Property Tax in Trinidad & Tobago

[Dave]

The revenue authority are the ones responsible for ensuring if you are supposed to be VAT registered or should be business registered and paying the necessary corp tax/business levy and green fund levy. They have already started that exercise since early last year.

[drchaos]

That officer authorised by the commissioner may be able to enter my compound without being liable to any legal proceedings or molestation whatever on account of the entry. But he will have a tough decision to make when arrives and has a 120 pound bull mastiff staring him down through the gate.

[EFFECTIC DESIGNS]

What would we be able to do if they forced their way into our property using Bolt cutters and angle grinders?

[drchaos]

http://www.looptt.com/content/10-things ... operty-tax

Check this sweet loophole!

You can apply for a tax deferral, once relevant criteria are met

Section 23 of the Property Tax Act 2009 states that the Board may, upon application of the land owner, authorise the deferral of the payment of the assessed tax on the land on the grounds of the “impoverished condition of the owner and his inability to improve his financial position significantly by reason of age, impaired health or other special circumstances, that undue hardship to that owner would otherwise ensue”.

The Act says if approved, a certificate showing the owner’s inability to pay tax will be issued.

[Sundar]

Did you read the first line? Anyone of you read subsection 2?

[EFFECTIC DESIGNS]

This PNM man call 90.5 fm tonight and he say we should not be complaining about property tax because in the UK they pay $50,000 TT in property tax for the year.

WTF does that have to do with us? since when are we a first world country?

[car]

http://www.looptt.com/content/10-things-know-about-property-tax

Check this sweet loophole!

You can apply for a tax deferral, once relevant criteria are met

Section 23 of the Property Tax Act 2009 states that the Board may, upon application of the land owner, authorise the deferral of the payment of the assessed tax on the land on the grounds of the “impoverished condition of the owner and his inability to improve his financial position significantly by reason of age, impaired health or other special circumstances, that undue hardship to that owner would otherwise ensue”.

The Act says if approved, a certificate showing the owner’s inability to pay tax will be issued.

That is not really a loop hole.
You have to be old and half dead on your death bed to qualify. Once you have possessions they will tell you to sell to improve you financial position to pay the tax.

[src1983]

hold on, something just clicked.
with this new invasion of private property avenue they have here, and the fact that u have to state that u have some sort of business going on on your property, be it renting, parlour, mechanic, etc.
according to the laws, u supposed to be paying VAT and a business levy as a business. the long standing complaint is that doubles vendors dont pay taxes.

so with this new laws, could they now be in a position to enforce the VAT and business levy on the businesses they take note of?

im not discussing if its right or wrong, just that if it is that they use this to start tightening up on people, that would mean they would have their profits eaten into again, and as is the norm, that extra cost will be passed onto the customer.

*rise little inflation birdie, rise!!*

Only the BIR can determine if you become VAT registered, the first flag is sales over a certain amount year I think. They would then request that you apply once sales are consistent.

Also doubles men still need to file income tax returns which they don't. They are sole traders and should be filling out tax forms every year

BIR already start clamping down on some delinquent businesses already. Is only a matter of time before doubles men and parlor owners get it. I watch a man cry when they ask him for VAT returns for that last 5 years

It's too bad they doing this now, but for years people abused the system.

[sMASH]

orrr the system was lapsed... i mean, who do u blame for roaches in the sugar, the roach for going or u for leaving the bottle open.

i remember something about a revenue authority. it sounded like an all inclusive body centralized to address all matters of lost local revenue. even without it, i can see authorized personnel using the invasion provsions, and noting the goings, on. then forwarding the details to the the BIR

if u dont keep good records in your small business, who is repsonsible for initiating the move to being VAT registerd?
who is the onus on to do that VAT thing?

[src1983]

orrr the system was lapsed... i mean, who do u blame for roaches in the sugar, the roach for going or u for leaving the bottle open.

i remember something about a revenue authority. it sounded like an all inclusive body centralized to address all matters of lost local revenue. even without it, i can see authorized personnel using the invasion provsions, and noting the goings, on. then forwarding the details to the the BIR

if u dont keep good records in your small business, who is repsonsible for initiating the move to being VAT registerd?
who is the onus on to do that VAT thing?

The onus is on the BIR, before you could apply on your own, but people used to apply and claim VAT on vehicles and such then deregister after a while. Now they would look at your sales over a period then grant your VAT status.

VAT works both ways where you can have a refund or a payable.

As for your comment about the sugar and cockroach, they closing the bottle.

The revenue authority was put forward by manning to merge customs and BIR to stamp out the corruption in both places. It was designed to gauge the income of a business. For example if you import 1m in goods every month they would expect taxes around $750k in tax at the end of the quarter.

Also they would no longer use you invoices for audit. Example if you buy good from AMCO the auditor could request the invoices made to you from AMCO thus eliminating invoice manipulation.

Kamla and the cabal won the election and never went through with it. So now in a recession we getting it hard.

