News: Tax changes in Saudi Arabia, India, Trinidad and Tobago

Changes in the tax burdening in a number of countries have occurred under various government programs. If in Saudi Arabia the taxation of agricultural plots for the development of the agroindustrial complex changes, then in India, as well as in Trinidad and Tobago, the rates of VAT, insurance premiums and property tax will be revised.

So let's go one by one.

Saudi Arabia landing tax

In Saudi Arabia, they plan to introduce a tax on unused land in areas designated for development. The preliminary rate will be equal to 2.5%. These measures will apply only to significant land in Riyadh. Later, the tax will be extended to other areas of the country and to small plots in order to increase the supply of housing in the country.

India: special conditions for suppliers of goods

At the same time, India will introduce a series of measures for service providers and product. For such companies, they plan to introduce two restrictions on exemption from registration and payment of VAT in the amount of 4 million rupees ($ 57,530) and 2 million rupees, respectively. The threshold for registration of service providers will continue to be 2 million rupees, and in the case of a special category of the company - 1 million rupees.

Also for service providers will be provided with a composite scheme with a tax rate of six percent (3% CGST plus 3% SGST) with annual turnover in the previous fiscal year up to 5 million rupees. For companies, an annual turnover limit will be established for access to the drawing up scheme for goods up to 15 million rupees.

Property in Trinidad and Tobago at 3% per annum

The Government of Trinidad and Tobago has begun the procedure for assessing the liability of taxpayers in connection with the new property tax. Soon the state will issue estimates for owners and tenants of real estate.

According to the Minister of Finance Colm Imbert, this tax of 3% will be levied on the 90 percent annual cost of renting property. The whole procedure will take no more than 12 months.

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