Having Perspective

Over the past several months, I have been speaking to my co-workers, friends, allies and a few strangers about the financial situation internationally and how it is affecting us in our country. Seventy percent of them displayed verbal and physical signs that they would prefer complacency and willful ignorance of the problem. Twenty-six percent of them agreed that something was wrong but are taking no proper actions against it. The rest agree and are taking the steps to defend themselves. If you live in the twin island state of Trinidad and Tobago, let us take the time to understand what may lie ahead.

A fuel hike to reduce the gas subsidy bill the government pays – The price of all goods and services will be increased (food, transportation, clothing, bills you pay, etc.) Bad driving habits, driving long distances and having a bad view of a car will cost you in the long run.

 

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Online Tax will be nice to some of the local businesspeople who love to “make a killing” with their prices

 

Implementation of an Online Shopping Tax – Seeing this will affect all of us it means that prices of most goods and services will increase again (as we do not manufacture most of the goods we crave for). If you want something different, fancy or just not located in Trinidad and Tobago, you will have to pay more to import it.

Implementation of Property tax – Depending on where you live, it will cost you more and rent may rise as a result.

Luxury taxes, especially on alcohol and cigarettes, will increase – The cost of hanging out, parties, fetes and carnival will increase. The people you associate with and your core views on “what makes a hangout/celebration excellent” will determine how much this affects you.

 

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Surely someone in our country is going to die because of this

 

Taxation on casinos and gambling machines – cost more to gamble. This tax may increase illegal gambling facilities and murder rate (when the gambling goes sour)

Increases in NIS taxes – less take home pay to survive.

With these things looming in the air, do you still think that we should sit and do nothing about it? Do you think these things will be “going away” anytime soon? Is investing in bitcoin and other assets still a bad idea? Lastly, what are you doing to protect yourself from the problems that exist and will be created when these things are implemented? Take wise action, for it is you in your older years and your children that will suffer or benefit as a result!

Sources

http://www.cnc3.co.tt/press-release/more-taxes-2017-budget

http://www.finance.gov.tt/wp-content/uploads/2016/04/2016-Mid-year-Budget-Review.pdf

http://www.nibtt.net/Downloads/downloas_2016/Rates.pdf

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