The Government of Trinidad and Tobago has estimated it will collect $50 million in property tax revenue for 2023 along with an estimated $13.591 billion in revenue from oil companies, also in 2023. These figures were revealed in the 2023 Budget document, ‘Draft Estimates of Revenue (DER).’
Debate on the 2023 National Budget continues at 10:00 AM this morning (Friday 30th September 2022), with Opposition Leader Kamla Persad-Bissessar presenting her response at the 3rd Sitting of the House of Representatives. The Opposition Leader will have the same 4-hour length of time as Finance Minister Colm Imbert utilized to present the Budget on Monday (26th September 2022). Minister Imbert announced at the time that Government is on track to commence property tax collection in 2023 for residential properties. Assessment of commercial, industrial and agricultural properties will follow. Imbert said the legal structure for the property tax is already in place, but Government intends to make “some simple amendments before the end of the year” to the Valuation of Land Act, to tighten and clarify the procedures for the gathering and processing of information and valuation of properties. The DER document shows a line item for property tax with no actual figure for 2021, an estimate of $100 million for 2022, no revised estimate for 2022 and a 2023 estimate of $50 million. [Source: T&T Guardian] We are a small operation. If you've found our articles to be informative, please consider supporting us via PayPal or buying us a coffee. Your contribution is incredibly appreciated and goes a long way. Simply sharing our articles also helps us. Sign up for our free WhatsApp Alerts to be notified as soon as we post breaking news. NEW! Check out our Merchandise Store for high-quality t-shirts, hats and more!
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