Trinidad and Tobago has confirmed that it will introduce a property tax next year, in the territory’s newly released annual Budget.
Property tax, which has so far gone uncollected, will be prospectively enforced from 2019. In addition, the first-time buyer stamp duty threshold for residential property will be increased from TTD850,000 (USD126,000) to TTD1.5m from January 1, 2019.
The Budget also announced increased fines for fiscal crime, including an increase to the penalty for tax fraud from TTD50,000 (USD7,419) to TTD250,000, and the penalty for fraudulent documents filed for tax purposes is to be increased from TTD3,000 to TTD10,000.
The Budget also confirms the creation of a new Gambling Control Commission and an improved regulatory regime for gambling operators from next year.