Thursday 21 March, 2019

Imbert: Property tax fees for 2016 to be waived

Finance Minister Colm Imbert said that citizens need not worry about having to pay back-dated property tax for the year 2016.

Speaking during his presentation on the Mid-year Budget Review, Imbert said that government will extend the previous waiver on property tax payments up to December 2017.

"We are making progress in establishing the long-envisaged property tax regime. In early February 2018 we introduced in the House of Representatives, two pieces of legislation; the Property Tax Amendment Bill 2018 and the Valuation of Land Amendment Bill 2018, which sought mainly to correct anomalies with these two pieces of legislation."

"I wish to make it clear that contrary to rumour there is no plan for retroactive application of this tax. Accordingly, the waiver with respect to the payment of property tax will be extended at this time to the end of December 2017, since it is our policy to collect the tax in the year that all of the required administrative work is completed, such as, for example, the valuation of 50 percent of properties in Trinidad and Tobago in various categories," he said. 

Additionally, the Ministry said pensioners and others who are unable to prove that they can pay property tax can apply for deferrals to the tax.

The Ministry said this deferral can be rolled over indefinitely once the circumstances of the landowner remain unchanged.

Property tax is applied on all property, except for those listed as exempt under the Act, including those owned and occupied by approved charitable institutions, schools, public hospitals, the State and certain State enterprises.

Do you feel more optimistic about T&T's economic outlook after the mid-year budget review?

Yes
41%
No
45%
I don't know
14%

 

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