Carib Scope

分类： business

  • Customs recovers RD$1.59 billion in taxes after audits of Asian importers

    Customs recovers RD$1.59 billion in taxes after audits of Asian importers

    Santo Domingo – Dominican Republic’s tax authority has successfully recovered approximately RD$1.592 billion in unpaid import duties through targeted enforcement operations. The General Directorate of Customs (DGA) conducted 49 comprehensive audits focusing primarily on businesses within the Asian import sector, with particular emphasis on enterprises of Chinese origin, according to their year-end 2025 report.

    The audits represent a strategic component of the agency’s post-clearance monitoring system designed to enhance compliance with customs regulations. These measures ensure proper declaration protocols, accurate commodity valuation, correct classification of goods, and full payment of applicable import taxes.

    In a recent enforcement action, Customs officials intervened at a commercial establishment in La Vega province to verify adherence to current customs requirements. The DGA’s broader enforcement efforts between 2020 and 2025 have yielded substantial results, with 139 audits conducted resulting in total tax adjustments reaching RD$4.509 billion. The agency emphasized that legitimate trade operations continue unaffected throughout these compliance measures.

    The DGA highlighted its collaborative approach through the Roundtable Against Unfair Competition and Illicit Trade, an interagency initiative led by the Ministry of Finance and Customs. This partnership brings together public institutions and private sector representatives to combat customs fraud.

    Key implemented strategies include enhanced risk analysis during cargo processing, deployment of advanced X-ray scanning technology, utilization of body cameras for transparency, coordinated audits with the Internal Revenue Service (DGII), international cooperation with foreign customs administrations, and permanent closure of companies engaged in illicit activities.

  • Government Defers Trade License Act Rollout

    Government Defers Trade License Act Rollout

    The Belizean government has announced a significant postponement in implementing the Trade License Act, No. 19 of 2024, delivering relief to rural businesses across the nation. Originally designed to establish a unified licensing framework for both urban and rural enterprises, the legislation will now undergo a delayed rollout until the 2026 licensing period.

    This strategic deferral means the existing regulatory structure under the previous Trade License Act remains temporarily in force. Consequently, only businesses operating within incorporated towns and cities are presently obligated to pay trade license fees. Commercial entities in rural districts and offshore communities, including popular destinations like Caye Caulker, receive an unexpected reprieve from these financial obligations.

    Government officials clarified that the postponement stems from procedural necessities to fulfill all parliamentary prerequisites before formal enactment. The administration emphasized this interim period allows for thorough administrative preparation and system implementation.

    For entrepreneurs who proactively submitted application fees anticipating the 2025 changes, the government confirmed these payments will retain their validity and be credited toward future licensing under the new system. The Ministry of Rural Transformation has been designated as the primary contact for business owners seeking additional clarification regarding the revised timeline and procedural adjustments.

  • CPSO reaffirms commitment to CSME and regional integration

    CPSO reaffirms commitment to CSME and regional integration

    The Caribbean Community’s private sector has emerged as a pivotal institutional partner in advancing regional economic integration, with the CARICOM Private Sector Organisation (CPSO) achieving formal associate status within the Caribbean Community framework in October 2020. This strategic alignment has enabled coordinated advocacy and project development aimed at realizing the full potential of the CARICOM Single Market and Economy (CSME).

    Regional business leaders from Trinidad & Tobago, Jamaica, Barbados, Guyana, and across the Organization of Eastern Caribbean States have issued a collective statement affirming the CSME’s demonstrated economic benefits. According to their assessment, the single market framework has substantially boosted intra-regional commerce, strengthened supply chain resilience, generated significant foreign exchange earnings, and stimulated economic activity throughout member states.

    The vision for regional economic integration traces its origins to the historic 1989 Declaration of Grand Anse, which initiated the process culminating in the 2001 Revised Treaty of Chaguaramas that formally established the CSME. Launched in 2006, this ambitious initiative continues to represent a relevant development aspiration for Caribbean nations seeking expanded economic scale and enhanced opportunities for their citizens.

    Caribbean business organizations emphasize the complementary nature of intra-regional trade and external commercial relationships, particularly with the United States as the bloc’s principal external trading partner. These dual trading dimensions are viewed as mutually reinforcing components that enhance economic diversification and resilience.

    Amid current global economic volatility, private sector representatives stress the critical importance of policy stability, investor confidence, and constructive intergovernmental engagement. The collective statement underscores the particular relevance of regional solidarity expressed through the ‘stronger together’ principle, positioning CARICOM as an essential platform for transforming economic vulnerabilities into strategic assets through deeper integration.

