Afra Raymond participated in this Property Tax webinar on Tuesday, 26 July 2022 for the Henley Business School, Caribbean Alumni Chapter. “Considering the current Property Tax situation, ambiguity of the transition from the Land and Building System to the new system, we have taken the opportunity to provide clarity to our Alumni community and invited participants to make informed decisions.”
Afra Raymond was interviewed by Satesh Mahabir on Property Tax on the Morning Panchayat show on Aakash Vani 106.5 FM on 16th February, 2022. UNC Senator Jayanti Lutchmedial was the other guest on the programme.
Afra Raymond joins a panel on The Pandemic Economy, the pre-budget show on TV6 Television in Trinidad and Tobago, where he and the other speakers discuss the local construction industry and the public debt to it, public procurement along with the soon-to-be-implemented updated Property Tax regime. Video courtesy CCN TV6
Afra Raymond is interviewed by Jason Williams on The Morning Brew on CNC3 TV on the topic of property tax in light of the impending roll out of the updated taxation regime. Video courtesy CNC3 Television.
The T&T Guardian newspaper interviewed Afra Raymond on the issue of the new property tax regime and its re-introduction into the country. Following is the article with the series of Q&As with Editor/Journalist Debra Wanser for the article, published on Sunday, Sep 19 2021. Click here to read the complete article on the Trinidad and Tobago Guardian website
The Government collected $143 million in 2009, the year that the old Property Taxes ended.
The current estimates of the Property Tax to be collected are to the tune of $504 million annually, so that is about three-and-a-half times more than what property owners paid in 2009, according to Afra Raymond, chartered surveyor and managing director of Raymond & Pierre Limited.
The revenue lost over the last 12 years since the axing of the tax could be more than $5.50 billion, Raymond estimated.
Raymond, a past president of the Joint Consultative Council for the Construction Industry (JCC), said the move to implement the Property Tax would be widely unpopular at a time of many burning issues, including the COVID-19 pandemic and the existing socio-economic situations.
Raymond believes that with only a slim parliamentary majority, the introduction of the new Property Tax will be a considerable gamble for the Government.
T&T is getting set to reintroduce Property Tax as one of the revenue streams which is expected to bring in millions of dollars for the Treasury.
While there is no specific date given for the rollout, the Government has started laying the foundation. They are attempting to populate the valuation roll. The Government has put out advertisements calling on citizens to file information on property and land ownership with the Valuations Division, Ministry of Finance (MOF). If citizens fail to do so by the end of November 2021, they can face a fine of $5,000.
With this move, Property Tax can be levied on residential and commercial properties and agricultural lands.
Raymond felt that the objections from the Opposition United National Congress elements are bemusing, to say the least. This, he said, is for two reasons–”Firstly, the official record of tax collections from 1993 to 2009 as shown in the graph and table below. When the UNC was in power in the seven-year period 1995-2001, there was a dramatic and unexplained decline in the collections of Land & Building Taxes, which are collected in the non-municipal areas. That decline was reversed when the UNC left office. The table and chart give the details, based on my research in the official records of the Ministry of Finance.
“Secondly, the People’s Partnership (PP) used ‘Axe the Tax’ as a strong slogan in the 2010 general election which they won with 29 out of 41 seats. With that rare three-fifths majority in hand, there was tremendous scope for the PP to have lawfully changed or removed any laws or arrangements it wished, without any need for PNM support. Like the Property Tax, for instance. But that never happened, for whatever reason.”
You are of the view that the revision of the property tax is long overdue, can you elaborate on the need for this, please.
Yes, Property Tax is long overdue. The last time Property Tax was collected in T&T was in 2009, so 2022–which is next year, which is what is under discussion–would make that a total of 12 years that no taxes were paid by property owners. By any measure, that is a tremendous benefit that has been enjoyed by property owners. In the previous taxation system, the property taxes were called House Rates for the five Municipalities and Land & Building Taxes for the other parts of the country. The five municipalities are Port-of-Spain, San Fernando, Arima, Point Fortin and Chaguanas.
Afra Raymond was interviewed by Richard Ragoobarsingh and Senator Paul Richards on Power 102FM’s Power Breakfast Show on Property Tax, soon to be implemented in Trinidad and Tobago. Audio courtesy Power 102 FM
Apart from the strong objections to the re-introduction of property tax, there are tantalising points emerging on the need for those taxes to be used to pay for local government services. Local government is one of the sectors which is in most frequent contact with the needs of communities, such as maintenance of drains and playing-fields; garbage collection; road repairs and many other such services.
One of the common positions on this tax is one in which there is no real objection to property tax as such, but there are local government and property valuation concerns expressed. Most of those persons seem to have a strong preference for the property tax to be used to fund their local government services, which then leads to an objection to the valuation approach. Those persons seem to hold the view that the extent to which one property is more valuable than another ought not to be the basis for setting the property taxes, if those properties are using broadly similar levels of local services. One can understand that this approach would appeal to those who own the more valuable properties, but one can equally say that those who own more modest properties would be displeased if their property tax bills were the same as their neighbours with larger and more valuable properties. It is complicated. Continue reading “Property Matters – more Property Tax FAQs part three”
This week I will provide further necessary correctives on the impending re-introduction of the Property Tax, which is not a new tax. It previously existed as House Rates in the five cities and Land & Building Taxes in the other parts of the country.
Self-employed and professionals and sole traders have always under-reported their earnings and never paid the correct taxes. Those people often use property as a useful place to store their untaxed wealth. We have never really dealt with this tradition of tax evasion amongst our successful citizens and I cannot remember anyone being imprisoned or having property auctioned due to taxes owed. Whatever my doubts about the motivation of the American Imperium in pushing its ‘anti-tax haven’ agenda, some things do give cause for a pause. For instance, the Financial Times article of 28 June 2017 – ‘Trinidad & Tobago left as the last blacklisted tax haven‘. Continue reading “Property Matters – more Property Tax FAQs part two”
Hema Ramkissoon on CNC3’s The Morning Brew spoke with Chartered Surveyor Afra Raymond about the Property Tax. Mr Raymond said the Tax is not a new tax. Video courtesy CNC3
Programme Date: 29 May 2018
Programme Length: 00:17:38
This is the recording of my interview on On Point on 94.1FM Boom Champions on Property Tax. I was interviewed by Kalifa Clyne, DJ Brent and DJ Hans. Audio courtesy Boom Champions.
Programme Date: 3 June 2018
Programme Length: 00:53:01
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