Finance

PSA, Finance Ministry talk on progress of Revenue Authority

Minister of Finance Colm Imbert and PSA president, Watson Duke, have agreed to draft a Memorandum of Understanding on the structure of the proposed Trinidad and Tobago Revenue Authority. 

The decision came via a meeting of the ministry and the PSA on Wednesday.

Legislation on the authority is now before a Joint-Select Committee of Parliament and requires a special majority vote.

Minister Imbert said the two parties discussed issued of job security and employee benefits, as well as union representation, the health plan and pension plan.

Ban on importation of certain seeds is not new - Finance Ministry

The Ministry of Finance says a ban on the importation of certain types of seeds, is not a new initiative.

The ministry issued a statement on the ban on Wednesday.

"The Hon. Colm Imbert, Minister of Finance, has taken note of recent commentary on the importation of certain items into Trinidad and Tobago, and the mistaken belief that these import restrictions have only recently occurred.

Farewell! One-cent coin ceases to be legal tender at midnight

For many, it's been somewhat of the nuisance in the wallet, the smallest monetary representation in T&T with minimal use, the one-cent coin.

But if ever it needed your love, one last time, it would be today. 

As of tomorrow, Tuesday, July 3rd, the one-cent coin will cease to be legal tender in Trinidad and Tobago.

The Central Bank had said in a statement on April 1, 2018, that the public could redeem one-cent coins at commercial banks or the Central Bank up to July 2, 2018.

Central Bank Governor: Don’t worry about foreign reserves

Although T&T used up half of a billion dollars of foreign reserves over the past six months and is likely to use more for the rest of the year, the country should not be worried, Central Bank Governor Alvin Hilaire said yesterday.

150,000 eligible for property tax waiver

Finance Minister Colm Imbert is seeking to clarify how the property tax will work and he is making it clear that it does not include dog houses or duck ponds.

In a tweet this morning, Minister Imbert said the property tax is based on the rental value of properties and not the capital value.

He goes on to say that minor structures like a dog house, duck pond or fowl coop cannot possibly increase the tax payable since it does not increase the rental value of a property in any significant way.

Minister: T&T losing US$billions to multinational energy companies

Energy Minister Franklin Khan says this country is losing billions of US dollars from multinational energy companies and he says his government will be dealing with that.

He made the comments during the 'Spoltight on Energy' conference that is currently ongoing at the Hyatt.

Minister Khan says it's the government's sovereign right to get a fair economic rent on behalf of the people of T&T.

He compared the taxes paid by one energy company in this country to what it pays in another country.

TTNGL's profits up 30.2%

Trinidad and Tobago NGL Limited’s (TTNGL) Chairman Gerry Brooks has announced another year of positive growth for the company with profit after tax increasing to TT$233.7 million.

This represents a 30.2% improvement over full year 2016 results.

In his statement for the summary financial results for 2017, earnings per share were recorded at $1.51.

Brooks added that these earnings are the consequence of a series of deliberate initiatives at Phoenix Park Gas Processors Limited (PPGPL) which have enhanced performance and shareholder value.

TT owes China $2.229 billion in loan debts

Trinidad and Tobago currently owes the People's Republic of China TT$2.229 billion dollars, according to Minister of Finance Colm Imbert.

The debt is in the form of loans and financing facilities as at January 31st, 2018.

The debt includes the construction of the National Academy for the Performing Arts and Southern Academy for the Performing Arts.

The outstanding debts from loans for the two are $440,295,212 and $180,835,533 respectively.

The debt own on a loan for the construction of the Couva Hospital currently stands at $924,511,500.

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