Budget 2014/15 Sept 9th

[pete]

the real problem is young middle class retards who insist in paying a mil and more for chinky little 3 bedroom flats.............same for cars...........ever see how some people does screw up their face when u tell them u just buy ah local used car?
Sorry eh but if ppl insist on overpaying for shitbox houses and shitbox cars, then they really need to stop complaining :-/

Fact is that it's hard to find land for under 300k for a lot these days, then to build a "basic" house is roughly another 600k. So, that's 900k for a basic house and about a year of stress, first running around trying to get your plans approved, then dealing with contractors, inspectors all the while trying to get funds from the bank, running into cost overruns etc etc. Some people would prefer to just fork out the extra 2-300k to avoid dealing with all that headache and move in somewhere one time.

[TriniAutoMart]

Kamla: Hanging bill coming back
By NEWSDAY STAFF Tuesday, April 9 2013

....

Earlier in her address, the Prime Minister announced that Cabinet has decided to make it possible for citizens earning less than $8,000 a month, to buy their first home with zero down payment at a two percent interest rate for homes costing up to $450,000.

“This means affordable housing for first time home owners. It means every individual who has a dream of owning a home for their family...that dream can now be realised. It means security and peace of mind knowing that your Government is working for you. We are working to help you achieve your goals,” she said.

Code: Select all

http://newsday.co.tt/news/0,175988.html

I'm still trying to figure out where one can find a home for less than $450K?
And what happens to the people who make above $8k and still can afford a home?

Nothing was done to address the real housing problem in this country.

the real problem is young middle class retards who insist in paying a mil and more for chinky little 3 bedroom flats.............same for cars...........ever see how some people does screw up their face when u tell them u just buy ah local used car?
Sorry eh but if ppl insist on overpaying for shitbox houses and shitbox cars, then they really need to stop complaining :-/

I agree with what you are saying MG Man, but what is being done for the people who don't own land and are looking to purchase a first home. What are the choices?

the 2.0 percent mortgage programme is being extended to
all citizens
with access to residential service lots whose incomes do not exceed $8,000 per month and the value of whose property does not exceed $450,000

This still doesn't help me. Making over $8,000/month does not qualify you for a mortgage on a $1.3M property.
How does the Government seriously expect people to afford housing besides the HDC (which for my part is a bunch of "who you know and who knows you").

[Anton]

I hear you bro. I'm in the same canoe. The middle income class is the one that feels the pinch.

[TriniAutoMart]

the real problem is young middle class retards who insist in paying a mil and more for chinky little 3 bedroom flats.............same for cars...........ever see how some people does screw up their face when u tell them u just buy ah local used car?
Sorry eh but if ppl insist on overpaying for shitbox houses and shitbox cars, then they really need to stop complaining :-/

Fact is that it's hard to find land for under 300k for a lot these days, then to build a "basic" house is roughly another 600k. So, that's 900k for a basic house and about a year of stress, first running around trying to get your plans approved, then dealing with contractors, inspectors all the while trying to get funds from the bank, running into cost overruns etc etc. Some people would prefer to just fork out the extra 2-300k to avoid dealing with all that headache and move in somewhere one time.

Don't forget about bridging finance. If you take a mortgage to build your home, the banks tell you to take bridging finance, which is basically lending you money to build your home. The catch here is that you are only paying interest at this point on the amount you are borrowing and the rate being used is higher than your mortgage rate. On top of that, your mortgage doesn't actually start until you get your certificate of completion, so you could go on for about a year just paying interest charges before you actually get your mortgage.

I hear you bro. I'm in the same canoe. The middle income class is the one that feels the pinch.

Nothing for the middle class. Lower income gets rewarded in T&T.

[pete]

Don't forget about bridging finance. If you take a mortgage to build your home, the banks tell you to take bridging finance, which is basically lending you money to build your home. The catch here is that you are only paying interest at this point on the amount you are borrowing and the rate being used is higher than your mortgage rate. On top of that, your mortgage doesn't actually start until you get your certificate of completion, so you could go on for about a year just paying interest charges before you actually get your mortgage.

