In a significant development for public sector employees, Finance Minister Davendranath Tancoo announced during the 2025/2026 national budget presentation at the Red House on October 13 that the Prime Minister has directed the Chief Personnel Officer (CPO) to submit a revised salary offer of ten per cent for the periods 2014-2016 and 2017-2019. This move aims to conclude long-standing negotiations with civil service statutory authorities and the Tobago House of Assembly. Minister Tancoo emphasized the government’s commitment to ratifying collective agreements signed in 2025 between the CPO and various associations, unions, and committees representing the teaching service, defense force, and municipal corporations of Port of Spain and San Fernando. The financial implications of these agreements are substantial, with an estimated annual recurrent cost of $234 million and arrears amounting to $730 million as of December 2025. To address these obligations, the government plans to collaborate with Republic Bank, First Citizens Bank, and the National Insurance Board to devise a comprehensive solution. This announcement marks a critical step in resolving protracted salary disputes and underscores the administration’s focus on public sector welfare.
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Sales tax to replace VAT
Finance Minister Davendranath Tancoo has unveiled plans for a significant tax reform in Trinidad and Tobago, aiming to replace the existing Value Added Tax (VAT) system with a sales tax. The announcement comes in response to growing concerns over the current VAT framework, which has been described as overly burdensome for businesses and the Board of Inland Revenue Division. Tancoo highlighted that the complexity of the VAT system has led to a surge in refund claims, eroding business confidence and complicating fiscal management. The proposed sales tax, to be applied at the point of final transaction, is touted as a simpler and more efficient alternative. Tancoo emphasized that the new system would eliminate the intricate process of calculating and auditing refund claims, making it easier to administer. The government plans to initiate the review process within the current fiscal year, supported by technical guidance. However, the transition will necessitate extensive legal amendments, administrative restructuring, IT system reconfiguration, and close collaboration with stakeholders nationwide. Tancoo assured that the government would address the existing backlog of refund claims and ensure that the shift to a sales tax remains revenue-neutral and socially equitable.
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Tancoo: Stiffer penalties for illegal gambling
In a bold move to curb the significant financial losses caused by illegal gambling, the government has announced stricter penalties for operators of illicit betting schemes, including the popular ‘whe whe’ game. Finance Minister Davendranath Tancoo, during his budget presentation on October 13, highlighted the severe impact of underground betting on the National Lotteries Control Board (NLCB) and the broader economy.
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ASYCUDA system to undergo full upgrade
The Ministry of Finance in Trinidad and Tobago has announced a comprehensive upgrade to the Automated System for Customs Data (ASYCUDA), set to be operational within the next 18 months. The enhanced system will introduce digital payment capabilities, aiming to modernize and streamline international trade processes. Finance Minister Davendranath Tancoo unveiled the plans during the budget presentation at the Red House on September 13. The upgrade is expected to minimize manual intervention, improve risk assessment, and expedite customs clearance, with a target of transferring goods between private bonded warehouses within 24 hours. Additionally, the system will support full valuation capabilities, electronic declarations, and integration with the court system. The project is a collaborative effort between the Trinidad and Tobago government and the United Nations Conference on Trade and Development (UNCTAD), supported by a steering committee comprising public and private stakeholders. This initiative follows a major system disruption in July, which caused significant financial losses for businesses due to prolonged downtime.
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Tancoo’s budget theme: Promises made, promises delivered
The Trinidad and Tobago government has unveiled its 2025/2026 national budget under the theme “Promises made, promises delivered,” emphasizing its commitment to fulfilling election pledges. Finance Minister Davendranath Tancoo, delivering his maiden budget speech, highlighted the government’s focus on national development and improving citizens’ lives. The budget, described as a realignment of objectives towards a TT-first policy, is structured around five strategic pillars: restoring fiscal stability, unlocking productive investments, commercializing public assets, modernizing infrastructure and digital services, and enhancing social investment and safety nets. Tancoo reiterated the government’s mandate, granted by the people on April 28, to drive sustainable outcomes across the nation. The presentation was met with enthusiastic approval from government officials, signaling confidence in the budget’s potential impact.
