Finance

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.

Finance Ministry denies newspaper article claiming "Slow Boat To 'Bago"

The Minister of Finance has issued a statement saying it has taken note of an article in the Newsday today with the headline “Slow Boat To ‘Bago”.

The Ministry says the article claims that the Government is negotiating with a company in Singapore by the name of Singapore Technologies Marine Limited to purchase what the newspaper has described as a very large and fancy cruise ferry, built in Singapore, and equipped with a helicopter landing pad and entertainment facilities, among other things.

Finance Ministry: Meeting with PSA was 'productive'

The Ministry of Finance says the meeting it held with the president of the Public Services Association, Watson Duke about the Revenue Authority, was productive.

The Ministry says workers employed with the Customs and Excise Division and the Inland Revenue Division will enjoy terms that are no less favourable than they currently do, when the Revenue Authority is formed.

The Ministry issued the following statement today:

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