I hear you bro. I'm in the same canoe. The middle income class is the one that feels the pinch.

Nothing for the middle class. Lower income gets rewarded in T&T.

Yup, and people who say well build a little at first, that means you have to get plans drawn up for the basic house and get that approved, build it and get it completed to start paying the mortgage and then go get new plans drawn up and approved for the rest and start doing additions when you can. Some people could do it but I don't think I can nah..

[RIPEBREDFRUIT]

In essence what SHOULD have been done is that persons who OWN more than 2 houses , apartments of parcels of land then should be MAde to pay a special Tax.
There are far to many people who own 2 and three townhouses outside of their personal home , and they have it vacant demanding a high RENT(expat ting) , this is one the main reasons why Prices are still high around POS area.

If There is a hefty Land Tax for these people to pay then watch and see how rentals and town house prices would fall instantly. No one wants ot simply have an extra home and have ot pay a hefty tax on it for being unoccupied.

[Habit7]

found this in the archives:

http://newsday.co.tt/news/0,136372.html



AG: PROPERTY TAX GONE

By Clint Chan Tack Friday, February 25 2011
click on pic to zoom in

THE DREADED property tax which the former People’s National Movement (PNM) government intended to introduce prior to last May’s General Election is gone forever from the landscape of Trinidad and Tobago.

This was the assurance yesterday from Attorney General (AG) Anand Ramlogan as he responded to statements by Opposition Leader Dr Keith Rowley that the People’s Partnership Government planned to reintroduce property tax through the Land and Building Taxes Bill 2011 which has been tabled in the Parliament. This Bill is expected to be laid in the House of Representatives today prior to resumption of debate on a private member’s motion by Rowley on the handling of information held by the Security Intelligence Agency (SIA).

Addressing the post-Cabinet news conference at the Office of the Prime Minister in St Clair, Ramlogan expanded on the views already articulated by Prime Minister Kamla Persad-Bissessar and Legal Affairs Minister Prakash Ramadhar, the deputy leader of the Congress of the People (COP) which was at the forefront of the “Axe the Tax” campaign in 2009. COP leader Winston Dookeran is the Finance Minister in the People’s Partnership Government.

Ramlogan told reporters at yesterday’s briefing the plan is not to bring back the tax but to get rid of it.

“The Government’s position with respect to this is, and has always been, that property tax was never a good thing for the country. We do not intend to implement any legislative measure that will lead to the reintroduction of the property tax,” he said.

The removal of the property tax was one of main campaign promises outlined in the People’s Partnership’s 2010 general election manifesto.

“Our position was that the people will revert to the old system that was in place prior to the property tax. That old system is precisely what we intend to revert to,” said Ramlogan. Claiming the source of Rowley’s information might be liable to misinterpretation or misrepresentation, Ramlogan said, “Permit me to clarify for the record and to the nation, is that we axed the tax and that has not changed one bit.”

Asked whether the valuation system of the Land and Buildings Taxes Bill would be the same as the one used in the drafting of the 2009 Property Tax Bill, Ramlogan said, “The objective is to collapse back into the old system. To my mind that would mean that whatever people would have had to pay before the introduction of the property tax, they would continue to pay the same rate.” The AG did not give examples of the quantum of tax which citizens would pay for their properties under the Bill.

In the 2009 Property Tax Bill, property taxes were based on percentages on the annual taxable value (ATV) of properties. Residential properties attracted an ATV of three percent. Commercial and agricultural properties had ATVs of five and one percent respectively. Industrial properties (plant and machinery inside the building) and industrial properties (plant and machinery not inside a building) had ATVs of six and three percent respectively.

At a news conference on Wednesday, Rowley said Government was going to impose a seven and a half percent tax on properties based on the ATV ratings of the Property Tax Act, compared to the three percent proposed under the PNM.

In addition, Rowley said the Bill also gives the Finance Minister the power by order to raise the tax to a maximum of ten percent of the ATVs of residential properties.

