Property Tax in Trinidad & Tobago

[bluefete]

In a freaking recession where inflation will soon be 20% and unemployment rising?

see this is the part where I disagree with Vasant. We will not have inflation. The demand for goods and services in the overall economy isn't there. The money to sustain higher prices in the economy isn't there. The higher cost of doing business will have to be absorbed.

To illustrate, there was on CNC3 an interview with the boss of one of the gas station companies. They asked him point blank if he believed the floating of fuel prices would result in inflation. The boss responded that several times in the past few years government raised fuel prices and inflation actually dropped.

And he's right - the inflation rate for 2017, 2018 and 2019 is tiny despite steep international price increases and domestic tax increases. Even doubles these days effectively dropping in price - the $2 and $3 doubles have big crowds and the $5 doubles man by me making his bara massive. The flour and channa costs going up globally, but to counteract the drop in demand the cost of the labor - the work of the doubles man - is being pushed into lower prices.

Yes, the cost of doing business is going up, but the real problem is the collapse of demand (both globally and locally). I think we might be on the road to seeing [url=https://en.wikipedia.org/wiki/Deflation]deflation[/url] happen as people increasingly keep money in the bank and stop engaging in business activities.

IIRC, Core inflation was 0.2% and headline inflation was 0.6% as at June 2020 according to Central Bank. I often wonder where these people shop to say that inflation is so low.

If deflation happens, crapaud smoke we pipe. I don't think we have ever faced a deflation.

[Redman]

Let's cut the BS. The purpose of the tax is to plunder land. And pnm and their cronies have been dishonest

the lack of the annual filing etc enables land fraud....so you have it back to front....

[elec2020]

In a freaking recession where inflation will soon be 20% and unemployment rising?

see this is the part where I disagree with Vasant. We will not have inflation. The demand for goods and services in the overall economy isn't there. The money to sustain higher prices in the economy isn't there. The higher cost of doing business will have to be absorbed.

To illustrate, there was on CNC3 an interview with the boss of one of the gas station companies. They asked him point blank if he believed the floating of fuel prices would result in inflation. The boss responded that several times in the past few years government raised fuel prices and inflation actually dropped.

And he's right - the inflation rate for 2017, 2018 and 2019 is tiny despite steep international price increases and domestic tax increases. Even doubles these days effectively dropping in price - the $2 and $3 doubles have big crowds and the $5 doubles man by me making his bara massive. The flour and channa costs going up globally, but to counteract the drop in demand the cost of the labor - the work of the doubles man - is being pushed into lower prices.

Yes, the cost of doing business is going up, but the real problem is the collapse of demand (both globally and locally). I think we might be on the road to seeing [url=https://en.wikipedia.org/wiki/Deflation]deflation[/url] happen as people increasingly keep money in the bank and stop engaging in business activities.

IIRC, Core inflation was 0.2% and headline inflation was 0.6% as at June 2020 according to Central Bank. I often wonder where these people shop to say that inflation is so low.

If deflation happens, crapaud smoke we pipe. I don't think we have ever faced a deflation.

The april 2020 imf weo forecasted tnt to experience deflation

[88sins]

In a freaking recession where inflation will soon be 20% and unemployment rising?

see this is the part where I disagree with Vasant. We will not have inflation. The demand for goods and services in the overall economy isn't there. The money to sustain higher prices in the economy isn't there. The higher cost of doing business will have to be absorbed.

To illustrate, there was on CNC3 an interview with the boss of one of the gas station companies. They asked him point blank if he believed the floating of fuel prices would result in inflation. The boss responded that several times in the past few years government raised fuel prices and inflation actually dropped.

And he's right - the inflation rate for 2017, 2018 and 2019 is tiny despite steep international price increases and domestic tax increases. Even doubles these days effectively dropping in price - the $2 and $3 doubles have big crowds and the $5 doubles man by me making his bara massive. The flour and channa costs going up globally, but to counteract the drop in demand the cost of the labor - the work of the doubles man - is being pushed into lower prices.

