The Minister of Finance, Honourable Colm Imbert, MP, wishes to advise that the time period for the Board of Inland Revenue to issue Notices of Assessment of Property Tax has been extended from June 30, 2024, to July 31, 2024, vide Legal Notice No. 115 of 2024 (see the Legal Notice attached).

This has become necessary to permit the Valuation Division to deliver Notices of Annual Rental Value (ARV) and make appropriate adjustments to ARVs where required and for the Board of Inland Revenue to deliver Revised Notices of Assessment for Property Tax (at the reduced rate of 2%) to residential land owners and occupiers not yet in receipt of same.

Madam Speaker, I am authorized by Cabinet to make the following statement regarding the implementation of Property Tax in Trinidad and Tobago.

The Government has been making steady progress in the implementation of Property Tax. To this end, we are currently at the stage where Notices of Tax Assessments under the Property Tax Act, have been issued to a number of residential landowners and occupiers. This process commenced in February 2024. Prior to this, Notices of Valuation of Land were issued with that process commencing in November 2023.