If you don't keep proper business records the BIR under tax law can assign a figure and penalty. You are mandated to keep 7 years of records for tax purposes

[sMASH]

the assigning a figure and penalty, which sorts of business will have to keep those records?
i am trying to understand the system, and i see the relevance to the topic at hand, thinking bout people who rent out larger houses with many rooms.

is there a level to know when u cross that u should register a business and pay bir and what not?

[Dizzy28]

hold on, something just clicked.
with this new invasion of private property avenue they have here, and the fact that u have to state that u have some sort of business going on on your property, be it renting, parlour, mechanic, etc.
according to the laws, u supposed to be paying VAT and a business levy as a business. the long standing complaint is that doubles vendors dont pay taxes.

so with this new laws, could they now be in a position to enforce the VAT and business levy on the businesses they take note of?

im not discussing if its right or wrong, just that if it is that they use this to start tightening up on people, that would mean they would have their profits eaten into again, and as is the norm, that extra cost will be passed onto the customer.

*rise little inflation birdie, rise!!*

Only the BIR can determine if you become VAT registered, the first flag is sales over a certain amount year I think. They would then request that you apply once sales are consistent.

Also doubles men still need to file income tax returns which they don't. They are sole traders and should be filling out tax forms every year

BIR already start clamping down on some delinquent businesses already. Is only a matter of time before doubles men and parlor owners get it. I watch a man cry when they ask him for VAT returns for that last 5 years

It's too bad they doing this now, but for years people abused the system.

Would they go after doctors too?? Know plenty who I'm sure evading taxes. And they probably raking in more than doubles vendors.

[src1983]

hold on, something just clicked.
with this new invasion of private property avenue they have here, and the fact that u have to state that u have some sort of business going on on your property, be it renting, parlour, mechanic, etc.
according to the laws, u supposed to be paying VAT and a business levy as a business. the long standing complaint is that doubles vendors dont pay taxes.

so with this new laws, could they now be in a position to enforce the VAT and business levy on the businesses they take note of?

im not discussing if its right or wrong, just that if it is that they use this to start tightening up on people, that would mean they would have their profits eaten into again, and as is the norm, that extra cost will be passed onto the customer.

*rise little inflation birdie, rise!!*

Only the BIR can determine if you become VAT registered, the first flag is sales over a certain amount year I think. They would then request that you apply once sales are consistent.

Also doubles men still need to file income tax returns which they don't. They are sole traders and should be filling out tax forms every year

BIR already start clamping down on some delinquent businesses already. Is only a matter of time before doubles men and parlor owners get it. I watch a man cry when they ask him for VAT returns for that last 5 years

It's too bad they doing this now, but for years people abused the system.

Would they go after doctors too?? Know plenty who I'm sure evading taxes. And they probably raking in more than doubles vendors.

Everybody, as BIR has the power to access your bank statements to see your deposits. So unless a Dr literally keeping money under his mattress he will get it too

[matr1x]

The question is, what are we going to do?

We need to be on the war footing. This is an attack on all of us. Do we wait for them to use the property info to pass it to bandits? Do we wait for fake officers to come in and harm families?

[sMASH]

thats an issue thats a problem. the forced entry, with no liability for molestation.

[shake d livin wake d dead]

aint gonna lie PNM MITESSSS all over the country real quiet...pin drop silence in most constituencies.

[zoom rader]

This PNM man call 90.5 fm tonight and he say we should not be complaining about property tax because in the UK they pay $50,000 TT in property tax for the year.

WTF does that have to do with us? since when are we a first world country?

BS.
In the UK you pay council tax and you GET services for it. Here in trini you have to beg for services.

The rules are different if you are renting you have to pay the tax and not the owner because you are receving the services and not the owner.

Agv council tax in the uk is around £1600 for a two bedroom house

[jaggie]

aint gonna lie PNM MITESSSS all over the country real quiet...pin drop silence in most constituencies.

You have to admire loyalty....they ass under pressure and still not a peep....I hope they all realize their leaders are puppets for the white masters still......EVERY SINGLE POLICY implemented with this Government was designed to squeeze cash out of the population's pocket into the coffers, to be spent on non sense projects to fund campaigns financiers.....tell meh I lie...

[noshownogo]

http://www.looptt.com/content/10-things-know-about-property-tax

Check this sweet loophole!

You can apply for a tax deferral, once relevant criteria are met

Section 23 of the Property Tax Act 2009 states that the Board may, upon application of the land owner, authorise the deferral of the payment of the assessed tax on the land on the grounds of the “impoverished condition of the owner and his inability to improve his financial position significantly by reason of age, impaired health or other special circumstances, that undue hardship to that owner would otherwise ensue”.

The Act says if approved, a certificate showing the owner’s inability to pay tax will be issued.

That is not really a loop hole.
You have to be old and half dead on your death bed to qualify. Once you have possessions they will tell you to sell to improve you financial position to pay the tax.

The tax never goes away. It will be deferred to the estate, to be paid upon handover from person previously exempted. Also applies if property is sold.

[$h@dy]

[adnj]

Beachfront home with open floor plan. $20k per month rent.

[viedcht]

Beachfront home with open floor plan. $20k per month rent.

Any weekend rate? How about off season?

[MADMAN1]

They still finding COMFORT in saying Kamla theif all d Money..