Yes, the cost of doing business is going up, but the real problem is the collapse of demand (both globally and locally). I think we might be on the road to seeing deflation happen as people increasingly keep money in the bank and stop engaging in business activities.

Some people might see deflation a good thing, not understanding that it's not. But let's not get too hung up on the possible end results to the extent that we forget to understand the causation for those possible outcomes.
A lot of people are losing jobs in all sectors, and there's more than a little uncertainty in the air about where we stand both as a nation and individually. All this uncertainty is what drives people to save and cut back on spending and keep their money on hand or in banks, which in turn shrinks the economy little by little and reduces tax collections, putting the state in a deficit, so they then pressure the people with fines and penalties and taxes. Understand, the more people are taxed, the more likely they are to actively seek out methods of tax avoidance(legal or otherwise), and the more you tax people, the less they willing to spend. The less they spend, the less taxes you collect. It's a cycle but one that can be broken or directed if managed properly.

We need to take quite a few steps before we can see any positive movement that can lead to stabilization and growth of the economy. People need to save, we need to improve our forex earning opportunities and potential, and the state needs to learn to be more efficient with its resources so that the people aren't taxed into oblivion. We're at the beginning leg of a recession, and you can't tax your way out of a recession, that's been established.

[ProtonPowder]

:mrgreen:

Dog whistle for days.


By number 2 s logic we should endeavor to earn less....cuz when you earn more you pay more tax.

Well it’s all tooze.
Vasant trying to go down market.....this should be interesting....

Wait wtf is point 5 true? 2 years upfront? That's 3k minimum for most home owners.


In a freaking recession where inflation will soon be 20% and unemployment rising?

That's seriously a Mugabe vindictive style tax. Wtf.

Anyone have an example of how they're estimating rental value?

Say a typical 3 bedroom, 2 bathroom home on a lot of land valued at 1.2M?

For land with a building on it they dont bother with the capital values

Is a fixed rate per square metre of the building based on the location and type of house. Multiply by size to get monthly rental value, then by 12 for ARV

[Redman]

Taxing your way out of a recession would contradict the 7000 per month tax free income.

This has been on the books for years....the UNC took the political action and even though recognizing the necessity had other motives.

It’s an efficient tax, and will go quite a way to the transparency that we need.

[88sins]

:mrgreen:

Dog whistle for days.


By number 2 s logic we should endeavor to earn less....cuz when you earn more you pay more tax.

Well it’s all tooze.
Vasant trying to go down market.....this should be interesting....

Wait wtf is point 5 true? 2 years upfront? That's 3k minimum for most home owners.


In a freaking recession where inflation will soon be 20% and unemployment rising?

That's seriously a Mugabe vindictive style tax. Wtf.

Anyone have an example of how they're estimating rental value?

Say a typical 3 bedroom, 2 bathroom home on a lot of land valued at 1.2M?

For land with a building on it they dont bother with the capital values

Is a fixed rate per square metre of the building based on the location and type of house. Multiply by size to get monthly rental value, then by 12 for ARV

I'd love to see the complete rate schedule they using, cuz something telling me even that and all might have some issues.

[Kronik]

Taxing your way out of a recession would contradict the 7000 per month tax free income.

This has been on the books for years....the UNC took the political action and even though recognizing the necessity had other motives.

It’s an efficient tax, and will go quite a way to the transparency that we need.

I don't think the majority have a issue with the actual tax, it's what the tax being used for because it's supposed to be for fixing roads, garbage collection, water supply, etc like it is in first world. But that not gonna happen

[paid_influencer]

I'm pretty sure we are in a depression right now, given the downturn has been happening for several years. The COVID shutdown was the nail in the coffin of that debate.

the phrase really should be, "you can't tax your way out of a depression"

[sMASH]

In a freaking recession where inflation will soon be 20% and unemployment rising?

see this is the part where I disagree with Vasant. We will not have inflation. The demand for goods and services in the overall economy isn't there. The money to sustain higher prices in the economy isn't there. The higher cost of doing business will have to be absorbed.

