... tax again

If you are a massive bank and are acquiring another financial institution in I don't know... like Africa for instance - you will not pay the 7% tax since you are obviously not using your credit card - it doesn't matter if this action leads to a massive forex shortage in T&T resulting in a chain reaction causing devaluation of our currency and draconian measures by our government to deal with the shortage - NO TAX FOR YOU!

[ingalook]

Skybox companies will probably introduce an "invoicing" service where they will makeover an invoice
From Amazon to some other name and imaginary address

Get those thoughts out of your head - it is a tax on your Credit Card BILL!

Also - since the government now has a copy of your credit card Bill - remember how you used to "gift" and under-invoice your skybox purchases? - That's going to be mighty difficult when government knows what you bought, when you bought it, and exactly how much you PAID

[tourniquet]

Nicely done This will certainly boost consumer confidence, and foster much needed diversification.

[killercow]

So how exactly is this luxury tax calculated? Is it based on CIF alone or after VAT or what?

[mark2.0]

Prices of bodi and baigan didn't change, so what's the big deal!

[ingalook]

So how exactly is this luxury tax calculated? Is it based on CIF alone or after VAT or what?

It will likely be on the US price

Duty will then be added

and finally VAT

It will be 7% on the face of it but will average out to about 10% after VAT and Duty are applied

[DVSTT]

Gambling people protesting.