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BlueIce wrote:but wait ...ent there is men on this forum who claim they have INSIDE info that PTAX is alive and well??
BUAHAHAHAHAHAHAH
Aribabs wrote:This PP think they can fool everybody. We will still have to pay property tax aka LAND AND BUILDING TAX. They gave us ther impression that it will be gone forever but they just got rid of the name 'proprty tax' reintroducing land and building taxes. I would like the AG to state what is the difference between the 2 taxes....NONE! And to top it off its not 3.5% like the PNM proposed but 7.5%. Blasted con men this government is! Ambiguity is a hell of a thing.
Aribabs wrote:It was originally 'land and building tax' then PNM named it 'property tax' to earn revenue for the country and made it3.5%. PP say they will abolish the 'property tax', but the smart buggers never said anything about abolishing land and building tax eh which is the same thing? That way they could come back and drop the same l&b tax on we ass and call it by another name. As long as it aint name property tax they think they fooling the people, but they will only fool people who want to be fooled! So for those who don't know property tax = land and building tax ie there is no difference except by name.
Come clean on LAND TAX—Tesheira
Published: Sun, 2011-02-27 23:53
Karen Tesheira
The property of tax defaulters will be forfeited in one year if the new Land and Building Taxes Act being put forward by the Government is implemented. Old age pensioners, the vulnerable and earners of fixed incomes will also be hard hit in addition. Citizens will pay “significantly more” land and building taxes if the new rate—7.5 per cent—on the annual rental value is applied.
In an interview with the Sunday Guardian yesterday, former finance minister, Karen Tesheira said the People’s Partnership must tell the nation if the assessment is to be based on the 2008 rate or current updated valuation of 7.5 per cent. Tesheira said if the 2008 valuation was to be applied, citizens would have to pay the rate that obtained then. If they are going to use the updated valuations—which they have provided for in the Valuations Act and also in the Lands and Building Taxes Act—however, people are going to be paying significantly more taxes.
Giving an example, Tesheira said the tax paid on a $20,000 property under the 2008 valuation would have been just over $100, while the owner of the same property now valued at $300,000 would have to pay an estimated $2,800 in taxes, at the updated rated. “The Government has to tell the nation about the effect of the legislation,” Tesheira added. The Lands and Building Taxes Act, to be presented for debate by Finance Minister Winston Dookeran, she noted, removes the exemption granted to old age pensioners and earners of fixed income. “So there is no provision for exemption of taxes for categories of persons who are in certain financial situations,” she added. Under the PNM’s Property Tax, this group of people were exempted from the taxes.
Tesheira revealed that in the former Property Tax Act, the property of citizens in default of paying the tax would have been forfeited within a period of five years. In the PP Bill, defaulters would lose their property in 12 months. While the Government is claiming the Bill was the same as what existed before the Property Tax was passed in 2009, Tesheira said if the new Bill would lead to increase taxes, then it would not be the same. “It cannot be the same if I am not paying the same thing,” she stressed. She said the new legislation also gives Dookeran the authority to increase the rate for residential property by Order to ten per cent. Last week, Prime Minister Kamla Persad-Bissessar denying this, said: “No, no, not true. In fact, we have approved a Bill that will repeal the Act that was passed by the last administration. So that is totally false, totally false.”
BlueIce wrote:BUAHAHAHA @ Aribabs
land and building tax IS NOT the same as propery tax! ....the pnm removed the already exisiting L&B tax which was EXTREMELY LOW and replaced it with PTAX which was in some cases over a 100% increase in taxation.
The PP is bring back the L&B tax in its orignial form! no tax increase
cant get it through you skull?? then come see me in my office , EWFC building Min of Finance.
but i guess you are yet another self proclaimed know it all who claims insider information right??
Aribabs wrote:BlueIce wrote:BUAHAHAHA @ Aribabs
land and building tax IS NOT the same as propery tax! ....the pnm removed the already exisiting L&B tax which was EXTREMELY LOW and replaced it with PTAX which was in some cases over a 100% increase in taxation.
The PP is bring back the L&B tax in its orignial form! no tax increase
cant get it through you skull?? then come see me in my office , EWFC building Min of Finance.
but i guess you are yet another self proclaimed know it all who claims insider information right??
Ummm that's what I said, it was originally L&B tax, then the PNM changed it to property tax, just a different name but does the same thing....which is tax your property, land and building!! The PP has reverted back to L&B but the tax is much more than what the PNM proposed in their PT. The PP so damn deceiving they say they getting rid of property tax, they made the population think they will never have to pay for their property ever again, they didn't say you will have to pay the same tax just under a different name....and more money to boot.
In the former Property Tax Act, the property of citizens in default of paying the tax would have been forfeited within a period of five years. In the PP Bill, defaulters would lose their property in 12 months.
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