To illustrate, there was on CNC3 an interview with the boss of one of the gas station companies. They asked him point blank if he believed the floating of fuel prices would result in inflation. The boss responded that several times in the past few years government raised fuel prices and inflation actually dropped.

And he's right - the inflation rate for 2017, 2018 and 2019 is tiny despite steep international price increases and domestic tax increases. Even doubles these days effectively dropping in price - the $2 and $3 doubles have big crowds and the $5 doubles man by me making his bara massive. The flour and channa costs going up globally, but to counteract the drop in demand the cost of the labor - the work of the doubles man - is being pushed into lower prices.

Yes, the cost of doing business is going up, but the real problem is the collapse of demand (both globally and locally). I think we might be on the road to seeing deflation happen as people increasingly keep money in the bank and stop engaging in business activities.

Some people might see deflation a good thing, not understanding that it's not. But let's not get too hung up on the possible end results to the extent that we forget to understand the causation for those possible outcomes.
A lot of people are losing jobs in all sectors, and there's more than a little uncertainty in the air about where we stand both as a nation and individually. All this uncertainty is what drives people to save and cut back on spending and keep their money on hand or in banks, which in turn shrinks the economy little by little and reduces tax collections, putting the state in a deficit, so they then pressure the people with fines and penalties and taxes. Understand, the more people are taxed, the more likely they are to actively seek out methods of tax avoidance(legal or otherwise), and the more you tax people, the less they willing to spend. The less they spend, the less taxes you collect. It's a cycle but one that can be broken or directed if managed properly.

We need to take quite a few steps before we can see any positive movement that can lead to stabilization and growth of the economy. People need to save, we need to improve our forex earning opportunities and potential, and the state needs to learn to be more efficient with its resources so that the people aren't taxed into oblivion. We're at the beginning leg of a recession, and you can't tax your way out of a recession, that's been established.

the costs of doing business and acquiring stuff will go up due to govt and international influences. but demand will be reduced due to petrotrin and pandemic. so, we will see a kinda trade off between cost push inflation and demand pull deflation, and prices will have to remain somewhat not as high as it would normally be expected to be.

imburt dem will kinda get away... they will not see the sky rocket as we would normally expect, but a mild trailing upward trend as time goes on.
they will take to the platforms and rail about that, "the opposition predicted doom and gloom but the market balanced itself mr speaker, tnx to our prudent and careful management "

[Redman]

Taxing your way out of a recession would contradict the 7000 per month tax free income.

This has been on the books for years....the UNC took the political action and even though recognizing the necessity had other motives.

It’s an efficient tax, and will go quite a way to the transparency that we need.

I don't think the majority have a issue with the actual tax, it's what the tax being used for because it's supposed to be for fixing roads, garbage collection, water supply, etc like it is in first world. But that not gonna happen

Sure.

But let’s not pretend that there are many that hiding cocoa from the sun

[zoom rader]

Taxing your way out of a recession would contradict the 7000 per month tax free income.

This has been on the books for years....the UNC took the political action and even though recognizing the necessity had other motives.

It’s an efficient tax, and will go quite a way to the transparency that we need.

I don't think the majority have a issue with the actual tax, it's what the tax being used for because it's supposed to be for fixing roads, garbage collection, water supply, etc like it is in first world. But that not gonna happen

Sure.

But let’s not pretend that there are many that hiding cocoa from the sun

Tax is aimed at Injun folk.

It's an injun tax.

Red goverment supporters will be Paying far less cause they know ppl

[ProtonPowder]

I'd love to see the complete rate schedule they using, cuz something telling me even that and all might have some issues.

The rates are grouped into location brackets (bands) of each of the 14 municipal corporations in trinidad, and each bracket has a rate for the different type (class) of dwelling, except in areas like the highest bands of DMRC and PoS where one wont encounter a shack or a substandard dwelling.