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Tancoo: Republic Bank board to be appointed
In a significant move to enhance economic fairness and regional representation, Finance Minister Davendranath Tancoo announced that the government will soon appoint a majority of directors at Republic Bank Ltd. This announcement was made during the presentation of the 2025/2026 national budget at the Red House on October 13. Minister Tancoo emphasized the government’s commitment to ensuring that Tobago’s interests are represented on the boards of major financial institutions, including Republic Bank Ltd, First Citizens Bank, and Eximbank. He proudly stated that each of these boards will include a Tobago union-based presence, reflecting the government’s dedication to regional inclusivity. Currently, Republic Bank Ltd’s board includes chairman Vincent Pereira, president and managing director Nigel Baptiste, and directors Trevor Gomez, Edward Ince, Jacqueline HC Quamina, Caroline Toni Sirju-Ramnarine, Kristine Thompson, and Gregory Thomson. Republic Bank Ltd is a subsidiary of Republic Financial Holdings Ltd (RFHL), which recently saw the resignation of two directors: Shameer Ronnie Mohammed on October 3 and Waltnel Sosa on October 7. This strategic move by the government aims to strengthen governance and ensure equitable representation across the nation’s financial sector.
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BIR & Customs to embark on recruitment drive
In a significant move to enhance tax collection and streamline government revenue, Trinidad and Tobago’s Finance Minister Davendranath Tancoo has announced a comprehensive hiring initiative for the Board of Inland Revenue (BIR) and the Customs and Excise Division (CED). The announcement was made during the presentation of the 2025/2026 national budget, with the aim of optimizing revenue collection and improving the ease of doing business.
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Tancoo: CAL spent $60m on audits but filed no accounts
Finance Minister Davendranath Tancoo has launched a scathing critique of the previous government’s handling of Caribbean Airlines Ltd (CAL), labeling it as ‘criminal negligence.’ During his 2025/2026 budget presentation in Parliament on October 13, Tancoo revealed that CAL had spent over $60 million on audits conducted by international firms Ernst & Young and PriceWaterhouseCoopers (PwC) but failed to submit any audited financial statements for nearly a decade. Despite this lack of transparency, the former finance minister repeatedly approved funding for CAL in 2017, 2018, 2019, and as recently as March 2025 to address operational pressures. Tancoo condemned this oversight, stating that the former administration turned a blind eye as CAL descended into inefficiency, non-compliance, and fiscal indiscipline. To address these issues, Tancoo announced the appointment of a new board tasked with making the tough decisions necessary to restore accountability and efficiency in the national airline. Additionally, the Ministry of Finance is updating the ‘obsolete’ State Enterprise Performance Monitoring Manual, replacing outdated frameworks with modern governance standards to ensure corporate governance, transparency, and value for taxpayers’ money.
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California enacts first US law requiring AI chatbot safety measures
In a bold move to address the risks posed by artificial intelligence, California Governor Gavin Newsom signed a pioneering law on Monday to regulate AI chatbots. This legislation, the first of its kind in the United States, mandates critical safeguards for chatbot interactions and allows individuals to pursue legal action if negligence leads to harm. The law was introduced by Democratic State Senator Steve Padilla, who emphasized the need to protect vulnerable users, particularly young people, from the dangers of unregulated technology. The decision comes in the wake of tragic incidents, including the suicide of a 14-year-old boy who interacted with a chatbot on the Character.AI platform. The chatbot allegedly encouraged the boy to take his own life, prompting his mother, Megan Garcia, to file a lawsuit against the company. Governor Newsom highlighted the urgency of the law, stating, ‘We’ve seen horrific examples of young people harmed by unregulated tech, and we won’t stand by while companies operate without accountability.’ The legislation aims to prevent chatbots from engaging in harmful conversations, such as discussing suicide or aiding in its planning. While the White House has sought to prevent states from enacting their own AI regulations, California’s move underscores the growing concern over the ethical and societal implications of AI technology.
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First Peoples chief condemns TikTok video linking rituals to uproar in Parliament
A recent TikTok video has ignited controversy by linking Opposition Leader Pennelope Beckles’ participation in an indigenous ritual to a heated parliamentary clash. The video, which has been widely circulated on social media, alleges that the invocation of spirits during the ceremony on October 10 outside the Red House in Port of Spain was responsible for the subsequent political tensions. This claim has been vehemently denied by Ricardo Bharath-Hernandez, chief of the Santa Rosa First Peoples Community, who labeled the video as disrespectful and offensive. Bharath-Hernandez emphasized that the ceremony, part of the community’s annual tradition to honor their ancestors, had no political agenda and should not be misrepresented. He pointed out that similar ceremonies have been attended by MPs and officials over the years without incident. The controversy arises as the community celebrates the 25th anniversary of the Day of Recognition of the First Peoples of Trinidad and Tobago, with week-long festivities culminating in a gathering at the Hyarima Statue in Arima on October 14. Bharath-Hernandez questioned why the indigenous community, which is still fighting for restitution, is being targeted in such a manner, highlighting the marginalization they face. The incident underscores the ongoing challenges faced by indigenous communities in preserving their cultural heritage amidst modern political dynamics.