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
Tag: property tax
Property Matters – more Property Tax FAQs
The recent series of comments on this Property Tax have prompted my return to this controversial issue. Some of those comments were;
- Ved Seereeram’s 8th May 2018 article in the Trinidad Express ‘A terrible way to tax us‘,
- Professor Dilip Dan’s subsequent speculation that the tax somehow targeted Indian people and
- the many strong criticisms arising from a short Newsday article which reported my views as to the fairness of this proposed tax.
The proposed Property Tax has three main differences from the old system which ended in 2009 –
- Revised Valuations – It will be based on updated valuations. In 2009 $143M was raised, the 2017 estimates were for $503M to be raised – the 2018 estimate is $250M, likely due to the delay in passing the required law and the ongoing litigation which is now at the Appeal Court level;
- Database – It will require an open database for proper operation. This open database is the decisive element, which I welcome;
- Funds – The old system allocated those monies to local government, but the new system directs the Property Tax revenue to the consolidated fund. In my view that is detrimental to proper local government.
Property owners have had an unprecedented tax holiday, with no property tax paid since 2009. At a minimum, using the lower 2009 revenues, $1.287 Billion more remained with our property-owners.
I will touch on three of the most common objections – Continue reading “Property Matters – more Property Tax FAQs”
Property Tax Setbacks
The High Court issued a ruIing by Justice Frank Seepersad on Friday 19 May 2017 that the Valuation Return Forms (VRFs) which property owners had been required to complete for the implementation of the Property Tax was to be subject to a “….stay of the implementation and/or enforcement…”. That stay is pending the full hearings of the judicial review case brought by former AG, Anand Ramlogan SC, on behalf of former PP Minister, Devant Maharaj. The State has already filed an appeal and that is to be heard at the Appeal Court on Monday 22nd May 2017.
This important national policy is now before the Courts for determination as to the legality of its implementation at this time. To be sure, there are sharp political rivalries at stake here and heavy questions of how do we attain good public administration. Continue reading “Property Tax Setbacks”
AUDIO: Property Tax interview on 96.1FM
This is my interview on 96.1 FM with Nikki Crosby on Tuesday 2nd May 2017…this was a great session with Tweez…Rodey and Raw Fusion…there were also some engaging ‘phone calls and text messages from the public. Audio courtesy TTRN
Programme Date: 2 May 2017
Programme Length: 00:34:37
AUDIO: The Afra Mandate on i95.5 FM
This is my interview with Mariano Browne and Ardene Sirjoo on I95.5FM on Friday 5th May 2017 on Property Tax and the TSTT agreement to purchase Massy Communications. Audio courtesy i95.5 FM
Programme Date: 5 May 2017
Programme Length: 00:38:23
Property Tax FAQs
This article contains background information on the new Property Tax and answers some Frequently Asked Questions.
Getting the data
In this information age, the government was not able to create an accessible database into which property owners could have directly uploaded the required property details. Why not adopt this more efficient method to gather the information? We can, and must, do better.
Whose Taxes?
These taxes seem to be payable to the Consolidated Fund. It is my view that they ought to be collected by the respective Local Government bodies.
I support the re-instatement of the Property Tax, it is long-overdue and property owners have enjoyed a seven-year holiday since it was last collected in 2009. I have two substantial criticisms which are set out in the sidebar, but overall this is an important and positive move by the government.
There are strong objections and many questions on this new tax with two main sources – people who are genuinely unsure of how the new arrangements will work and political objectors from the Opposition.
These are the national totals of Property Tax paid in the period 1993-2009, compiled from –
- House Rates, which is paid in Municipal Corporations, from the Estimates of Revenue and Expenditure for the Statutory Boards, Similar Authorities and the THA.
- Land & Building Taxes, which is paid in the rest of the country, from the Estimates of Revenue.
VIDEO: Interview on 107.7 FM on Property Tax and CL Financial.
This is my interview with Rennie Bishop on 107.7 FM on Sunday 30 April 2017 to discuss the controversial Property Tax and the prospect of CL Financial being returned to its owners. Video courtesy TTRN -Trinidad and Tobago Radio Network Limited.
- Programme Date: Sunday, 30 April 2017
- Programme length: 50:01
AUDIO: PROPERTY TAX FACTS Interview on Sky 99.5 FM
Afra Raymond was interviewed on Tuesday 28th March 2017 on SKY 99.5 FM on the impending Property Tax by Jessie-May Ventour, Eddison Carr and Dr Wayne Haywood. There is a lot of misleading and uninformed talk on the Property Tax at the moment, so this is intended as a corrective…
Programme Date: 28 March 2017
Programme length: 00:41:04
Property Matters – Tax Facts part two
Further details on property tax are needed to understand the process and possibilities arising from its implementation. The 2010 estimate of revenue from that tax was $325M, as against a 2017 estimate of $503M, so it seems that there has been some allowance for inflation and new properties.
The innate effectiveness of this tax is that property is an immovable asset, so those persons and companies which are now evading other taxes will be unable to escape this new tax on the various properties in their ownership.
Property owners will be required to provide details of their properties to the Ministry of Finance so that the valuation process can be started. Owners who fail to provide details will have their properties valued without their input. The only efficient method of completing that number of valuations is by a mass-valuation approach which uses software to analyse details from owners, along with transaction details, to estimate the correct figures. Continue reading “Property Matters – Tax Facts part two”
Property Matters – Tax Facts
The controversial property tax is now expected to be implemented in the fiscal year 2017 and is estimated to raise $503 million. That is a mere 1.7% of the total revenue estimate of $29.93 Bn from taxation. So why is it so controversial? How will it be implemented? How much can we expect to pay?
The property tax being proposed will tax the fixed assets and income streams of persons who are currently avoiding any payments of tax to our Treasury. It is relatively tiny in size, yet it can unlock disproportionate benefits in the public interest.
Our taxation system has done a poor job at levying on the self-employed and companies, as stated so often in the past. The proposed implementation of the Trinidad & Tobago Revenue Authority (TTRA) is expected to create a structure which can effectively tackle this widespread pattern of tax evasion. The previous attempt, during 2009, met with stiff opposition, so it remains to be seen if the current economic downturn will foster a different reaction. Continue reading “Property Matters – Tax Facts”
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