Trinidad and Tobago’s business sector entered 2026 with significant apprehension as multiple government-mandated cost increases took effect on January 1st. The sweeping changes include doubled customs declaration fees from $40 to $80 and substantial increases in container examination fees, with 20-foot containers now costing $750 (up from $375) and 40-foot containers rising to $1,050 (from $525).
The pharmaceutical industry expressed particular concern, with Pharmacy Board president Dr. Andrew Rahaman warning that these increases would exacerbate already rising medication costs. “The population could do with some relief,” Rahaman stated, emphasizing that essential medications should be exempt from such increases. He explained that additional landing costs would inevitably be transferred through wholesale suppliers to pharmacies and ultimately to consumers.
Glenwayne Suchit, President of the Private Pharmacy Retail Association, noted that while large conglomerates could absorb the increased fees, many importers would likely use them as justification for further price hikes. Suchit revealed that stakeholders would meet with customs officials and health authorities on January 26th to address monopolistic practices and price transparency issues.
Manufacturing representatives joined the chorus of concern. TT Manufacturers Association CEO Dr. Mahindra Ramdeen acknowledged the importance of border security but warned that the increased costs would “disproportionately impact the manufacturing sector.” Various business chambers amplified these concerns, noting the cumulative effect on small and medium enterprises already struggling with multiple cost increases.
The automotive sector faced separate challenges with adjustments to the Motor Vehicles Act that raised import age limits for CNG vehicles to eight years. TT Automotive Dealers Association president Visham Babwah warned consumers about the pitfalls of older vehicles, citing potential quality issues and emission concerns. While supporting a fairly implemented 30% quota increase for stakeholders, Babwah called for revisions to minor traffic fines, suggesting grace periods for minor repairs.
Despite the widespread concerns, some business leaders acknowledged the government’s need to balance operational costs. TTCSI president Dianne Joseph emphasized that “revenue increases must be matched by service improvements,” urging enhanced efficiency at ports. Couva Point Lisas Chamber of Commerce president Deoraj Mahase reported early improvements in customs processing times, suggesting that faster clearance could offset some increased costs.
The business community now awaits the practical implementation of these changes, with many stakeholders conducting impact assessments and advocating for balanced enforcement that considers both economic realities and necessary regulatory improvements.