tax

Report: T&T losing estimated $200 million per year in oil tax revenue

An international report is claiming that Trinidad and Tobago loses an estimated $200 million dollars a year in tax revenues from international oil companies.

The report which was conducted by the anti-corruption agency 'Publish What You Pay', claims that giants like Exxon Mobil, Chevron and Tullow Oil establish subsidiaries in Caribbean territories to exploit loopholes in the tax systems.

The agency claims the main purpose of these subsidiaries being planted in Caribbean countries is to secure “treaty benefits” that would otherwise be unavailable to them.

Arima businesses forced to pay $300 coward tax

The Police Service is now investigating a claim that some 27 Arima business owners and some residents were threatened by a Muslim organisation, forced to sign a document and extorted for protection or security money.

AMCHAM urges Government to rethink 7% online purchasing tax

The T&T American Chamber of Commerce is asking the Government to rethink its position on the implementation of the online tax.

The 7% tax is due to take effect on Thursday morning.

AMCHAM issued this statement today.

"AMCHAM T&T is urging the Government to rethink its position on the implementation of the online purchase tax (OPT). This tax which is to be applied to all ‘online’ purchases sent via air freight and
is set to take effect from tomorrow.

The glory of winning at the Olympics, for the US tax collectors

She has flipped, tumbled and leapt her way into the hearts of millions over the course of the Olympic games. 

But when Simone Biles returns home she will be in for not just a major celebration but also a hefty tax bill.

The 19-year-old has won five Olympic medals - four gold and one bronze. She has cemented her title as the world's best gymnast by taking home the gold in the all-around after three successive world championship titles - a feat only accomplished by three others in history.

Casino workers fear job losses over Government's tax plans

The Union of Members Clubs and Lottery Workers is calling for an urgent meeting with the Minister of Finance over government’s plans for the gaming industry.

In a release issued today, Secretary of the union representing casino workers Cindy Mohammed says the minister has signalled his intention to implement another wave of taxes on the sector.

Mohammed says the last time the industry was taxed without fit and proper consultation it resulted in the contraction of the industry and the loss of jobs.

Barbados seeks to impose tax on use of cellphones

The Barbados Government has introduced legislation amending the Value Added Tax (VAT) to allow for a 22 per cent tax on voice and other transmissions from cellphones.

Finance Minister Chris Sinckler told legislators on Tuesday night that the tax, which goes into effect from January 1, next year, will raise BDS$14 million (One Barbados dollar =US$0.50 cents) annually that would go towards funding university scholarships.