The Opposition Leader has stated that the government intends to implement and inheritance tax on the citizens of Trinidad and Tobago.
Speaking at last night’s Monday Night Report at the SWAHA Hindu College in Sangre Grande, Persad-Bissessar said, “Tonight, I have to warn you that worse is yet to come. The property tax is only the beginning. The Rowley PNM plans on imposing a 25 per cent inheritance tax on citizens – is this true?
“I’ve been informed of this and I call on the PNM to come clean to the country about this 25 per cent inheritance tax. How long has the Government been having discussions about implementing this on the population?
“An inheritance tax is a tax that you pay when you receive money or property from the estate of a deceased person. Unlike an estate tax, the beneficiary of the money or property is responsible for paying the tax, not the estate.”
“The Government will establish a threshold value under which no inheritance tax will apply. Once that threshold value is surpassed the inheritance tax will be applied. So, when you die and you leave money or property for your children, they are going to have to pay a 25 per cent tax on the value above the threshold amount – is this true?
“They going to tax you even when you dead .. The PNM must scrap the property tax and we’re totally against an inheritance tax,” Persad-Bissessar claimed, showing a video of the PNM’s 2015 manifesto launch where then Opposition leader Rowley denied the PNM would bring back property tax.