Country: Trinidad & Tobago (West Indies)
Location: Point-Lisas Industrial Estate
Industry: Petrochemical - Methanol
Facts: The Municipality of Couva is enforcing the Land & Building Property Tax.
Project attributes:
- Conflict with Municipality Act
- Incoherence on whether Plant & Machinery are considered as "Buildings"
- Assets Evaluation Issue: Capital or Fair Market Value
- Dual Taxation Risk
- Consequent Provisions
Point-Lisas Industrial Estate is home to major Heavy Industrial world players:
-Downstream Energy
-Steel Mills
-Several integrated Ammonia - Melamine and Urea manufacturing plants
-GTL (Gas to Liquid) processing facility
Financial Risks: The enforcement of the municipality Act will have damaging financial consequences in retroactive Tax payments.
Mission: Investigated via local tax authority interacted with the District Revenue Officer to obtain a fair certified valuation of the Chemical plant assets. Filed and executed Tax Payment on-time. Resulting in significant Tax Savings.
