分类： business

In a moment of reflection and prayer, Finance Minister Davendranath Tancoo sought divine intervention as he prepared to present the United National Congress (UNC) government’s inaugural National Budget on October 13. Tancoo, who also serves as the Member of Parliament for Fyzabad, shared a heartfelt message on social media, accompanied by a photo of himself in his office at the Eric Williams Financial Complex in Port of Spain. He expressed his hope that the decisions made during the budget presentation would enhance the lives of all citizens and pave the way for a prosperous future for Trinidad and Tobago. The budget, scheduled for delivery at 1:30 PM in the House of Representatives, marks a significant milestone for the UNC administration under Prime Minister Kamla Persad-Bissessar’s second term. Tancoo has previously indicated that the budget will likely reflect a deficit, a continuation of the fiscal trends established by the previous People’s National Movement (PNM) government over the past nine years. The 2024/2025 budget had projected revenues of $54.224 billion, expenditures of $59.741 billion, and a fiscal deficit of $5.517 billion. As the nation eagerly anticipates the budget’s unveiling, many are hopeful that the government will deliver on the promises that secured their victory in the April 28 general election.

In a significant move aimed at easing the financial burden on citizens, Trinidad and Tobago’s Finance Minister, Davendranath Tancoo, has announced an immediate $1 reduction in the price of super high-octane gasoline. This decision, unveiled during the 2026 national budget presentation on October 13, marks the first measure of the new fiscal plan designed to benefit all citizens of the nation. Tancoo emphasized that the reduction was a direct initiative of Prime Minister Kamla Persad-Bissessar, reflecting the government’s commitment to restoring affordability and fostering economic fairness. ‘This is the first announcement by this caring government in this budget that would benefit every single citizen of TT,’ Tancoo stated. The price cut took effect immediately, offering broad-based relief to the public. The move aligns with the United National Congress (UNC) administration’s campaign promises to review energy pricing and ensure citizens are not unfairly overcharged. It also reverses part of the previous People’s National Movement (PNM) administration’s phased removal of fuel subsidies, which had led to consistent increases in pump prices over the past decade. The announcement underscores the current government’s focus on addressing economic disparities and providing tangible benefits to the populace.

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.

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.

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.

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.

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.