Rambharat distributes 28 leases

As part of Government’s thrust to develop the agriculture sector, farms of any size will now be eligible for tax exemption for a ten-year period. Agriculture, Land and Fisheries Minister Clarence Rambharat revealed this yesterday after distributing agriculture leases to 28 former Caroni Ltd workers at the ministry’s Chaguanas office.

He said previously, 100-acre farms were granted tax exemption status but this was changed after the passage of the 2018 budget. “People who hold agricultural land and it is considered an approved holding by the minister, if the land is up to 100 acres, that activity, the profits or gains in that activity would be tax-exempt,” he said.

“No taxes payable and the period is for ten years. It means it gives people the opportunity to develop the farm without having to pay taxes during the ten-year period. “In order to encourage more commercial-type development we have removed the 100-acre limitation, so any size farm would be available for approval by the minister to get tax-free status in the ten years.”

He noted that to qualify for compensation for flood damage, people have to be registered as farmers who have leases or permission from the landowner to cultivate on the said land and not people who farm in areas considered high-risk such as the river or water reserves.