AMENDMENTS TO PROPERTY TAX ACT NEEDED

CCNTV6

The Finance Minister says that if a residential property owner does not meet  the required tax notices from the Board of Inland Revenue by November 29th, they will not be subject to any penalties and interest.  However, the Finance Minister announced that he "will have to make some appropriate amendments to the law to allow those persons to pay at a future date."  Juhel Browne reports.

Transcript

00:00On Tuesday, Finance Minister Colm Imbert sought to give assurances to residential property

00:05owners in Trinidad and Tobago following his announcement on the social media platform

00:09X on Saturday that the deadline for the delivery by the Board of Inland Revenue of property

00:15tax notices to owners has been extended to November 29, 2024, and the deadline for payment

00:21of property tax for 2024 extended to December 20, 2024. In doing so, he revealed that the

00:30Property Tax Act will have to be updated.

00:33I want to repeat that if you don't get your property tax notice, and I am referring to

00:40the one I just spoke about, which has notice of assessment and is signed by the Commissioner

00:45Board of Inland Revenue, if a property owner does not receive this, they will not be subject

00:51to any penalties and interest. And I will have to make some appropriate amendments to

00:57the law to allow those persons to pay at a future date.

01:01During a virtual media conference, the Finance Minister acknowledged the level of concern

01:05among some residential property owners.

01:08At this time, they don't have to pay. Once they don't get it by the 29th of November,

01:13the end of this month. Okay? Because persons are a little worried. They haven't received

01:18a tax assessment notice, or they have an old one with a 3% rate, or they only have

01:23a valuation notice. They're worried. Do not worry.

01:26And the Finance Minister expressed no worry on the government's part with regard to its

01:32estimate for the collection of the property tax from residential property owners.

01:36As we move towards December 20th, we'll get close to this $190 million estimate of the

01:44residential we expect to collect at this time, because we are now online with First

01:49Citizens Bank. So persons who have online bank accounts with First Citizens can now

01:55pay their property tax online. Republic Bank, I am told, will come on stream live this week

02:03by Friday latest.

02:04Minister Inbred said other banks, quote, are going to fall in shortly thereafter, end quote.

02:10Jule Brown, TV6 News.

Category

Transcript

Be the first to comment

Recommended