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.
分类： business
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Caribbean cryptocurrency concerns
At a recent webinar on October 2, hosted by the Caribbean Digital Finance Alliance (CDFA), fintech professionals across the Caribbean convened to discuss the pressing issue of cryptocurrency regulation. The event, set to formally launch in November, was prompted by Trinidad and Tobago’s (TT) recent proposal to ban virtual assets, sparking a broader regional dialogue on the matter. Moderator Dennis Augustine emphasized that the discussion aimed to explore fundamental policy questions rather than critique specific legislation. He posed a critical question: Should the Caribbean adopt a cautious approach to virtual assets, or is outright prohibition the more prudent stance? Mark Pereira of ZLabs highlighted TT’s forex constraints, noting that the Central Bank’s opaque distribution of US dollars has led individuals to seek alternative methods, including cryptocurrency. Pereira advocated for regulated use of stablecoins to improve forex accessibility. Annie Bertrand of the CDFA underscored the influence of the Financial Action Task Force (FATF) in shaping regional financial compliance, while Prof Louis De Koker warned against the pitfalls of both pausing and banning virtual assets. Pereira proposed a public-private partnership framework, suggesting a regulatory sandbox to allow the Central Bank to test its systems. He emphasized that collaboration between the government and private sector could lead to a progressive virtual asset bill. De Koker echoed this sentiment, highlighting the private sector’s market insights as invaluable to regulators. With the global crypto market now valued at $4 trillion, the consensus was clear: all countries must adapt to this evolving financial landscape.
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Tobago airport ‘fully operational’ by March 2026
The ANR Robinson International Airport in Tobago is on track to become fully operational by March 2026, as announced by Finance Minister Davendranath Tancoo during the 2025/2026 national budget presentation. The airport, which underwent a comprehensive redevelopment and expansion project initiated in 2019, reached substantial completion in February 2025. The ‘practical opening’ of the terminal, marking the end of the construction phase, was overseen by former Prime Minister Dr. Keith Rowley. However, operational readiness, including staff training and system testing, remains underway. Minister Tancoo emphasized that the government is committed to ensuring the airport’s full operationalization by the second quarter of fiscal 2026, moving beyond the ‘practical opening’ phase. This development is expected to bolster Tobago’s tourism sector and establish Trinidad and Tobago as a key regional air hub.
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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.
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Saint Lucia receives automated passport control kiosks from OECS Commission
The soaring costs of regional travel within the Caribbean continue to burden commuters, with high taxes on airline tickets being a primary culprit. These taxes, often exceeding the base airfare, have made intra-Caribbean flights significantly more expensive compared to regions like Europe and Southeast Asia, where lower aviation taxes and government support have fostered the growth of budget airlines. This disparity has created a challenging environment for Caribbean travelers and the tourism industry alike. Locals are increasingly priced out of flying between islands, while tourists face unexpectedly high costs, dampening demand for regional travel. The financial strain is also felt by local airlines, which struggle to compete with subsidized foreign carriers. Among these is LIAT Air, a new entrant in 2024, which faces the dual challenge of distancing itself from its failed predecessor, LIAT 1974, and navigating the heavy tax burden. LIAT Air CEO Hafsah Abdulsalam highlighted these issues during her address at the State of the Tourism Industry Conference (SOTIC) 2025, emphasizing the need for efficiency and government collaboration to reduce costs. Abdulsalam also revealed LIAT’s ambitious plans to expand connectivity to South America and Africa, underscoring the potential benefits of increased travel volume for local airlines, airports, and tourism-dependent businesses. However, achieving this vision requires a concerted effort from regional governments to address the tax issue and foster a more supportive environment for aviation. Whether the discussions at SOTIC 2025 will lead to actionable steps remains uncertain, but the stakes are high for the Caribbean’s most vital industry.
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SEC en overheid bundelen krachten voor Local Content Conference 2025
In a significant step toward advancing Suriname’s energy sector, Ashwin Adhin, Chairman of the National Assembly (DNA), highlighted the critical importance of collaboration between parliament, government, and the private sector during a meeting with the Suriname Energy Chamber (SEC). The discussion, held in preparation for the upcoming Local Content Conference 2025 scheduled from October 21 to 23, focused on refining the local content policy to drive national development. The conference, organized by the SEC in partnership with Afreximbank, the Energy Authority Suriname (EAS), and the Surinamese government, aims to produce actionable recommendations, including a national definition of local content and a comprehensive roadmap for its implementation. Adhin emphasized that local content is a vital tool for Suriname’s economic growth, with DNA’s legal staff and parliamentary committees actively engaging to identify necessary legislative support. SEC Chairman Orlando Olmberg underscored the broader vision of local content, stating that it extends beyond oil and gas to encompass collaboration, knowledge sharing, and economic diversification. A key objective of the conference is to identify projects worth $200 million that align with the $5 billion in available funding for sector development, facilitated by Afreximbank. Additionally, the initiative aims to foster joint ventures between Surinamese and foreign companies, further boosting the country’s energy sector and economic prospects.