    The regional business community acknowledges its vital role in CSME enhancement efforts, recognizing the mechanism’s importance for collective sustainability in an increasingly fragmented global economy. Signatory organizations expressed appreciation for the inclusive framework extended by CARICOM leadership and reaffirmed their commitment to collaborative implementation of the single market vision.

    The statement concludes with seasonal goodwill messages to Caribbean citizens and anticipations for continued dialogue regarding regional advancement and security.

  • Police arrest GRA staff for probe into vehicle under-declarations

    Police arrest GRA staff for probe into vehicle under-declarations

    In a significant crackdown on corruption, Guyanese authorities have taken at least eight employees of the Guyana Revenue Authority (GRA) into custody as part of an expanding investigation into systematic tax evasion on imported vehicles. The arrests, confirmed by a senior GRA official on Tuesday, December 23, 2025, reveal alleged collusion between customs and licensing personnel that enabled substantial revenue losses.

    The investigation centers on imported vehicles handled by BM Soat, a prominent auto import agency already known to authorities for previous compliance issues. According to anonymous sources within the GRA, evidence suggests coordinated misconduct between different departments within the revenue agency that facilitated under-declaration of import taxes and duties.

    This development follows BM Soat’s previous settlement of over GY$220 million earlier this year for similar false declaration charges. Despite these prior penalties and ongoing court proceedings, the importing firm remains under active investigation as a central figure in the alleged scheme.

    Law enforcement officials have not yet quantified the total financial impact of the suspected tax evasion, but the scale of the operation suggests potentially massive revenue losses for the Guyanese government. The arrests represent one of the most significant anti-corruption actions taken against GRA staff in recent years, highlighting serious vulnerabilities in the nation’s import tax collection system.

    The detained employees face potential charges related to corruption, fraud, and conspiracy to evade taxes, with investigations continuing to determine the full extent of the financial damages and identify additional participants in the alleged scheme.

  • GBA Enterprises delivers holiday “Laundry of Love” to various facilities

    GBA Enterprises delivers holiday “Laundry of Love” to various facilities

    In a significant corporate social responsibility move, GBA Enterprises Ltd. has introduced its inaugural “Laundry of Love” program, delivering crucial support to local care institutions during the holiday period. The initiative saw the distribution of specially prepared gift baskets containing PEROS brand laundry detergents to three key facilities: CHANCES, the Grotto Home, and the Infirmary.

    The comprehensive support package extends beyond immediate donations, with each recipient organization receiving exclusive discounted access to PEROS laundry products throughout the entire 2026 calendar year. This strategic approach addresses both immediate seasonal needs and long-term operational requirements for these care providers.

    Company management emphasized that the program specifically targets the substantial laundry challenges faced by care facilities, where maintaining hygiene standards is paramount to daily operations. The combination of product donations and extended discounts enables these institutions to better manage budgetary constraints while ensuring consistent access to essential cleaning supplies.

    Geoff Astaphan, Managing Director of GBA Enterprises Ltd., explained the rationale behind the initiative: “Care facilities experience relentless laundry demands that intensify during the Christmas season. Our program delivers meaningful assistance when it’s most needed while providing sustained support through the coming year.”

    The “Laundry of Love” campaign represents a component of the company’s broader seasonal outreach efforts, reflecting its commitment to developing practical, needs-based community support programs. GBA Enterprises Ltd. has indicated plans to continue tracking the impact of this initiative while developing future corporate social responsibility projects.

    For ongoing updates regarding the company’s community engagement activities and promotional offerings, the public can follow @GBAEnterprisesLtd across Facebook and Instagram platforms.

  • Business groups: Regional stability a priority

    Business groups: Regional stability a priority

    Trinidad and Tobago’s leading business organizations are emphasizing the critical importance of maintaining regional stability while pursuing international market expansion. This position emerges following recent diplomatic tensions between Prime Minister Kamla Persad-Bissessar and Antigua and Barbuda’s Prime Minister Gaston Browne regarding CARICOM’s effectiveness.

    Business leaders have unanimously expressed support for CARICOM as Trinidad’s second-largest non-energy export market, behind only the United States. The consensus follows revelations that Trinidad earned approximately US$1.1 billion in foreign exchange from CARICOM trade in 2024 alone, comprising US$784.7 million in domestic exports and US$501.3 million in re-exports to member states.

