Minister of Finance, Colm Imbert, officially announced Government's intention to reduce the property tax rate from 3% to 2% in Parliament this afternoon (Friday 15th March, 2024). A total of 801 payments were made for property taxes up to 13th March, 2024, amounting to just over TT $1 million.
Minister Imbert said he has given instructions to the Board of Inland Revenue (BIR) to calculate the received payments at the new 2% rate, and issue refunds to the 801 taxpayers as soon as possible. He said the decision comes after “teething issues” experienced in the roll-out, describing the new property tax law as “novel” compared to the old land and building tax. He said notices which were posted at offices on Thursday (14th March, 2024), indicating the suspension of payments for property tax were not authorized by the Ministry of Finance and were done with “good intentions” by employees. However, he said this was regrettable, and hopes employees would wait for authorization before issuing such notices in the future.
According to the Minister in Parliament this afternoon, “With regard to the notices that were posted on the doors of some Regional Revenue Collection Offices yesterday, stating that property tax payments had been suspended until further notice, these notices were not authorized and should not have been put up, especially in view of the fact that the Property Tax Amendment Act 2024 is not yet law.”
He continued, “My investigations have revealed that some of the staff in the BIR, after becoming aware of the provisions in the Amendment Bill, took it upon themselves to do this, with apparent good intentions, but without authorization, and without my knowledge or consent. However, this is not the way that a Cabinet decision should be communicated to the public, especially on a matter as sensitive as this. I am disappointed that this procedural lapse occurred, and it is my hope and expectation that the public servants involved will learn from this mistake.”
Minister Imbert added, “On behalf of the Government, I wish to express my deep regret to all those who were inconvenienced. Now that the Bill is before the Parliament, I have requested the Permanent Secretary in the Ministry of Finance to request the BIR to cease the collection of property tax until the new rate of residential property tax is in effect. Additionally, I have been advised by the BIR that up to Wednesday March 15, 2024, a total of 801 payments of property tax had been made for a total of $1,030,864.55 (an average of $1,297 in annual property tax). All of these taxpayers will be issued with new tax notices at the new rate of 2% and refunded, and I have asked the BIR to do so promptly.”
Read the Minister’s full 9-page statement this afternoon in Parliament:
More on this as it becomes available.
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