Government’s Property Tax will become due and payable on or before September of each year, Minister in Finance Allyson West said yesterday.
The collection deadline time of September came as West delivered a statement on the mid year-review in the Senate yesterday. It’s been speculated the tax might begin by September.
West said the moratorium on the waiver of the tax— done by the last administration— will be extended to December 2017 and the tax will become due and payable on or before September of each year. However, there will be no application of retroactive tax from 2017, she added.
West also said amendments to the Property Tax law and Valuation of Land law, which were being done in the Senate last week, were completed.
On other matters, West said a Joint Select Committee of Parliament, which was examining proposed law for the gambling/gaming sector, has sought a consultant’s advice. It’s expected the JSC’s review will be finalised by June 30 to allow for the passage of the proposed legislation.
West said law governing the proposed T&T Revenue Authority will be brought to Parliament in the very near future and will be referred to a Joint Selection Committee for perusal since a special majority vote is required for passage. This is on senior counsel’s advice.
The minister said the TTRA is needed to curb over $1 billion in tax revenue leakage at the Board of Inland Revenue and Customs and Excise Divisions. TTRA’s systems will take into consideration concerns expressed in the Tax Administration Diagnostics Tools report which wasn’t complimentary to T&T’s systems. Report recommendations will be implemented in TTRA’s workings, she added.
West reiterated recent mid-year review statements by Finance Minister Colm Imbert. However, while Imbert said T&T has nine months of import cover with foreign reserves, West said T&T has eight months of cover. Independent Senator Taurel Shrikissoon sought clarification on this.
Source: www.guardian.co.tt (Gail Alexander)