80 entities exempt from tax liability

The National Carnival Commission (NCC) and the National Steel Symphony Orchestra are among a group of 80 entities which are exempt from tax liability. This information is contained in the Property Tax (Amendment) Bill 2018 which was laid in the House of Representatives last Friday by Finance Minister Colm Imbert.

The NCC, orchestra and the other 78 entities are defined in the legislation’s schedule as, “State Enterprises controlled by the State for public purposes exempted from tax liability.” The other 78 entities include all 14 local government corporations, the Central Bank, Land Settlement Agency, Firearms Appeal Board, CEPEP; The TT Electricity Commission, Water and Sewerage Authority (WASA), Police Complaints Authority, Children’s Authority, Children’s Life Fund Authority, TT Blind Welfare Association, the Zoological Society of TT and all of the country’s regional health authorities. Clause Four of the bill will amend Section 10 of the Property Tax Act to make it clear that taxes will be collected annually. Clause Five of the bill amends Section 15 of the Act, to ensure the fact that a building or other chattel creates a tax liability, does not by such liability, “give the person liable to the tax any legal entitlement to the land.”

In his 2017/2018 Budget presentation in the House last October, Imbert said a comprehensive list of all properties is being built, Upon completion, Imbert said this would form the basis for meaningful assessments to be made and for property taxes to be paid by all property owners commensurate with the rental values of the properties. “We intend to have a fully implemented property tax system in 2018,” he stated.