If election call tomoro all ah dem will go back & Vote PnM...

[drchaos]

hold on, something just clicked.
with this new invasion of private property avenue they have here, and the fact that u have to state that u have some sort of business going on on your property, be it renting, parlour, mechanic, etc.
according to the laws, u supposed to be paying VAT and a business levy as a business. the long standing complaint is that doubles vendors dont pay taxes.

so with this new laws, could they now be in a position to enforce the VAT and business levy on the businesses they take note of?

im not discussing if its right or wrong, just that if it is that they use this to start tightening up on people, that would mean they would have their profits eaten into again, and as is the norm, that extra cost will be passed onto the customer.

*rise little inflation birdie, rise!!*

Only the BIR can determine if you become VAT registered, the first flag is sales over a certain amount year I think. They would then request that you apply once sales are consistent.

Also doubles men still need to file income tax returns which they don't. They are sole traders and should be filling out tax forms every year

BIR already start clamping down on some delinquent businesses already. Is only a matter of time before doubles men and parlor owners get it. I watch a man cry when they ask him for VAT returns for that last 5 years

It's too bad they doing this now, but for years people abused the system.

Would they go after doctors too?? Know plenty who I'm sure evading taxes. And they probably raking in more than doubles vendors.

Everybody, as BIR has the power to access your bank statements to see your deposits. So unless a Dr literally keeping money under his mattress he will get it too

Why everyone does get such a hard on for physicians and their taxes??? Literally anyone in this country who has a private business is evading taxes. All the way from largest contractors on the island to the little old lady in the parlor by the corner.

If you going to allow your big financiers to do it then everyone deserves a piece of the pie.

[The_Honourable]

aint gonna lie PNM MITESSSS all over the country real quiet...pin drop silence in most constituencies.

A lot of the red and ready crew pretending to welcome the property tax but secretly hoping that others will be able to get it suspended or abolished.

[shake d livin wake d dead]

aint gonna lie PNM MITESSSS all over the country real quiet...pin drop silence in most constituencies.

A lot of the red and ready crew pretending to welcome the property tax but secretly hoping that others will be able to get it suspended or abolished.

not happening

[Dizzy28]

hold on, something just clicked.


*rise little inflation birdie, rise!!*

BIR already start clamping down on some delinquent businesses already. Is only a matter of time before doubles men and parlor owners get it. I watch a man cry when they ask him for VAT returns for that last 5 years

It's too bad they doing this now, but for years people abused the system.

Would they go after doctors too?? Know plenty who I'm sure evading taxes. And they probably raking in more than doubles vendors.

Everybody, as BIR has the power to access your bank statements to see your deposits. So unless a Dr literally keeping money under his mattress he will get it too

Why everyone does get such a hard on for physicians and their taxes??? Literally anyone in this country who has a private business is evading taxes. All the way from largest contractors on the island to the little old lady in the parlor by the corner.

If you going to allow your big financiers to do it then everyone deserves a piece of the pie.

You don't want to Pay Income Tax, You don't want to pay Property Tax, You don't want to drive the legal speed limit.....a regular law abiding citizen you are.

[drchaos]

hold on, something just clicked.


*rise little inflation birdie, rise!!*

BIR already start clamping down on some delinquent businesses already. Is only a matter of time before doubles men and parlor owners get it. I watch a man cry when they ask him for VAT returns for that last 5 years

It's too bad they doing this now, but for years people abused the system.

Would they go after doctors too?? Know plenty who I'm sure evading taxes. And they probably raking in more than doubles vendors.

Everybody, as BIR has the power to access your bank statements to see your deposits. So unless a Dr literally keeping money under his mattress he will get it too

Why everyone does get such a hard on for physicians and their taxes??? Literally anyone in this country who has a private business is evading taxes. All the way from largest contractors on the island to the little old lady in the parlor by the corner.

If you going to allow your big financiers to do it then everyone deserves a piece of the pie.

You don't want to Pay Income Tax, You don't want to pay Property Tax, You don't want to drive the legal speed limit.....a regular law abiding citizen you are.

You are right I don't want to do any of the above ... but I do! Except the speed limit of course that sheit is ridiculous no way in hell I sticking to that.

The reason is I do not get value for the money I spend in taxes ... I have to invest in protection for my own home .. government doh ensure a safe place for citizens to live. I have to pay to fix the drain in front of my house as borough refuses as they say they have no money. I have to pay for my families healthcare (I does get discount) cause the public system is rotten ... trust me I know. I have to pay more for maintenance and repair on my vehicle as the road infrastructure is sheit. By the time my kid is ready for school I will probably have to pay to send him to private school as the public system is deteriorating very quickly.

Remind me why I should want to pay taxes???

[sMASH]

income tax, property tax, or VAT....two out of the three. they should not impose all three. it just compounds and stimulates price hikes.

[src1983]

income tax, property tax, or VAT....two out of the three. they should not impose all three. it just compounds and stimulates price hikes.

VAT isn't a business tax, its a consumer tax

VAT is VAT on selling price less VAT on purchase price = VAT payable to BIR