TAXES

Church, charity, school bodies still exempt from Property Tax

It’s official: property used by churches, educational and charitable institutions will continue to be exempt from the Property Tax Government intends to implement this year.

Finance Minister Colm Imbert confirmed this yesterday following queries about a clause in new proposed Property Tax legislation which was laid in Parliament last Friday. Also presented was new Valuation of Land proposals to effect the VOL act. Both pieces will be debated later on.

Gov't says Chamber wrong, businesses owe $16b in taxes

The Ministry of Finance says the Chamber of Industry and Commerce has misunderstood the IMF report.

While the Chamber says the Government owes businesses $5.5b in VAT, the Finance Ministry contends that businesses owe roughly $16b in taxes.

The following is a press release from the Ministry of Finance:

The Ministry of Finance wishes to set the record straight on statements made by the Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) in a press release dated November 28th, 2017.

A look at the new tax measures and other increased costs

Finance Minister Colm Imbert has read the 2018 Budget and has announced several new tax measures.

The Budget will see increases in costs for the average man as well as for businesses and corporations.

So here are some of the new tax measures and increased costs introduced today.

YOU WILL PAY MORE FOR FUEL IN YOUR CAR

- Adjustment to subsidy will increase super from $3.58 to $3.97 per litre. $2.30 to $3.41 diesel. -

White House: Trump paid $38 million in income tax in 2005

President Donald Trump paid $38 million in taxes on income of more than $150 million in 2005, the White House confirmed on Tuesday.

Trump made a "large-scale" write-off for construction losses in 2005, the White House said, in response to questions about a partial disclosure of his tax return from that year.

He also paid "millions of dollars in other taxes such as sales and excise taxes and employment taxes," an official said, without giving further details.

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