标签： Trinidad and Tobago

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.

Following weeks of speculation, Caribbean Airlines (CAL) announced on October 13 the immediate resignation of its CEO, Garvin Medera. The airline’s board of directors confirmed the departure and appointed Chief Operating Officer Nirmala Ramai as the acting CEO to ensure operational continuity and stability. In a formal statement, the board expressed gratitude for Medera’s years of dedicated service and leadership, extending their best wishes for his future endeavors. Medera, in his farewell message, thanked CAL employees for their resilience and commitment during challenging times, as well as partners and customers for their unwavering support and loyalty. He emphasized the collective efforts that have driven the airline’s success. Under Ramai’s interim leadership, CAL’s senior management team will collaborate closely to navigate this transitional phase. The airline assured customers and partners that its full flight schedule will remain unaffected. The board highlighted that this leadership change aligns with CAL’s broader focus on stability, safety, and accountability. As part of the transition, CAL outlined five key initiatives: fostering open communication and care for employees and stakeholders; optimizing operations for efficiency and modernization; enhancing customer experiences through improved services; crafting a sustainable, long-term growth strategy; and conducting comprehensive audits to reinforce governance and safety. Additionally, CAL reaffirmed its commitment to internal talent development, prioritizing career advancement opportunities for existing employees before considering external candidates.

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.