PROPERTY TAX TO BE IMPLEMENTED IN TRINIDAD AND TOBAGO

The Minister of Finance, Hon. Colm Imbert, has informed the Parliament of Trinidad and Tobago that property taxes will be collected in 2024. He stated that residents who have not yet received valuation notices for their residential houses will soon receive them by mail. The Minister mentioned that d...

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Bibliographic Details
Published in:Parliamentarian 2024-01, Vol.105 (1), p.99
Main Author: Ramoutar, Paras
Format: Article
Language:English
Subjects:
Income taxes
Tax legislation
Taxation
Valuation
Online Access:Get full text
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Summary:The Minister of Finance, Hon. Colm Imbert, has informed the Parliament of Trinidad and Tobago that property taxes will be collected in 2024. He stated that residents who have not yet received valuation notices for their residential houses will soon receive them by mail. The Minister mentioned that during the delivery of the 2024 Budget in October 2023, he had previously announced the implementation of property tax collection in the following financial year. The Valuation Division of the Ministry of Finance has already sent out 33, 787 notices, with a total of 200, 000 notices planned to be issued. The Government had waived property taxes in 2023 and previous years. Additionally, the Minister announced that the National Insurance Board (NIB) has experienced an increase in revenue, with the number of beneficiaries and contributors rising. In 2023, there were 491, 726 contributors, an 8% increase from the previous year (455, 448 in 2022), and beneficiaries increased by 4.1%. This resulted in over 36, 000 more contributors, and contributions reached TT$4.807 billion in 2023.
ISSN:0031-2282