Trinidad And Tobago Introduces New Property Tax
by Mike Godfrey, Lowtax.net, Washington
24 April, 2017
Trinidad and Tobago's new property tax will take effect from the 2017 fiscal year, according to a recent announcement by the territory's Ministry of Finance.
The tax is imposed on the annual rent particular land would be expected to fetch if put up for rent, less a ten percent deduction reflecting notional voids and loss of rent.
The rate varies from one percent for agricultural land, three percent for residential property, and plant and machinery not housed in a building, and six percent for commercial property, and for plant and machinery housed in a building.
All property owners must complete a Valuation Return Form (VRF) and return this, together with supporting documents, to the Valuation Division of the Ministry of Finance for the calculation of the property's annual rental value.
The Ministry said that residential property owners can expect to receive a VRF by mail. Property owners can also collect VRFs from any office of the Valuation Division, or the forms can be downloaded from the Ministry's website.
VRFs should be submitted in a sealed envelope to any of the eight offices of the Valuation Division by May 22, 2017.
Upon receipt of the completed VRF, the Commissioner of Valuation may notify property owners of field visits to assess and verify the information submitted on the forms.
Further information is available from the Ministry of Finance's website.
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