There will be no property tax.
Prime Minister Kamla Persad-Bissessar yesterday made it clear that under her Government there will be no property tax as was proposed by the former People’s National Movement (PNM) government.
However, there will be a tax regime, but based on the old land and building taxes before 2010.
“I want to make it very clear that my Government will not introduce any property tax, there will be no property tax,” said Persad-Bissessar.
She was speaking to the media following the delivery of the 2013-2014 national budget by Finance Minister Larry Howai.
Persad-Bissessar explained that industrial taxes will be imposed on corporations such as Petrotrin, but this tax measure will not apply to residential and agricultural lands.
“In fact, I had given instructions for a Bill to be drafted that will clearly take the land and building taxes as it was prior to 2010 before the law that was passed by the PNM for the property tax,” she said.
Commenting generally on the budget, the Prime Minister said it was not an “election budget” as some would have expected.
She said it was one that will build on the foundation for further growth and stability of the economy.
Persad-Bissessar said there were many areas for creating sustainable jobs, decreasing the price of food and tackling the pressing issue of crime.
She noted education received the largest slice of the budget as education and training was the way out of poverty and would lead to sustained growth.
The Prime Minister reiterated that her Government has a zero tolerance policy against crime and will leave no stone unturned in its fight.
Noting the beheading of a man yesterday, Persad-Bissessar said the criminal elements have a “gangster-type style” operating to the likes of what one would see in Colombia and other places.
The war against crime, she said, will continue as she disclosed that China has granted funding to install scanners at the nation’s ports.