The property tax and a short NIS amnesty are up for discussion in the Parliament, when the Finance Bill (2023) is debated from 10:00 am in the Senate tomorrow, Tuesday 19 December 2023.
Among the issues in the Bill which members of the Upper House are expected to tussle with are the proposal for a tax allowance for the expenditure incurred for the enhancement and promotion of education. Under the proposal, companies can claim up to 150 percent of the expenditure utilised, up to a maximum of TT$500,000.
During the second reading of the Bill in the House of Representatives last Wednesday (December 13), this measure was welcomed by Education Minister Dr Nyan Gadsby-Dolly, who said it would foster a culture of education philanthropy in this country.
Minister Gadsby-Dolly noted that in the US last year, corporate donations via educational philanthropy amounted to roughly US60 Billion, and she argued strongly for such a culture to engendered here, with the corporate sector and government partnering to ensure success in the education sector for the sake of holistic national development.
Another major issue senators in the Upper House are expected to discuss is that of the future of the National Insurance Board. At last Wednesday’s sitting of the Lower House, Finance Minister Colm Imbert stated that a short amnesty would be extended to businesses so they can obtain their NIS clearances, which is essential for them qualifying to provide goods and services to public bodies, in light of the proclamation and full activation of the new public procurement legislation.
Meanwhile, implementation of the Property Tax in 2024 is also expected to be a hot topic for debate in the Senate, tomorrow.
Last Wednesday, Minister Imbert underscored the point that the tax, once implemented properly, would provide a steady stream of revenue which local government bodies can use to help fund all the infrastructural and other projects they need to undertake in their respective constituencies.
The Finance Bill (2023) was passed with amendments in the House of Representatives on Wednesday December 13, 2023.