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  • Tancoo: 0.25 % asset levy for banks, insurance companies

    Tancoo: 0.25 % asset levy for banks, insurance companies

    In a significant fiscal move, Trinidad and Tobago’s Finance Minister, Davendranath Tancoo, announced the introduction of a 0.25% asset levy on commercial banks and insurance companies operating in the country. The announcement was made during the presentation of the 2025/2026 national budget at the Red House on October 13. Minister Tancoo highlighted that these institutions, due to their substantial size, profitability, and strong asset bases, have consistently reported high earnings and liquidity ratios. He attributed these outcomes to conservative lending practices and favorable monetary conditions. However, he noted that the average citizen continues to face exorbitant fees and negligible returns on savings and investments. The proposed levy, which excludes institutions operating under the Special Economic Zones Act, is set to take effect on January 1, 2026, and is projected to generate approximately $575 million annually for the national revenue.

  • Tancoo reveals $59b budget, $3.8b deficit

    Tancoo reveals $59b budget, $3.8b deficit

    On October 13, Trinidad and Tobago’s Finance Minister Davendranath Tancoo presented the national budget for the 2025-2026 fiscal year in the House of Representatives. The government has outlined a planned expenditure of $59.232 billion, based on projected oil prices of US$73.25 per barrel and natural gas prices of US$4.35 per mmbtu. However, current market prices stand at approximately US$60 for WTI crude, US$63.50 for Brent crude, and US$3.09 per mmbtu for natural gas, indicating potential revenue challenges. Minister Tancoo projected total revenues of $55.367 billion, resulting in a fiscal deficit of $3.865 billion, which equates to about 2% of the country’s GDP. This deficit remains within the internationally accepted benchmark of 3%. The budget prioritizes key sectors, with education and training receiving the largest allocation of $8.76 billion, followed by health ($8.21 billion), national security ($6.36 billion), public utilities ($3.39 billion), and infrastructure ($1.94 billion). Tancoo emphasized the government’s commitment to inclusive growth, stating, ‘When the UNC wins, everybody wins,’ and expressed pride in the budget’s figures.

  • Tobago gets $3.72b in fiscal 2026

    Tobago gets $3.72b in fiscal 2026

    In a significant development for Tobago, the central government has allocated $3.72 billion to the island for the fiscal year 2026. The announcement was made by Finance Minister Davendranath Tancoo during the budget presentation in the House of Representatives on October 13. Minister Tancoo highlighted that the allocation includes $2.96 billion directly to the Tobago House of Assembly (THA), representing 5% of the national budget. Additionally, an extra $763 million will be allocated to various ministries operating in Tobago, bringing the total to $3.72 billion, or 6.3% of the national budget. Minister Tancoo emphasized the government’s commitment to Tobago’s development, stating, ‘When UNC wins, Tobago wins.’ This substantial funding is expected to support the THA’s national agenda and enhance the island’s infrastructure and public services.

  • Modern prison, security upgrades coming

    Modern prison, security upgrades coming

    In a significant move to bolster national security and reform the prison system, Finance Minister Davendranath Tancoo unveiled a series of ambitious initiatives during the 2025/2026 national budget presentation. The plan includes the recruitment of 500 new prison officers, the deployment of intelligence-led operations, and the implementation of advanced E999 systems to enhance emergency responsiveness. These measures are part of a broader government strategy to create a more efficient and rehabilitative prison system. Key upgrades to prison facilities will focus on sanitation, transport, and security, with the introduction of anti-drone technology and cellphone jamming systems to prevent illegal activities. The Port of Spain Prison, set to be decommissioned, will be replaced by a state-of-the-art correctional facility emphasizing rehabilitation. Additionally, the fire service will be strengthened with 280 auxiliary officers, 225 new breathing apparatuses, and upgraded infrastructure at select fire stations. New vehicles and thermal imaging equipment will further enhance operational readiness. Tancoo also highlighted reforms to firearm laws to promote responsible ownership and prioritize rehabilitation over incarceration for non-violent offenders. Other measures include expanding CCTV coverage to improve court security, establishing a forensic science complex, and developing a national security training center at the UWI Debe campus.

