The San Juan Business Association is adding its voice to those calling on Government to rethink its position on implementing property tax at this time.
The Association wants more dialogue on the issue before the new tax is implemented, and maintains that “compromise must be achieved to navigate through our current economic misfortunes”.
“While taxation is a necessary mechanism to generate revenue in order to manage the affairs of the country; the timing of the proposed property tax initiative is not ideal. Through dialogue, we are of the view that a better solution can be found,” the Association says in a news release.
The SJBA is proposing that instead of applying a 3% rate on the annual rental value of properties, government should consider a 1% rate instead, with the proviso that the rate be reviewed and gradually increased as the economy rebounds, post-pandemic.
“We also believe that an efficient utilization of the revenue generated must lead the discussion before implementation,” the SBJA argues. “We are now picking up the pieces, having been closed for various periods over the last year. The challenge is now to overcome mounting pressure and debt, post COVID 19.”
The SBJA adds: “We are willing to contribute nationally, but dialogue must occur with a comprehensive plan on the benefits to our community in order to put our minds at ease. We are team San Juan, but together with our brother communities, we are also team Trinidad and Tobago. Together, we can solve any problem in our way.”