T&T 30% Millionaire Tax

[Duane 3NE 2NR]

Government pushes to pass legislation, which would bring the Millionaire Tax into effect by the 1st January, 2017.

In the Senate today, the Finance Minister Colm Imbert also announced that government has collected close to six-million dollars from the Online Shopping Tax.

[lostboys crew]

Future Lotto winners beware

[maj. tom]

nobody does win the lotto. There's no transparency to say otherwise.

[Kalisnakov]

Wonder if ministers n they wives will b payin dis tax? Or d Syrians?

[rspann]

Op like he worried.

[abbow]

Wonder if ministers n they wives will b payin dis tax? Or d Syrians?

sure there is some loophole Colon Insert will allow them to use.....

[pete]

Lotto is tax free.

[death365]

btw how the tax works is that salary over 72,000 - 999,999 will be taxed @ 25%. all income after that will be taxed @ 30 %

[teems1]

Future Lotto winners beware

Lotto winnings are already taxed.

The amount you win goes straight into the bank.

[HSA]

minimum wage checking een....#unaffected

but the issue remains, where would the taxes taken out of your pockets go?

[De Dragon]

minimum wage checking een....#unaffected

but the issue remains, where would the taxes taken out of your pockets go?

Via a very circuitous route into the pockets of the PNM...........................

[eliteauto]

Wonder if ministers n they wives will b payin dis tax? Or d Syrians?

your company earning millions is not "You" earning millions. Most millionaires I know earn around 30-40K in salary a month. Once you understand our taxation laws as well as company asset laws it's easy to avoid paying high income tax

[mitch1980]

accountants have multiple ways of bypassing these .......

[ADONI]

One TAX I doh have to worry about...

[silent_riot]

This will be so easy to evade, it isn't funny. But I think it is a PR move to attempt to earn the trust of the middle class.
The mechanism of collecting tax to offset losses in oil and gas revenue is inherently unsustainable.

[Morpheus]

Hi UML

[Miktay]

Doubt market vendors and doubles men go pay this.

[teems1]

Doubt market vendors and doubles men go pay this.

You honestly think market vendors and doubles men make 84k per month?

[eurotuner]

I aint no accountant, but seeing what SOME accountants do, this should be EASY like pie to evade.
PLUS i don't know any millionaire that collects 1M personal income a year.
I know one that gets 7k + a month (no not me i'm poor af)

[Miktay]

Doubt market vendors and doubles men go pay this.

You honestly think market vendors and doubles men make 84k per month?

Some of them do...

[desifemlove]

So PNM want millionaires to leave the country? and then the tax base diminishes....

[D Diesel Report]

Steups.

Time to 'invest' in Pan, Film and Fashion.

[Slartibartfast]

I aint no accountant, but seeing what SOME accountants do, this should be EASY like pie to evade.
PLUS i don't know any millionaire that collects 1M personal income a year.
I know one that gets 7k + a month (no not me i'm poor af)

I agree... eurotuner poor af






also the other stuff he said makes sense.

[Redman]

There are oil and gas and other executives that get that kind of compensation.

This is just a 5% addition to taxes due on earnings above the 1M.

it probably cheaper to pay it that go through the hoops to try to avoid paying it.

Keep in mind that they would have data on who was declaring that income already.

50k per 1M in income declared above the 1st M.......small ting

How much an antagonistic audit from BIR will cost????

[Country_Bookie]

Most millionaires who own their own company don't even pay the current 25% tax on their income.
Most of their personal expenses are funneled thru the company's books, so they can pay themselves what appears to be a low salary for tax purposes, plus their company records a lower profit and hence pays less tax.

[Dizzy28]

Most millionaires who own their own company don't even pay the current 25% tax on their income.
Most of their personal expenses are funneled thru the company's books, so they can pay themselves what appears to be a low salary for tax purposes, plus their company records a lower profit and hence pays less tax.

This!!

[kurpal_v2]

ballers itt

[bluesclues]

Most millionaires who own their own company don't even pay the current 25% tax on their income.
Most of their personal expenses are funneled thru the company's books, so they can pay themselves what appears to be a low salary for tax purposes, plus their company records a lower profit and hence pays less tax.

This!!

Nt sure but prbably should be considered co-mingling of funds? But yes it is easy especially fr things like 'company car'. Buy a car with company funds. Car is actually personal vehicle lol.

[Miktay]

Most millionaires who own their own company don't even pay the current 25% tax on their income.
Most of their personal expenses are funneled thru the company's books, so they can pay themselves what appears to be a low salary for tax purposes, plus their company records a lower profit and hence pays less tax.

Friend of mine has a smallish construction business. Few years ago she had a really good year.

Accountant called her near year end to warn the tax was going to be high.

When she saw the est tax bill she was shocked. She asked if there was anything she could do to mitigate the tax bill.

Accountant say she must acquire company assets.

So said. So done.

Tax bill reduced.

[pugboy]

correct, its only big name companies pay those kind of salaries directly
every other locally owned business will be compensating the company principals indirectly