Government will “likely” exempt pensioners and people living on fixed incomes from the property tax, Finance Minister Colm Imbert said yesterday.
He did so in the Senate debate of the 2016 budget while again outlining budget areas. The budget was passed in the House of Representatives on Monday night.
Imbert said the last waiver, which had been in place for the last five years, on the property tax would end on December 31. He said the tax would be reinstituted from next year at the old rates.
He said there would be a special regime for elderly and lower income levels. For instance, he said, people living in Woodbrook whose property may have risen in value and who are pensioners or living on fixed incomes, would likely be exempt from the tax in order for the situation to be equitable.
Imbert also said Government had already started speaking to the Central Bank on reducing the foreign exchange demand.
This week, he added, Government would meet the Central Bank to request a return to the pre-2014 Forex system and to ensure that legitimate demands would be met.
Imbert said the demand was one of the biggest problems cited at pre- budget forums and by business groups. He said Government would have an open door policy for all stakeholder groups in business so that Government could know of the challenges being faced.
He added Government would be moving to regulate the casino/gaming sector which at the present time in its unregulated state, could be facilitating money laundering, crime and other social ills.
He said Government would pass the Gaming Act after consultations with stake-holders and non-governmental groups.
Imbert said the T&T Unified Teachers Association felt Government should institute some form of means for testing people who were wealthy regarding GATE application.
He said Government had to consider if someone earning $150,000 a month should get free universal education with GATE since GATE targetted those who needed assistance.
On revival of the TT Revenue Authority (TTRA), Imbert said as much as $5 billion was estimated to be lost in revenue due to non-collection and the TTRA would provide a means to facilitate that.