TAXES

NLCB: Taxes will not exceed 500,000 dollars

The National Lotteries Control Board is still calculating exactly how much money it will have to pay back to gamblers but says the amount does not exceed half a million dollars. This as the NLCB issued a statement on Friday that it will have to refund all the 10% deducted for the period July 30th to August 4th.
However, NLCB Chairman Eustace Nancis says he doesn't estimate the figure to be more than 300 to 400 thousand dollars.
Initially, the NLCB announced that winnings crossing $1,000 would be taxed at 10%.

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.

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