This is the full CTV interview with Dionne Baptiste on the national housing policy and programme on 1st May 2018. Video courtesy CTV
Programme Date: 1 May 2018
Programme length: 00:41:35
Tag: trinidad and tobago
VIDEO: Throwing Light on the Constitution
Josanne Leonard interviewed Afra Raymond on Monday 12th June 2017 on how the three parts of the state work against the backdrop of constitutional issues such as the separation of powers, the quality of representation and the size, origin and role of the Cabinet. Video courtesy Office of the Parliament
Programme Date: 22 May 2018
Programme Length: 00:21:37
Property Matters – more Property Tax FAQs part three
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”
VIDEO: Property Tax interview on Morning Brew – 29 May 2018
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
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 Matters – St Augustine Nurseries part two
The previous column detailed the ways in which this HDC project was being pursued in breach of existing land and housing policy. In this article I will go further, to specify the HDC’s statutory responsibilities, which it is legally bound to discharge. I will also examine the potential for a judicial review of the prospective decision to approve this project.
In addition to the land-use policy points made last week, the HDC is a statutory agency of the State, created by the HDC Act 2005. The HDC’s functions and duties are specified at S.13 (1) –
“…13. (1) Subject to this Act, it shall be the function and duty of the Corporation to—
(a) do all things necessary and convenient for or in connection with the provision of affordable shelter and associated community facilities for low- and middle-income persons…”
The law lists the low-income persons ahead of the middle income persons, which would conventionally denote a priority. The first item in a list taking precedence over the second and so on, but that is straight-line thinking and that is not where we are. Not at all.
HDC’s official responses to my queries stated that less than 22% of the 13,484 new homes allocated between 2003 and 2015 were given for rent. That is a scandalous misallocation of Public Money, given that 95% of the waiting-list comprises persons who cannot afford to buy a home, even on the most generous terms.
Last week, the PM announced plans for a $9 Billion investment in 10,000 new homes to be built in the coming months. That is a virtually unattainable target. Just remember that the original target in the 2002 housing policy was for 100,000 new homes in a decade, but in the 13-year period 2003-2015 only 11,788 new homes were completed. Yes, that’s right, the numbers do not match. HDC allocated 1,696 more homes than were completed in that period, but that is for another article. Continue reading “Property Matters – St Augustine Nurseries part two”
Property Matters – Eden Gardens case
In November 2016, the State filed its lawsuit against certain former Public Officials and their presumed collaborators for alleged fraud in the HDC’s 2012 purchase of 50.5 acres at Eden Gardens in Freeport. The defendants named in that lawsuit were – Jearlean John (former HDC Managing Director), Henckle Lall (former HDC chairman), Greg Davis (former deputy HDC chairman), Peter Forde, Project Specialist Ltd, former commissioner of valuations Ronald Heeralal, Point Lisas Park Ltd, Anthony Sampath, Patrick Soon Ting and lastly, Everil Ross, who was formerly attached to the Valuation Division.
On 17th April 2018, the High Court dismissed the State’s lawsuit when it refused to grant the State further extensions of time to file its full case. That has been claimed by the defendants as a form of exoneration. Nothing could be further from the truth. Nothing.
Continue reading “Property Matters – Eden Gardens case”
CL Financial bailout – the EFPA Details, part one
Declaration
I was a Director of the Trinidad Building & Loan Association (1999-2013) when that organisation purchased EFPA investments and also when those sums were recovered during the bailout via the issue of 20-year bonds.
On Thursday, 22nd March 2018, the Ministry of Finance & The Economy, sent details of EFPA payments (in partial satisfaction of the Appeal Court’s Consent Order of 24th January 2018) under cover of a transmittal letter from the Office of the Chief State Solicitor.
The details provided are for payments of $10.8 Billion in Public Money to EFPA account holders between March 2011 and March 2015. That was an average payout of over $220M TTD per month in that four-year period and would correspond with the September 2011 Parliamentary approval for an additional $10.7 Billion to be spent on the CL Financial bailout. This all raises interesting issues as to the timing of these payments, as shown in this table –
| PERIOD | Minister of Finance statements on bailout costs | EFPA payment details from Ministry of Finance | COMMENTS |
|---|---|---|---|
| BEFORE 3rd April 2012 affidavit of Winston Dookeran | Para 21 “…(a) $5.0Bn already provided to CLICO; (b) $7.0Bn paid to holders of the EFPA…” |
$6,229,920,482 | There is an apparent discrepancy between these figures in the amount of $770,079,518 |
| BETWEEN 3rd April 2012 and 1st October 2012 | “…The cost to the national community has been substantial—an amount of $19.7 billion or 13.0 per cent of our current GDP | $3,144,270,326 | Larry Howai’s 2013 budget statement was that $7.7 Billion had been spent on the CLF bailout after Winston Dookeran’s affidavit. The details from the Ministry of Finance show that only $3.144 Billion of that could be attributable to EFPA payments. |
| AFTER 1st October 2012 | Estimates have ranged from $20 Billion to the $27.7 Billion estimate on 10th May 2017 by the current Minister, Colm Imbert. | $1,449,184,402 | The Public Money spent after that date exceeds an estimated $6.0 Billion, only a part of which went to EFPA account holders. |
| $10,823,375,210 | |||
Continue reading “CL Financial bailout – the EFPA Details, part one”
VIDEO: “The Cole Truth” interview – 21 Feb 2018
This is an interview I did on the show, ‘The Cole Truth with Kimm’, on State Housing Policy & Program with host Kimmie Cole. Video courtesy Synergy TV.
Programme Length: 01:04:35
Programme Date: Wednesday 21st February 2018
VIDEO: Webinar featuring Caribbean Economist Marla Dukharan and leading Trinidadian Transparency Activist Afra Raymond
This is the video for the recent webinar in which we discuss the recently-released Corruption Perception Index:
- The current state of corruption in Trinidad & Tobago
- From accountability to enforcement: What is missing?
- Specific steps that need to be taken to improve transparency
Programme Date: 6 March 2018
Programme length: 57:12