Plus the adjustment for the zoom rader tax

[Dohplaydat]

In a freaking recession where inflation will soon be 20% and unemployment rising?

see this is the part where I disagree with Vasant. We will not have inflation. The demand for goods and services in the overall economy isn't there. The money to sustain higher prices in the economy isn't there. The higher cost of doing business will have to be absorbed.

To illustrate, there was on CNC3 an interview with the boss of one of the gas station companies. They asked him point blank if he believed the floating of fuel prices would result in inflation. The boss responded that several times in the past few years government raised fuel prices and inflation actually dropped.

And he's right - the inflation rate for 2017, 2018 and 2019 is tiny despite steep international price increases and domestic tax increases. Even doubles these days effectively dropping in price - the $2 and $3 doubles have big crowds and the $5 doubles man by me making his bara massive. The flour and channa costs going up globally, but to counteract the drop in demand the cost of the labor - the work of the doubles man - is being pushed into lower prices.

Yes, the cost of doing business is going up, but the real problem is the collapse of demand (both globally and locally). I think we might be on the road to seeing deflation happen as people increasingly keep money in the bank and stop engaging in business activities.

Some people might see deflation a good thing, not understanding that it's not. But let's not get too hung up on the possible end results to the extent that we forget to understand the causation for those possible outcomes.
A lot of people are losing jobs in all sectors, and there's more than a little uncertainty in the air about where we stand both as a nation and individually. All this uncertainty is what drives people to save and cut back on spending and keep their money on hand or in banks, which in turn shrinks the economy little by little and reduces tax collections, putting the state in a deficit, so they then pressure the people with fines and penalties and taxes. Understand, the more people are taxed, the more likely they are to actively seek out methods of tax avoidance(legal or otherwise), and the more you tax people, the less they willing to spend. The less they spend, the less taxes you collect. It's a cycle but one that can be broken or directed if managed properly.

We need to take quite a few steps before we can see any positive movement that can lead to stabilization and growth of the economy. People need to save, we need to improve our forex earning opportunities and potential, and the state needs to learn to be more efficient with its resources so that the people aren't taxed into oblivion. We're at the beginning leg of a recession, and you can't tax your way out of a recession, that's been established.

the costs of doing business and acquiring stuff will go up due to govt and international influences. but demand will be reduced due to petrotrin and pandemic. so, we will see a kinda trade off between cost push inflation and demand pull deflation, and prices will have to remain somewhat not as high as it would normally be expected to be.

imburt dem will kinda get away... they will not see the sky rocket as we would normally expect, but a mild trailing upward trend as time goes on.
they will take to the platforms and rail about that, "the opposition predicted doom and gloom but the market balanced itself mr speaker, tnx to our prudent and careful management "

There will be deflation in some sectors, but obviously, with ttec, Wasa, more taxes....there will be inevitable inflation, especially with food. We don't generally price things according to market value in Trinidad, so don't expect a huge drop.

I do expect finally some real estate reduction.

[Lou Screuz]

i

think that

Property Tax should be a flat rate.

change my mind

[matr1x]

Let's cut the BS. The purpose of the tax is to plunder land. And pnm and their cronies have been dishonest

the lack of the annual filing etc enables land fraud....so you have it back to front....

That is the logic you coming with? When you buy land, there are taxes and checks and balances that normally deals with land ownership. This tax will not help with fraud with land ownership or buying.

The annual filing which serves no purpose but to harass people? Or more accurately help to keep track and make sure that in this economic hard times, which lands the hdc getting.

[paid_influencer]

Let's cut the BS. The purpose of the tax is to plunder land. And pnm and their cronies have been dishonest

the lack of the annual filing etc enables land fraud....so you have it back to front....

That is the logic you coming with? When you buy land, there are taxes and checks and balances that normally deals with land ownership. This tax will not help with fraud with land ownership or buying.

The annual filing which serves no purpose but to harass people? Or more accurately help to keep track and make sure that in this economic hard times, which lands the hdc getting.

the hard economic times must be made harder.