However, the Land and Building Taxes Bill 2011 does not give a definition of properties but states that taxes will be imposed on lands and buildings. The Bill for example refers to ten acres of land having a tax of $10 per acre. With respect to buildings, the Bill states that there will be an annual tax of 96 cents on every building whose ATV does not exceed $24 while there will be an annual tax of seven and half percent on every building with an ATV over $24.

The Bill also states at Clause 8(2) that “the assessment roll that was in existence under the repealed Land and Building Taxes Act Chap 76:04 and was in use prior to December 31, 2009 is reinstated and shall be used for the purpose of the Act.”

It also states the Finance Minister can raise the tax on buildings to a maximum of ten percent of ATV, which under the Bill is a minimum of $24

[RIPEBREDFRUIT]

Littering is where they would Increase the FINES?
What about those "T" trucks that pulling 20' and 40' containers up and down all the highways that SPEEDING? how about making their fines increase by 300%?
How about people who drive on the shoulder - fines increased by 300%?

come nah!

[pioneer]

I wish they would double to fines for taxis.

Fine goes up for each passenger on board.

[pete]

Actually, I think we need high occupancy lanes here. If the right lane was high occupancy only and it was free flowing, people would be encouraged to take taxis/public transport.

As it is, the bus/taxi are going slower than a car cause they need to stop all over the place so why pay more to use them..

[TriniAutoMart]

Littering is where they would Increase the FINES?
What about those "T" trucks that pulling 20' and 40' containers up and down all the highways that SPEEDING? how about making their fines increase by 300%?
How about people who drive on the shoulder - fines increased by 300%?

come nah!

This ^^^

In essence what SHOULD have been done is that persons who OWN more than 2 houses , apartments of parcels of land then should be MAde to pay a special Tax.
There are far to many people who own 2 and three townhouses outside of their personal home , and they have it vacant demanding a high RENT(expat ting) , this is one the main reasons why Prices are still high around POS area.

If There is a hefty Land Tax for these people to pay then watch and see how rentals and town house prices would fall instantly. No one wants ot simply have an extra home and have ot pay a hefty tax on it for being unoccupied.

This measure would lead to a serious outcry from the public.
It would be considered anti-capitalist and as punishing the well-to-do for being successful.

[teems1]

the real problem is young middle class retards who insist in paying a mil and more for chinky little 3 bedroom flats.............same for cars...........ever see how some people does screw up their face when u tell them u just buy ah local used car?
Sorry eh but if ppl insist on overpaying for shitbox houses and shitbox cars, then they really need to stop complaining :-/

Fact is that it's hard to find land for under 300k for a lot these days, then to build a "basic" house is roughly another 600k. So, that's 900k for a basic house and about a year of stress, first running around trying to get your plans approved, then dealing with contractors, inspectors all the while trying to get funds from the bank, running into cost overruns etc etc. Some people would prefer to just fork out the extra 2-300k to avoid dealing with all that headache and move in somewhere one time.

Land is selling in central from 525k to 600k per lot.

No idea where you're gonna get approved land for only 300k.

[nemisis]

^^^^ that being said land is available in areas other than Chag, Couva, trincity, San Fernando and pos.....

[TriniAutoMart]

^^^^ that being said land is available in areas other than Chag, Couva, trincity, San Fernando and pos.....

Land is available in many locations nemesis but what is the cost for one approved lot (5,000 sq.ft.)?

[rocknrolla]

^^^^ that being said land is available in areas other than Chag, Couva, trincity, San Fernando and pos.....