  • Government to invest US$12b in maritime sector

    Government to invest US$12b in maritime sector

    In a bold move to revitalize its maritime sector, Trinidad and Tobago’s Finance Minister Davendranath Tancoo unveiled a comprehensive $12 billion investment plan spanning seven years. The initiative aims to create 3,000 jobs and reposition the nation as a regional maritime hub. Key strategies include streamlining immigration and customs procedures, implementing digital clearances, and developing public-private partnership (PPP)-driven marinas and super yacht facilities to boost tourism and attract foreign investment. Additionally, the government plans to repurpose underutilized state assets, such as transforming the Caroni racing complex into a world-class convention center in collaboration with the TT Manufacturers’ Association (TTMA). To further strengthen the economy, a new export academy will be established, aiming to produce 100 export-ready firms annually. The government will also partner with the TT Chamber of Industry and Commerce and the Inter-American Development Bank to provide SMEs with training in trade facilitation, financing, e-commerce, and global marketing. The Eximbank will resume its core mandate of supporting exporters through foreign currency loans, with payments initially made in TT dollars before transitioning to the loan’s currency. Transparency in eligibility criteria and public reporting will ensure fairness, particularly for SMEs. Other initiatives include launching a national registry of exporters, promoting a ‘buy local’ campaign, and advancing partial scope agreements with India and West Africa.

  • Tancoo: Constitutional right to timely trial coming

    Tancoo: Constitutional right to timely trial coming

    In a landmark announcement during the 2025/2026 national budget presentation, Trinidad and Tobago’s Finance Minister, Davendranath Tancoo, revealed the government’s plan to amend the Constitution to guarantee citizens the right to a timely trial. This initiative is part of a broader judicial reform aimed at enhancing the efficiency and effectiveness of the country’s legal system. A key component of this reform is the introduction of a judiciary chancellor, who will oversee caseload management, allowing the Chief Justice to concentrate on matters of jurisprudence. Tancoo emphasized that this move would address long-standing inefficiencies in the administration of justice, which he claimed were neglected under the previous government. Additionally, the government plans to expand and construct new courtrooms in Chaguanas, Rio Claro, Sangre Grande, and Diego Martin to accommodate the growing demand for judicial services. The offices of the Director of Public Prosecutions (DPP) and the public defenders will also be bolstered to ensure a more robust legal framework. Tancoo concluded by asserting that these reforms would prioritize justice administration, a critical area that has historically been underfunded and mismanaged.

  • Tancoo reveals $50m WASA smart-metering project

    Tancoo reveals $50m WASA smart-metering project

    Finance Minister Davendranath Tancoo has unveiled a $50 million smart-metering initiative aimed at modernizing Trinidad and Tobago’s water infrastructure. The program, set to launch in the 2026 fiscal year, is part of a broader strategy to enhance revenue generation and curb water wastage. Tancoo emphasized the government’s decision to scrap the WASA transformation plan, a move that safeguards 3,700 jobs and reallocates $30 million in savings to essential services. He highlighted significant improvements in water supply, particularly in historically underserved areas like Siparia and Maracas Bay, where residents now receive water three times a week and five days a week, respectively. Additionally, a $300 million pipeline replacement program will target key mains in Port of Spain, San Fernando, and Arima. The smart-metering system, initially proposed in 2019 by former Public Utilities Minister Robert Le Hunte, aims to enhance billing accuracy and reduce water losses. Despite previous resistance, the renewed initiative reflects the government’s commitment to sustainable water management.

