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Trinidad And Tobago Firms Raise Property Tax Concerns

by Jason Gorringe, Tax-News.com, London

04 May 2017


Trinidad and Tobago's Chamber of Commerce has raised concerns over the imposition of a six percent property tax on industrial properties, which includes in its scope installed plant, machinery, and equipment.

The property tax was announced in the 2016/17 Budget last October and is charged on the annual rent particular land would be expected to fetch if put up for rent. The rate varies, with agricultural land charged at one percent; residential property, and plant and machinery not housed in a building, charged at three percent; and commercial property, and plant and machinery housed in a building, charged at six percent.

While the Chamber accepted that revenue measures are needed to buoy the territory's finances, it said that taxing installed plant and machinery will deter private sector investment and may be counterproductive.

The Chamber of Commerce also expressed concern that the property tax places average homeowners in a quandary regarding the calculation of the annual rental value for their properties, as government has given no clear indication regarding how this is to be done.

TAGS: tax | investment | property tax | energy | Trinidad and Tobago | manufacturing

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