Land is available in many locations nemesis but what is the cost for one approved lot (5,000 sq.ft.)?

there's a standard price that oversees land distribution nowadays. it is set by government.

known as "rent at exhorbitant fees for under-maintained rental space"

u see, it simple.. while u renting for such high rates and ur salary barely covering, it have no chance u can get ur own land and house. that way u will stay poor, the landlord could let the building run down to the ground and raise rent fees too.

u dont think that it is intentional? u all have alot of waking up to do.

if u dont understand that the nazis in government, both pnm and pp dont want to see u prosper. they like to see u suffering right there. it makes them feel proud of where they are in comparison to u. ur boss dont want to see u prosper either. u think ur boss want to see u better dressed than him or driving a nicer car?

that is why u need God out here. u feel u could go up against the DEMONS in authority conspiring to keep u down and drive u to desperation and temptation by yourself?

but with God by your side. they could fight up how much they want and u will rise while they will fall constantly deeper without realizing. they will be paid in full.

[teems1]

^^^^ that being said land is available in areas other than Chag, Couva, trincity, San Fernando and pos.....

Land is available in many locations nemesis but what is the cost for one approved lot (5,000 sq.ft.)?

there's a standard price that oversees land distribution nowadays. it is set by government.

known as "rent at exhorbitant fees for under-maintained rental space"

u see, it simple.. while u renting for such high rates and ur salary barely covering, it have no chance u can get ur own land and house. that way u will stay poor, the landlord could let the building run down to the ground and raise rent fees too.

u dont think that it is intentional? u all have alot of waking up to do.

if u dont understand that the nazis in government, both pnm and pp dont want to see u prosper. they like to see u suffering right there. it makes them feel proud of where they are in comparison to u. ur boss dont want to see u prosper either. u think ur boss want to see u better dressed than him or driving a nicer car?

that is why u need God out here. u feel u could go up against the DEMONS in authority conspiring to keep u down and drive u to desperation and temptation by yourself?

but with God by your side. they could fight up how much they want and u will rise while they will fall constantly deeper without realizing. they will be paid in full.

Tenants are still charging 2008 pre recession expat prices. Don't mind that the majority of expats are gone, and its locals who are renting...

At the same time, no one forcing them to rent in the West, but if there are people willing to spend 50%+ of their take home monthly salary on rent, so be it. It's a free country.

[ingalook]

Littering is where they would Increase the FINES?
What about those "T" trucks that pulling 20' and 40' containers up and down all the highways that SPEEDING? how about making their fines increase by 300%?
How about people who drive on the shoulder - fines increased by 300%?

come nah!

They increased littering fines?

IT was already too high, that is why practically NOBODY gets charged for littering, what self-respecting officer going to say "Hoss, yuh Bobby paper fall out yuh pocket... yuh getting charge $1000" ????

[matthewmazda]

Once again the middle class people in T&T eh get noting !

[TriniAutoMart]

^^^^ that being said land is available in areas other than Chag, Couva, trincity, San Fernando and pos.....

Land is available in many locations nemesis but what is the cost for one approved lot (5,000 sq.ft.)?

there's a standard price that oversees land distribution nowadays. it is set by government.

known as "rent at exhorbitant fees for under-maintained rental space"

u see, it simple.. while u renting for such high rates and ur salary barely covering, it have no chance u can get ur own land and house. that way u will stay poor, the landlord could let the building run down to the ground and raise rent fees too.

u dont think that it is intentional? u all have alot of waking up to do.

if u dont understand that the nazis in government, both pnm and pp dont want to see u prosper. they like to see u suffering right there. it makes them feel proud of where they are in comparison to u. ur boss dont want to see u prosper either. u think ur boss want to see u better dressed than him or driving a nicer car?

that is why u need God out here. u feel u could go up against the DEMONS in authority conspiring to keep u down and drive u to desperation and temptation by yourself?

but with God by your side. they could fight up how much they want and u will rise while they will fall constantly deeper without realizing. they will be paid in full.

In other words there is no sort of regulation to govern properties and rentals.
This is where the property tax should come in.