    Dr. Ramesh Ramdeen, CEO of the Trinidad and Tobago Manufacturers’ Association (TTMA), stated that regional producers would face significant disadvantages if CARICOM integration weakened. “We need to collectively work together to ensure all organs of CARICOM are optimal,” Ramdeen emphasized, highlighting the benefits of the Common External Tariff that enables competitive trading against extra-regional imports.

    While supporting global expansion ambitions, Ramdeen clarified that international growth should not come “at the expense of our CARICOM brothers and sisters.” The TTMA is actively pursuing both outward trade missions beyond the region and inward buyer missions to Trinidad to achieve export doubling targets within five years.

    Dianne Joseph, President of the TT Coalition of Service Industries, warned that geopolitical friction within CARICOM creates uncertainty that disrupts trade and investment. “Businesses may perceive trading with Venezuela or Caribbean partners as a heightened risk,” Joseph noted, particularly emphasizing the vulnerability of smaller enterprises compared to larger corporations with greater resilience.

    The Trinidad and Tobago Chamber of Industry and Commerce echoed these concerns, emphasizing the deep commercial ties throughout the region that include established customers, supply chains, and physical investments. The organization called for “continuity and predictability” in regional trade relations, emphasizing that businesses require stable market access and reliable logistics linkages for long-term planning.

    All three organizations expressed commitment to a rules-based regional framework while acknowledging the need for CARICOM evolution that balances cooperation with national sovereignty considerations. They recommended resolving tensions through private mediation rather than public confrontation to maintain economic resilience and regional integration benefits.

  • Petrotrin must be upgraded

    Petrotrin must be upgraded

    In a compelling analysis of Trinidad and Tobago’s energy sector, industry expert Gordon Laughlin argues that the modernization of the Pointe-a-Pierre refinery represents not merely an option but a critical strategic necessity for the nation’s economic future.

    The refinery, which ceased operations in 2018, previously positioned Trinidad as a regional energy powerhouse, supplying the entire Caribbean with a comprehensive range of refined petroleum products including LPG, unleaded gasoline, jet fuel, kerosene, diesel, fuel oil, bitumen, sulphur, and base lubricants. This capability ensured both national self-sufficiency and established Trinidad as a significant exporter within the region.

    Laughlin identifies three pivotal opportunities that a modernized facility could capture. First, the nation possesses the scientific and industrial capacity to develop high-value derivatives from its own Pitch Lake resources. Lake Asphalt already produces refined pitch and sealants for export, representing a niche, high-margin market that remains significantly underutilized despite its considerable potential.

    Second, any refinery reactivation must incorporate future-proof capabilities to process Guyana’s light sweet crude, currently among the hemisphere’s most sought-after commodities. Failure to develop this capacity would allow other nations to capitalize on refining and profiting from Guyana’s resources.

    Third, the facility requires capabilities to refine Venezuelan heavy crude. Despite its challenging composition, Venezuela’s proximity offers substantial freight savings, faster shipment turnaround times, and opportunities for blending or refining this crude for regional distribution. This would reposition Trinidad advantageously within the Caribbean energy logistics chain.

    Laughlin advocates for positioning the refinery as the Caribbean’s premier toll refining facility, blending hub, and finished products supplier rather than allowing other nations to seize these emerging opportunities. The commentary concludes that Trinidad has never lacked the talent, resources, or strategic location for such endeavors, but has instead faced a deficit of political will to realize this vision.

  • Petrotrin must be upgraded

    Petrotrin must be upgraded

    The closure of Trinidad and Tobago’s Pointe-a-Pierre petroleum refinery in 2018 marked the end of an era when the nation served as a regional energy powerhouse. Formerly operational under Petrotrin, the facility once supplied Trinidad and much of the Caribbean with comprehensive refined petroleum products including LPG, unleaded gasoline, jet fuel, kerosene, diesel, fuel oil, bitumen, sulphur, and base lubricants, establishing national self-sufficiency and export capabilities.

    Current global energy transformations have revealed that modernizing the refinery represents not merely an option but a strategic necessity. Trinidad possesses the scientific and industrial foundation to develop high-value derivatives from its indigenous Pitch Lake resources. Lake Asphalt has already demonstrated this potential through exporting refined pitch and sealants—a niche, high-margin market that remains significantly underutilized despite its considerable value.