  • State in settlement talks with ex-SSA director over dismissal

    State in settlement talks with ex-SSA director over dismissal

    Negotiations between the state and retired Major Roger Best, former director of the Strategic Services Agency (SSA), are advancing as efforts to resolve his legal challenge over his dismissal from the elite intelligence unit intensify. Best’s legal team filed a constitutional motion on November 7, 2024, alleging violations of his rights and seeking damages for lost income and reputational harm. The case, heard by Justice Nadia Kangaloo on October 10, was expected to conclude this month. However, the judge has instead requested a filing schedule should settlement talks fail. Sources indicate the state has acknowledged the illegality of Best’s termination in a written proposal, with both parties now discussing potential compensation. Best, appointed SSA director in October 2019, claims he was dismissed without seeing any investigative report and has been unable to secure employment since. His dismissal followed a National Security Council review of a confidential Special Branch report, which led to the termination of dozens of SSA operatives between March and May 2024. Former Prime Minister Dr. Keith Rowley cited national security concerns, alleging the agency was compromised by a “religious cult” plotting to overthrow the government. Best vehemently denies these claims, stating they have irreparably damaged his reputation. Represented by attorneys Arden Williams, Mariah Ramrattan, and Don-Marie Adolphe, Best continues to seek justice for what he describes as an unjust and unlawful dismissal.

  • Court grants extensions in Danny Guerra’s lawsuit against police

    Court grants extensions in Danny Guerra’s lawsuit against police

    The constitutional case filed by businessman Danny Guerra against the police, alleging violations of his and his company’s rights, has been postponed to later this year. Both parties requested additional time to prepare written submissions, prompting Justice Frank Seepersad to grant an extension without a hearing. The case, initially scheduled for October 13, has been rescheduled to November 27. Guerra’s legal team must submit their arguments by October 31, while the state has until November 28 to respond. Any replies from Guerra’s side are due by December 19. Guerra, the owner of DG Homes Ltd, initiated the constitutional motion following a May 2024 search of his company’s Sangre Grande office. He claims that police officers, led by Sgt Rajesh Antoine of the Special Investigations Unit, denied him legal representation during the operation. In January, Justice Seepersad upheld an injunction halting further police investigations into Guerra’s business. Guerra maintains that he provided payroll records to Ministry of Labour officials, who found no wage violations, but alleges that Antoine persisted in questioning him about hiring non-citizens and demanded access to the company’s safe. Separately, on October 11, Guerra, his son, and 17 workers were charged with unlawfully processing aggregate without a license from the Ministry of Energy. Arrested during a police operation on October 9, they were released on bail and are expected to appear before an Arima magistrate on October 22.

  • Labour Ministry invites jobseekers to attend job fair in Portland

    Labour Ministry invites jobseekers to attend job fair in Portland

    The Ministry of Labour and Social Security (MLSS) in Jamaica has announced the St Catherine Job Fair, set to take place on Wednesday, October 29, at Celebration Church in Portmore. The event, running from 9:00 am to 3:00 pm, is designed to connect jobseekers in Portmore and surrounding areas with a variety of employment opportunities across multiple sectors, including hospitality, security, finance, and customer service. Positions such as customer service representatives, baristas, chefs, security guards, accounting clerks, and restaurant managers will be available. Prominent companies like Fontana Pharmacy, Hawkeye, Centerfield Star Bucks Convenient Brands Limited (which includes Dominos and Circle K), SWAT Elite, Guardsman, Optimum, Wendy’s, KFC, Restaurants Associates Limited (including Burger King, Popeyes, and Little Caesars), and Honey Bun will be participating. Lyndon Ford, Director of the Electronic Labour Exchange (ELE), advises jobseekers to research companies of interest beforehand, dress professionally, and bring a positive attitude to enhance their chances of securing employment. Participants are encouraged to register online at lmis.gov.jm, upload their résumés, and bring essential documents such as proof of qualifications, National Insurance Scheme (NIS) card, Tax Registration Number (TRN) card, and passport-sized photographs. Walk-ins are also welcome. For further details, individuals can contact the Ministry at customerservice@mlss.gov.jm or visit mlss.gov.jm/events. This initiative underscores the MLSS’s commitment to fostering social protection and economic stability for Jamaicans by linking them with meaningful employment opportunities.