[rocknrolla]

i dont know. i think government focuses too much on book guidance from ideals of men who lived long enough ago to be part of the mindset of slavery. thus their thoughts and ideals will convey that psychologically inherent trait in what they put forth. what i mean is, government thinks the only way to solve monetary circulation problems is by creating and increasing taxes on the population.

thus they look for ways to squeeze money out of ppl to go to the treasury. i think there is a better way, especially in a developing country with much room for creation of new sectors. and such a small country to manage with a vision of 5 years makes much cheaper to implement as a government organisation.

and i mean if we want to generate revenues, why dont we invest in services run by the government aimed at filling gaps in our societal needs. these new sectors would provide jobs as well as be run in a way meant to generate a profit from both local and foreign investors. increasing our export through services is also a very cost effective way of generating profit. very little raw materials needed to start and run and profit is generated almost solely from the human resources. no need to stock items for sale, wharehouse costs, transport cost all.

in a way this is what was attempted with CAL, but of course it is a very expensive service to maintain considering all the equipment and level of professionals required for the service to run. im not sure a proper feasibility study was done with CAL because while they pumping money into cal, the tourism sector was being ignored, and tourists being attacked and killed in tobago due to lack of proper protective services implementation. yeah the tourists have fun when they come here anyway, but to many the risk is a deterrent when they read what is happening in this country.

taxes generate a return of funds to the government from the middleclass, but at the rate things going up and ppl pay stay the same at some point, if we keep introducing new taxes, not only will the income generated become insufficient to cover our gdp growth and productivity cycle, but eventually the middleclass will become poor, not able to cover all their taxes and survive comfortably.

if we want to talk taxes, we should talk about large companies and tax write-offs. companies who have gone past a certain level of profitability should pay increased percentage of taxes. especially since they refuse to transfer the wealth to the poor and middleclass so that it could stimulate the economy(more than stimulate.. revive).

but ill tell u what..

none of this would have been a problem today, if we had dragged duprey and calder hart back here by the scruff of their necks and pursue an aggressive set of charges of treason for what they have done.

i estimate a record 50 billion dollars was stolen out of our economy by the antics of these two corporation leaders. and the government should have NEVER followed the USA and it Keynes approach if they REALLY WANTED A SOLUTION.

what they should have done is debt forgiveness for clico policy holders, forcing clico to pay everyone back at least their investment and allow clico et al to fail and restructure. we shouldnt allow banks to purposely pay themselves exhorbitant salaries, effectively cashing out all the profits earned each year, and then when business fail the tax payers have to bail them out?

and on top of it we have to pay higher taxes? while cost of living going up in every area? we are going very wrong and destroying the economy. and that is what i said. the record billions removed from our economy by the tricksters at the top of clico and udecott should be considered a treasonable offence which has countributed to grave national economic instability, rise in inflation and all the rest of the butterfly effect that leads to increased crime due to desperate times.

but watching the enquiry it is quite clear, that even those proported to be prosecuting, are covering for their buddies. u dont move slight so when 2 men gone with 50bn of the country money. it should have been an aggressive legal assault with the highest punishment set on the table and pursued vigorously.

[TriniAutoMart]

i dont know. i think government focuses too much on book guidance from ideals of men who lived long enough ago to be part of the mindset of slavery. thus their thoughts and ideals will convey that psychologically inherent trait in what they put forth. what i mean is, government thinks the only way to solve monetary circulation problems is by creating and increasing taxes on the population.

thus they look for ways to squeeze money out of ppl to go to the treasury. i think there is a better way, especially in a developing country with much room for creation of new sectors. and such a small country to manage with a vision of 5 years makes much cheaper to implement as a government organisation.

and i mean if we want to generate revenues, why dont we invest in services run by the government aimed at filling gaps in our societal needs. these new sectors would provide jobs as well as be run in a way meant to generate a profit from both local and foreign investors. increasing our export through services is also a very cost effective way of generating profit. very little raw materials needed to start and run and profit is generated almost solely from the human resources. no need to stock items for sale, wharehouse costs, transport cost all.

in a way this is what was attempted with CAL, but of course it is a very expensive service to maintain considering all the equipment and level of professionals required for the service to run. im not sure a proper feasibility study was done with CAL because while they pumping money into cal, the tourism sector was being ignored, and tourists being attacked and killed in tobago due to lack of proper protective services implementation. yeah the tourists have fun when they come here anyway, but to many the risk is a deterrent when they read what is happening in this country.