    A reactivated facility must be future-proofed to process Guyana’s light sweet crude, currently among the hemisphere’s most sought-after commodities. Failure to capitalize on this opportunity would allow other nations to profit from refining Guyanese crude. Simultaneously, the refinery should be engineered to handle Venezuelan heavy crude, leveraging Trinidad’s geographical advantage to achieve substantial freight savings, faster shipment turnarounds, and blending capabilities for regional distribution.

    Rather than observing competitors seize these opportunities, Trinidad should reposition the refinery as the Caribbean’s premier toll refining facility, blending hub, and finished product supplier. The nation has never lacked technical expertise, natural resources, or strategic location—only the political determination to reactivate this critical asset in alignment with evolving hemispheric energy dynamics and geopolitical realities.

  • Angostura Founders Reserve 1824 gets artistic with packaging

    Angostura Founders Reserve 1824 gets artistic with packaging

    ANGOSTURA Ltd has launched an exclusive collection of artistically designed packaging for its premium Founders Reserve 1824 rum, blending Trinidad and Tobago’s vibrant cultural heritage with premium spirits craftsmanship. The initiative features collaborative designs from four distinguished local artists—Sara Knights, Nicholas Huggins, Shawn Chong-Ashing, and Bianca Peake—each interpreting national identity through unique visual narratives.

    Shawn Chong-Ashing’s contribution captures the evolution of Trinidadian dance traditions, illustrating the seamless flow of cultural expression through depictions of a belé dancer and a masquerader. Meanwhile, Bianca Peake employs her signature watercolor technique to explore themes of national identity and self-perception, creating a visual declaration of Trinbagonian heritage.

    CEO Ian Forbes emphasized that this limited release honors both the company’s longstanding legacy and contemporary artistic innovation. “Each box transcends conventional packaging to become a collector’s item appealing to both rum aficionados and fine art enthusiasts,” Forbes stated in the December 24 announcement.

    The specially packaged rum is currently available at select Angostura retail locations including Solera Wines and Spirits outlets in Chaguanas, Marabella, Port of Spain, Laventille, and Trincity. Additionally, the collection will debut in duty-free stores nationwide beginning next week, offering international travelers a taste of Trinidad’s artistic and distilling excellence.

  • BOJ: banks can weather Melissa and keep credit flowing

    BOJ: banks can weather Melissa and keep credit flowing

    The Bank of Jamaica (BOJ) projects a significant rise in bank loan defaults over the coming year as Hurricane Melissa’s economic repercussions intensify. Despite anticipating a near doubling of non-performing loans from the current 2.7% of total loans, central bank authorities assert the financial system remains robust and adequately prepared to withstand the shock.

    Governor Richard Byles, addressing attendees at the BOJ’s quarterly monetary policy conference, emphasized that Jamaica’s banking sector entered this period of economic distress from a position of notable strength. While acknowledging that credit conditions will naturally tighten during reconstruction efforts, Byles highlighted the system’s substantial capital buffers and conservative risk management practices as key stabilizing factors.

    Deputy Governor Dr. Jide Lewis provided detailed analysis, indicating that credit quality deterioration will likely unfold over the next four to five quarters. This anticipated increase in defaults, while substantial, would remain comfortably below the 10% threshold that typically triggers supervisory concern. Even if non-performing loans double to approximately 6%, Lewis noted this would remain significantly beneath worrisome levels.

    The central bank’s confidence stems from several protective factors within Jamaica’s financial infrastructure. Banks currently maintain provisions covering nearly 100% of existing non-performing loans, effectively pre-funding expected losses. Additionally, the system’s capital adequacy ratios stand at approximately 14.5% – 4.5 percentage points above regulatory requirements – providing substantial loss-absorption capacity.

    Dr. Lewis emphasized that profitability preceding the hurricane, combined with existing provisions and capital buffers, positions banks to manage increased defaults while maintaining normal operations. This financial resilience enables lenders to continue providing crucial credit to households and businesses during reconstruction rather than retreating from lending activities.

    The BOJ’s assessment comes as Jamaica enters a critical rebuilding phase requiring sustained financing for household repairs, mortgage adjustments, business restarts, and construction projects. While near-term economic contraction is expected, the banking system’s ability to act counter-cyclically – supporting economic activity during distress rather than amplifying downturn through credit restriction – represents a crucial stabilizing factor for national recovery.

    Despite this confidence, the central bank maintains vigilant monitoring of loan performance across institutions and sectors, particularly those most affected by Hurricane Melissa, ensuring ongoing assessment of the financial system’s capacity to navigate the challenging recovery period.