Business

Chamber recommends broader tax net via T&T Revenue Authority for 2018 Budget

The Chamber of Industry and Commerce is recommending that the Government broaden the tax net via the establishment of the Trinidad and Tobago Revenue Authority, as a form of increasing revenue.

It is recommending this option as opposed to the continued application of higher taxes to those who are already compliant. 

The Chamber released its recommendations for the 2018 Budget today:

Schnoor moves up in Scotiabank

Scotiabank today announced that Anya Schnoor, Managing Director of Scotiabank Trinidad and Tobago Limited, and Senior Vice President and Head of the Caribbean South and East has been promoted to Executive Vice President, Retail Payments, Deposits and Unsecured Lending for Canadian Banking.

Schnoor’s appointment will take effect after November 1, 2017 and once a successor has been named to the role.

The bank says it will announce her successor shortly.

International: Asia's richest man sees wealth increased by almost US$3 billion in one day

Jack Ma, the charismatic founder of Alibaba, has all the more reason to be happy today.

He is $2.8 billion richer after Alibaba shares surged 13% on Thursday following news the company expects revenue to surge 50% this year, much higher than expected.

If revenue follows the Alibaba's predictions, it will be the second year in a row the company has managed a 50% or more increase in revenue.

The nearly $3 billion Ma gained from Thursday's spike caused his net worth to jump by 7.1% to $41.8 billion, according to Bloomberg. It's up 25.5% year-to-date.

Technology: Facebook's profit soars, closing in on 2 billion monthly users

Facebook on Wednesday reported that its quarterly profit surged as its ranks of monthly users closed in on two billion, but warned of rising expenses and slowing revenue growth.

The leading social network said it made a profit of $3.06 billion on $8.03 billion in revenue in the first three months of this year, posting increases of 76 percent and 49 percent, respectively, compared to the same period last year.

Meanwhile, the number of people using Facebook monthly increased 17 percent to 1.94 billion, according to the earnings report.

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