[matr1x]

I can tell you that the tax goal is to build up the HDC properties which has very little oversight. And its been known that the officers sent to scope out properties have been selling or been part of kidnapping and bandit rings

[elec2020]

^ watch out guys matr1x is a MP. He knows without a doubt what the property tax is meant for. Tell us more MP matr1x

[Dohplaydat]

Let's cut the BS. The purpose of the tax is to plunder land. And pnm and their cronies have been dishonest

the lack of the annual filing etc enables land fraud....so you have it back to front....

That is the logic you coming with? When you buy land, there are taxes and checks and balances that normally deals with land ownership. This tax will not help with fraud with land ownership or buying.

The annual filing which serves no purpose but to harass people? Or more accurately help to keep track and make sure that in this economic hard times, which lands the hdc getting.

Ministry of Finance have digital records of every land owner, land purchase etc from the dawn of time. They can easily find fraud now, they don't need property tax to do this, what you think it is?

[ProtonPowder]

Ministry of Finance have digital records of every land owner, land purchase etc from the dawn of time. They can easily find fraud now, they don't need property tax to do this, what you think it is?

I can tell you that the tax goal is to build up the HDC properties which has very little oversight. And its been known that the officers sent to scope out properties have been selling or been part of kidnapping and bandit rings

looks like we have a minister of finance and national security in de ched, how lovely

[zoom rader]

Ministry of Finance have digital records of every land owner, land purchase etc from the dawn of time. They can easily find fraud now, they don't need property tax to do this, what you think it is?

I can tell you that the tax goal is to build up the HDC properties which has very little oversight. And its been known that the officers sent to scope out properties have been selling or been part of kidnapping and bandit rings

looks like we have a minister of finance and national security in de ched, how lovely

Well proton why don't expose the bias that is happening with evaluations .

It is clear that tax officers are targeting injun folk

[ProtonPowder]

Well proton why don't expose the bias that is happening with evaluations .

It is clear that tax officers are targeting injun folk

You make the claim, you present the evidence

[Redman]

Let's cut the BS. The purpose of the tax is to plunder land. And pnm and their cronies have been dishonest

the lack of the annual filing etc enables land fraud....so you have it back to front....

That is the logic you coming with? When you buy land, there are taxes and checks and balances that normally deals with land ownership. This tax will not help with fraud with land ownership or buying.

The annual filing which serves no purpose but to harass people? Or more accurately help to keep track and make sure that in this economic hard times, which lands the hdc getting.

...you need to check your facts.

I went in for a clearance last month.
The people in the Sando Rev office dis agree with you entirely.
Regular filings are important...the truth is that our laws have not been modified to keep up with modern ways of doing business.
Or fraud.

If you feel using an analog hand written system....to manage the largest asset class, and the single largest repository of corruption in TNT is ok...then have at it.

[zoom rader]

Well proton why don't expose the bias that is happening with evaluations .

It is clear that tax officers are targeting injun folk

You make the claim, you present the evidence

You know very well of the bias that is applied to injun areas, but refuse to acknowledge this .

[SR]

Digital my ass

Sell or buy a property and see how digital any ministry is with regards to the paperwork involved

[ProtonPowder]

Well proton why don't expose the bias that is happening with evaluations .

It is clear that tax officers are targeting injun folk

You make the claim, you present the evidence

You know very well of the bias that is applied to injun areas, but refuse to acknowledge this .

you know very well of the bias because you know theres a bias because you know theres a bias because you know theres a bias because you know theres a bias because you know theres a bias because you know theres a bias because you know theres a bias because you know theres a bias because you know theres a bias because you know theres a bias because you know theres a bias because you know theres a bias because you know theres a bias

zoom has the intellect of al rawi in the courtroom

[Dohplaydat]

Digital my ass

Sell or buy a property and see how digital any ministry is with regards to the paperwork involved

it's digitised already, jus not in use yet. But soon, this was all part of the property tax plan.

[matr1x]

anyone wants to know who maintaining the database?

Thats a lot of high value targets for the pnm followers to target

[Numb3r4]

Who is maintaining it?