The T&T Chamber of Industry and Commerce says it is concerned with the timing of the implementation of the property tax on citizens and its financial impact.
In a media release on Friday morning, the Chamber issued a statement saying while it "understands the need for the implementation of property tax", consumers have already been hit by increases in costs "and to institute an additional cost on homeowners would make it difficult for them to meet their existing commitments".
The Chamber says it understands that the revenue generated from the property tax is a necessity to pay for services and operations of the local government bodies and hopes that it is executed in an equitable manner based on the criteria laid out for charges to be applied to properties.
The statement went further in saying, "The T&T Chamber further hopes that it does not deter business owners from maintaining their companies’ plant and machinery as well as updating their infrastructure to industry-related best practices. We have in the past called for a revision of the six per cent tax on industrial properties to apply strictly to physical property and not install cost of plant, machinery, and equipment inside or outside."
In saying that they are willing to work with the Ministry of Finance to find a solution, the Chamber has maintained the view that introducing a top-line tax on businesses’ revenues may be a disincentive for further investment in a time when the emphasis is to create an enabling environment for business growth and so have a ripple effect of less taxable opportunities for government.