分类： 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.

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.

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.

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.