Finance Minister Colm Imbert confirms, the highly controversial property tax takes effect from January 1st, 2024.

In parliament yesterday, minister Imbert also announced adjustments to the regime including the annual deadline.

He said, people who have not yet received their valuation notices for residences will soon do so via TTPOST, adding that the government wanted certainty in implementing the tax.

When Mr. Imbert delivered the 2024 budget in the parliament in October, he had advised that the collection of property taxes will be effective in the financial year 2024.

Speaking yesterday on the finance bill 2023, minister Imbert noted that implementation of the property tax was just a couple weeks away.

He said clause (6) of the bill made adjustments, which will waive the revenues from property tax for 2023 and previous years.