The government lowers the property tax rate to 2% from 3% and issues refunds for 801 payments. Unauthorised suspension notices are regretted
Finance Minister Colm Imbert announced in Parliament on Friday that the government will lower the Property Tax rate from 3% to 2%.
This decision, affecting 801 payments made up to March 13, 2024, aims to address the initial rollout challenges of the new property tax law, described as novel compared to the previous Land and Building Tax. Imbert has instructed the Board of Inland Revenue to apply the new rate to these payments and issue refunds promptly. The adjustments involve over TT$1 million. Additionally, unauthorised suspension notices for Property Tax payments posted by well-intentioned employees were deemed regrettable by Imbert, who emphasised the need for official authorisation in the future.
