Caption: Minister of Planning, Economic Affairs and Development and Minister in the Ministry of Finance, Dr Kennedy Swaratsingh
By Alicia Chamely
PROPERTY tax will not be reinstated, and the more than $135 million collected under the previous administration was deposited into the Central Bank of Trinidad and Tobago (CBTT).
Minister of Planning, Economic Affairs and Development Kennedy Swaratsingh said this on Friday during a sitting of the Senate at the Red House, Port of Spain.
The minister was answering questions put forth by Opposition Senator Faris Al-Rawi.
Swaratsingh gave a breakdown of taxes collected and how it was handled.
“I have been informed that the total persons who paid property tax as of May 2, 2025, was 132,124 persons,” he said, “Total sum of property tax collected as of May 2, 2025, is $135,534,838.81.”
Breaking down the collection process he said, “Property tax collected by the Inland Revenue Division in its capacity as receiver of revenue was initially deposited into authorized commercial bank accounts in accordance with Section 53 of the Financial regulations made under the Exchequer and Audit Act Chapter 6901.”
“These funds were subsequently transferred to the Exchequer account of the Central Bank of Trinidad and Tobago,” he continued.
Of online payments, he said, “Online payments were deposited into the authorized commercial bank accounts held at First Citizens Bank and Republic Bank Ltd.”
“Upon receipt a process of review and reconciliations was taken to validate the payments, where payments were found to be invalid instructions were issued to the respected banks for the return of payer for valid payment. Instructions were sent to the bank to sweep the cleared funds into the Central Bank’s Exchequer account.”
Swaratsingh said payments made directly to the San Fernando City Corporation were deposited into the authorised Republic Bank account, then swept into the Central Bank account.
He said payments received by the Port of Spain City Corporation were deposited directly into the Central Bank.
“In the case of Tobago, property tax payments were deposited into the Tobago House of Assembly’s authorised First Citizens Bank account,” he said, “The relevant information was then transmitted to the Finance Account section of the division of Finance which coordinated with the Treasury to bring the amounts to account. Upon completion of all verification checks the validated sums were then swept into the Central Bank.”
Swaratsingh said all relevant steps and procedures were taken in the collections and banking of the money collected.
Questioned by Al-Rawi as to whether the government planned to reintroduce property tax, Swaratsingh said there were no plans to do so.
He said his government was committed to fulfilling its campaign promises and removing property tax.
