Senator: Property tax burden on citizens

INDEPENDENT Senator Taurel Shrikissoon says owing to mismanagement of funds across administrations, citizens were being required to carry the burden of property tax. He was contributing to debate on the Property Tax (Amendment) Bill in the Senate on Thursday night. He explained that with $37 billion in revenue and $50 billion in expenditure there was about $13 billion deficit, and property tax was being used as a method of financing the deficit and providing an additional source of revenue.

“Whether or not it should be used for that purpose is another question. But I understand the position of the Government.” He pointed out both Government and Opposition accuse each other of mismanagement of public funds, and every dollar of revenue lost or badly spent has to be repaid. Shrikissoon said the country would not find itself in such a tight cash crunch if there were proper management of funds across regimes. He said the burden is made heavier by mismanagement, and through property tax citizens were being asked to carry that burden. If there was better management the use of property tax as a financing mechanism could have been avoided, he said.

“That is why I bleed for the people of TT.” Shrikissoon said property tax has its place but the way it was being used was unfortunate and he preferred that it had not occurred. He said there have been statements that the burden of property tax would be nominal and small, but it must be analysed in the context of increases in the business levy, Green Fund, corporation tax for commercial banks, increase in customs duties, removal of VAT zero-rating on 7,000 items and possible increases in TTEC and WASA rates.

“The nominal value of the tax may be small. but the cumulative effect of the tax is what is affecting the public.”