Investor Presentaiton
Budget overview (continued)
K
Section 52A of the Property Tax Amendment Act 2018 (Act 6 of 2018) which was assented to on 8 June 2018
provides that the moratorium for the payment of the property tax will be extended from 31 December 2015 to 30
September 2017 or such later date as the Minister may by Order prescribe. No Order has since been passed to
extend the moratorium.
However, unlike corporation tax for instance, property tax is not based on self-assessment but depends on the
issuance of an assessment based on the inclusion of the property in the Valuation Rolls. Section 7A of the
Valuation of Land Act provides that the valuations shall be deemed to be in effect when the Commissioner is of
the view that 50% of all land in T&T has been valued and has so notified the Minister in writing. The completion
of this process should inform the timing of the introduction of the tax. The Government's objective is to
commence the collection of property tax in fiscal 2021, with residential properties. The Minister indicated that,
to expedite the valuation process and validate information on the Valuation Roll, mandatory information
requests would soon have to be completed by property owners under Section 29 of the Valuation Land Act.
The collection of the tax would later be extended to commercial, industrial and agricultural properties, in that
order.
In terms of timing an assessment notice must be served by 31 March of a given year so that taxes can be paid
on or before 30 September of the year in question. If a taxpayer disputes the assessment they may lodge an
objection with the BIR within 21 days from the date of receipt of the assessment. Penalties for not settling the
tax amounts to 10% of the tax and interest is charged at the rate of 15% per annum.
The legislation imposes property tax at varying rates on the annual taxable value of five classification of
properties.
What's Inside
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Territory Leader's message
Tax Leader's thoughts
Budget overview
Budget fundamentals - 2021
Historical economic data
Energy and energy related tax regime
Corporation tax
Value Added Tax & other indirect taxation
Personal Income tax
Stamp Duty
Summary of other measures
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PwC | Trinidad and Tobago 2021 national budget
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