Over $135m collected in property tax

Minister in the Ministry of Finance Kennedy Swaratsingh said 132,124 people paid a total of $135,534,838.81 in property tax as of May 2, 2025.

He made the statement in the Senate in response to a question from former rural development and local government minister Faris Al-Rawi on September 26.

He said the property tax collected by the Inland Revenue Division, in its capacity as a receiver of revenue, was initially deposited into authorised commercial bank account(s), in accordance with Section 53 of the financial regulations made under the Exchequer and Audit Act, Chap. 69:01. These funds were subsequently transferred to the exchequer account at the Central Bank of TT.

Swaratsingh was asked by Al-Rawi whether refunds would be made. He referred Al-Rawi to the answer given by Finance Minister Davendranath Tancoo in the House of Representatives, but did not specify when this answer was given. Swaratsingh was supported by Senate President Wade Mark.

Swaratsingh broke down how the collection and deposits took place. He said payments made online were deposited into the authorized commercial bank accounts held at First Citizens Bank (FCB) and Republic Bank Limited (RBL).

“Upon receipt, a process of review and reconciliation was undertaken to validate the payments. Where payments were found to be invalid, instructions were issued to the respective banks for their return to the payer. For valid payments, instructions were sent to the banks to sweep the cleared funds into the Central Bank’s exchequer account.

“Payments made through the District Revenue Offices (DROs) and the San Fernando City Corporation were deposited into the authorised RBL account and subsequently swept to the Central Bank. These payments were later brought to account at the Treasury Division.”

He said payments received at the Port of Spain City Corporation were deposited directly to the Central Bank, bypassing commercial bank collection accounts.

“In the case of the Tobago House of Assembly (THA), property tax payments were deposited into the THA’s authorised FCB account. The relevant information was then transmitted to the final accounts section of the Division of Finance, which coordinated with the Treasury Division to bring the amounts to account. Upon completion of all verification checks, the validated sums were then swept to the Central Bank.”

He said all relevant governance and reconciliation procedures were observed, in full compliance with the provisions of the Exchequer and Audit Act and all applicable Treasury regulations.

In response to a further question from Al-Rawi, Swaratsingh outlined the sources of law and authority by which the sums of property tax paid and collected were deposited into the identified accounts.

He said the first was Section 13(1) of the Exchequer and Audit Act, Chap. 69:01, which mandates that all revenues or other moneys raised or received for the purposes of the Government shall be paid, into and form part of the Consolidated Fund, unless otherwise provided by any other written law.

The second was Section 53 of the Financial Regulations made under the Exchequer and Audit Act, which states that:

“Receivers of revenue shall deposit all cash, cheques and other moneys with an authorised bank for the credit of the Exchequer Account.”

The third was Section 44(1) of the Central Bank Act, Chap. 79:02, which establishes the Central Bank of Trinidad and Tobago as the “banker for the Government,” responsible for receiving and disbursing public moneys and keeping accounts thereof.

Regional Corporation – Total Property Payment Count – Total Payment

Arima Borough Corporation – 4,616 – $3,957,841.67

Chaguanas Borough Corporation – 9,023 – $11,541,565.55

Couva/Tabaquite/Talparo Regional Corporation – 18,784 – $16,746,713.46

Diego Martin Borough Corporation – 11,447 – $16,926,756.31

Mayaro/Rio Claro Regional Corporation – 4,343 – $1,691,415.40

Penal/Debe Regional Corporation – 9,955 – $10,882,002.53

Point Fortin Borough Corporation – 2,850 – $1,751,747

Port of Spain City Corporation – 3,351 – $4,374,784.24

Princes Town Regional Corporation – 9,808 – $7,595,007.21

San Fernando City Corporation – 7,965 – $11,313,210.28

San Juan/Laventille Regional Corporation – 8,058 – $12,090,368.30

Sangre Grande Regional Corporation – 6,266 – $3,349,259.90

Siparia Borough Corporation – 8,820 – $6,012,937.35

Tobago House of Assembly – 4,264 – $4,070,197.51

Tunapuna/Piarco Regional Corporation – 22,574 – $23,231,032.10

TOTALS: 132,124 – $135,534,838.81