taxes generate a return of funds to the government from the middleclass, but at the rate things going up and ppl pay stay the same at some point, if we keep introducing new taxes, not only will the income generated become insufficient to cover our gdp growth and productivity cycle, but eventually the middleclass will become poor, not able to cover all their taxes and survive comfortably.

if we want to talk taxes, we should talk about large companies and tax write-offs. companies who have gone past a certain level of profitability should pay increased percentage of taxes. especially since they refuse to transfer the wealth to the poor and middleclass so that it could stimulate the economy(more than stimulate.. revive).

but ill tell u what..

none of this would have been a problem today, if we had dragged duprey and calder hart back here by the scruff of their necks and pursue an aggressive set of charges of treason for what they have done.

i estimate a record 50 billion dollars was stolen out of our economy by the antics of these two corporation leaders. and the government should have NEVER followed the USA and it Keynes approach if they REALLY WANTED A SOLUTION.

what they should have done is debt forgiveness for clico policy holders, forcing clico to pay everyone back at least their investment and allow clico et al to fail and restructure. we shouldnt allow banks to purposely pay themselves exhorbitant salaries, effectively cashing out all the profits earned each year, and then when business fail the tax payers have to bail them out?

and on top of it we have to pay higher taxes? while cost of living going up in every area? we are going very wrong and destroying the economy. and that is what i said. the record billions removed from our economy by the tricksters at the top of clico and udecott should be considered a treasonable offence which has countributed to grave national economic instability, rise in inflation and all the rest of the butterfly effect that leads to increased crime due to desperate times.

but watching the enquiry it is quite clear, that even those proported to be prosecuting, are covering for their buddies. u dont move slight so when 2 men gone with 50bn of the country money. it should have been an aggressive legal assault with the highest punishment set on the table and pursued vigorously.

rocknrolla, I understand what you are saying here.
The sad part about everything that you said is that it is falling on deaf ears.
Until the rest of the nation starts thinking in this way, we will not see a change.

[rocknrolla]

well let it fall on deaf ears yes padna. i putting everything in place to counter all what i see on the horizon for my family and friends etc. i expect to be successful and weather the storm by having all my needs. i talk and spread ideas but i cant make all the changes this country need on my own. ppl have to get involved and spread good ideas uncovered by word of mouth. forming a consensus on the ground without a need for organisation per se.

educate our children on the importance of overseeing government and knowing their constitution, educating themselves about the world to predict problems from other countries' experiences, guiding them towards moral attitudes over the robotic and inhuman pursuit of wealth, being helpful to eachother.

when we look around now we can certainly see where our fathers and grandfathers have failed. regardless of material wealth, with no moral compass in the method of attaining that wealth and propogating capitalism i see as inhumane and inconsiderate. and cronyism is what have us here.. an inherent selfishness and a remnant of the days of slavery on both sides.

[TriP]

The bussing of Volney's throat at the end was the best thing in this session yes.

another seat for jack now

[roadhog]

rowley taking the government to task on the budget right now

[zoom rader]

^^^ his contribution will not matter, he always makes a fool of himself

[eliteauto]

^^^ his contribution will not matter, he always makes a fool of himself

so that makes you the Keith Rowley of tuner?

[K74T]

^^^ his contribution will not matter, he always makes a fool of himself

so that makes you the Keith Rowley of tuner?

LOL, definitely

[zoom rader]

^^^ his contribution will not matter, he always makes a fool of himself

so that makes you the Keith Rowley of tuner?

i say I was the racist of tuner.
But on a serious note Rowley can't make an impact his debates are always weak with misleading infor

[zoom rader]

Listening to Rowley debate and it sounds like some utt kid write it, again weak.

[nemisis]

Listening to Rowley debate and it sounds like some utt kid write it, again weak.

you actually listen the whole thing? He tear a third muffler bearing for all involved