Three Chambers of Commerce, are calling on the government to defer the implementation of theProperty Tax until next year.
The Chambers say while they have no problem with the tax, the government must be mindful that many are already barely surviving due to rising costs.
The following is a joint statement by the Chaguanas, Penal and Couva/Point Lisas Chambers:
The American Chamber of Commerce of Trinidad & Tobago (AMCHAM T&T) is concerned about the lack of clarity on the implementation of the proposed Property Tax.
AMCHAMT T&T understands the urgency of increased revenue collection and supports the need for a Property Tax. However, the re-introduction of any policy measure must not occur in an environment of uncertainty. We urge the Government to provide details on the valuation and implementation of the Property Tax, particularly where it relates to uncovered plant, rigs, and machinery.
The government has initiated the first step towards re-introducing Property Tax.
A statement by the Ministry of Finance today has outlined how citizens should go about submitting the valuations of their properties.
The following is the ministry's statement.
"As stated in the 2017 Budget Statement by the Hon. Colm Imbert, Minister of Finance, the Ministry of Finance advises that “Property Tax, will be put into full effect in fiscal 2017”.
Property Tax is governed by the Property Tax Act, 2009 and the Valuation of Land Act Chapter 58:03.