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Saint Lucia receives automated passport control kiosks from OECS Commission
Saint Lucia’s Citizenship by Investment Programme (CIP) has become a cornerstone of the nation’s economy, offering foreign investors a pathway to citizenship through various investment options. Launched in 2015, the programme has evolved into a significant revenue stream, contributing over $121 million in the 2023–2024 fiscal year alone. However, its rapid growth has sparked debates about its impact on local property markets and housing affordability for citizens. The CIP allows investors to obtain citizenship through donations to the National Economic Fund, real estate investments, government bonds, or enterprise projects. While the programme has tightened due diligence and aligned with regional standards, concerns persist about its long-term effects on local communities. Critics argue that without explicit measures to curb inflationary pressures on real estate, locals risk being priced out of their homeland. Lessons from Tobago, which enforces stricter foreign land acquisition rules, highlight potential solutions for balancing economic growth with social equity. As Saint Lucia’s CIP continues to attract high-net-worth individuals, policymakers face the challenge of ensuring that the benefits of economic citizenship are equitably shared.
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Armand Bipat vervangen als technisch directeur EBS
In a significant organizational restructuring, the Energy Bedrijven Suriname (EBS) has announced major changes to its leadership during its annual general shareholders’ meeting. Armand Bipat, who assumed the role of Technical Director in January this year following Marcel Eijndhoven’s departure, has been relieved of his duties. Stepping into the position of Chief Technical Officer (CTO) is Rishidath Mathoera, the current secretary of the EBS union.
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Regional data center in Guyana can cost US$3 billion
Guyana is poised to become a technological hub for the Caribbean with the proposed development of a state-of-the-art data center, estimated to cost between US$2 billion and US$3 billion. President Irfaan Ali unveiled this ambitious plan during the grand opening of the SOMA Hotel and Restaurant, a venture by TOTALTEC Group, on October 11, 2025. The project aims to establish Guyana as a regional leader in innovation, computing, and data storage. The data center, requiring vast land and a stable, cost-effective energy supply, is expected to support various industries, including FinTech, digitization, and modernisation across the Caribbean. President Ali emphasized the strategic importance of this investment, envisioning Guyana as the sovereign storage and computing hub for the region. The initiative aligns with ExxonMobil Guyana’s appraisal of hydrocarbon resources at Longtail in the Stabroek Block, which could fuel energy plants and other industrial facilities. The SOMA Hotel, a symbol of local economic growth, will employ 60 to 100 Guyanese and source materials locally, reflecting the nation’s commitment to sustainable development.
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FLASH : HOPE/HELP Law between optimism and concern in the Haitian textile sector
The Haitian Hemispheric Opportunity Through Partnership for Encouragement (HOPE) laws and the Haiti Economic Lift Program (HELP) law, which expired at the end of September 2025, have left the Haitian textile sector in a state of uncertainty. These laws, initially approved by the U.S. Congress in 2005 and 2010, allowed Haiti to export clothing to the U.S. market duty-free, accounting for 90% of the country’s exports. The benefits also extended to the Dominican Republic, where textile mills produced fabrics and yarns sent to Haiti for garment production. In 2018, the sector employed 62,000 people, but due to security concerns, this number has plummeted to 26,000, with at least 15 factories closing. Fernando Capellan, president of the Industrial Development Company (CODEVI), remains optimistic about the laws’ renewal within the next 90 days, citing support from the White House and the program’s impact on the U.S. supply chain. However, Haiti’s Minister of Trade and Industry, James Monazard, expressed concern over the alarming situation, warning that without renewal, many companies in the subcontracting sector—a cornerstone of Haiti’s economy—could face closure. Political disagreements in the U.S. Congress have further delayed any decision, with the Trump administration expected to make a final call by December 19, 2025. The future of Haiti’s outsourcing sector hangs in the balance as stakeholders await a resolution.