The Chaguanas Chamber of Industry and Commerce (CCIC), the Couva Point Lisas Chamber of Commerce and the Penal/Debe Chamber of Commerce are calling on government to defer implementation of the property tax until next year.
The Chambers say the business community is reeling as a result of the rising cost of doing business and with growing unemployment in the country, it would be unfair to impose the tax at this time.
The three Chambers met on Wednesday to discuss the issue and expressed concern at the hasty implementation of the tax and the requirements stipulated on the form which they said “cannot be fulfilled before May 22nd, 2017 deadline.”
In a joint statement business groups said they are apprehensive given the uncertainty regarding the stipulated rates and believe that the Government should host a series of consultations to educate the population on the implementation process and the assessment of land and property.
While they say they have no objection to the implementation of the property tax, the Chambers said Government must acknowledge that Small and Medium Enterprises (SME’s) are barely surviving owing to the rising cost of doing business, and the imposition of other taxes such as business levy, green fund levy, NIS, gas increase, unavailability of foreign exchange and vat on food items.
They said they would “prefer if the Government would defer the implementation of the property tax until next year, when more information can be provided to the public and some relief given to the general population as a result of the other tax impositions over the past months and the increased unemployment rate in our Country.”
The Chambers make it clear they have no objection to the property tax, but “firmly believe that such a drastic increase would cause unease amongst the population who are already struggling given the downturn in the economy.”
They suggest that government should apply an incremental increase over the next three years, which can be afforded by citizens.
The Chambers also said they would like to see some transparency regarding the allocation of the funds derived from the property tax and how it is to be used for development.”
