TRINIDAD Y TOBAGO: Property Tax confusion - Chamber warns Gov't
 Inicio > Internacionales | Publicado el Viernes, 21 de Abril del 2017
TRINIDAD Y TOBAGO: Property Tax confusion - Chamber warns Gov't

TRINIDAD Y TOBAGO: Property Tax confusion - Chamber warns Gov

Trinidad Express / The American Chamber of Commerce of Trinidad & Tobago (AMCHAM T&T) has stated concerns over a “lack of clarity” on the implementation of the proposed Property Tax.

In a news release on Friday, AMCHAMT T&T said it understands the urgency of Government's need for 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.

Proper implementation of the Property Tax is key to reducing any negative impact on the business community that has already been significantly taxed over the last few years,” the Chamber stated.

Government announced on Tuesday that the process for reintroduction of the property tax regime has begun.

A release from the Ministry of Finance stated that “within the next week” all residential property owners could expect to receive Valuation Return Forms (VRF's) in the mail.

The release said: “In this regard, all property owners are required to complete a Valuation Return Form, in accordance with the Valuation of Land Act, Chapter 58:03 and return same, with supporting documents to the Valuation Division of the Ministry of Finance for the calculation of the property's Annual Rental Value.”

Some of the supporting documents to accompany the completed VRF include deed/certificate of title, site plan, building plan, Town and Country Planning Approval and even various utility bills.

The Chamber said proper implementation is fundamental to the ability of the country to attract new investors.

It's concerned that new investors, whose deployed capital is in the form of new plants or equipment, will now attract an exorbitant Property Tax before depreciation can be applied and will be deterred.

The Chamber said it has been requesting clarity and underscoring the need for greater discussion since 2015.

It noted that in September 2015, AMCHAM T&T CEO Nirad Tewarie, in his address at its “Doing Business in Latin America” forum, stated, “We anticipate that in the upcoming budget there may be a return to the Land and Building tax. If so, we urge the government to be mindful of the impact on business and to provide clear and detailed information on how it will be implemented.”

AMCHAM T&T again raised the issue in June 2016, when the chamber submitted its budget recommendations to the Ministry of Finance, where it asked for a rReview of Lands and Building Tax regime in consultation with stakeholders”, the Chamber stated.

“Further, AMCHAM T&T's President Ravi Suryadevara wrote to the Minister of Finance on Friday 24th March, 2017 requesting a meeting to discuss the tax, but to date, no response has been received,” the Chamber stated.

'If the Government would like to promote public-private sector partnership they must create an environment that encourages investment, entrepreneurship, and diversification, greater effort must be made to foster the trust and open dialogue to facilitate such,” the chamber said.

“In a global environment where nothing is certain, and concerns about our economy linger, the Government must make a greater effort to reduce ambiguity and promote confidence to drive growth".

TRINIDAD Y TOBAGO: Property Tax confusion - Chamber warns Gov't

Con Información de Trinidad Express

http://entornointeligente.com/articulo/9901393/TRINIDAD-Y-TOBAGO-Property-Tax-confusion--Chamber-warns-Govt/

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