Category: CANA News

The Press Association of Jamaica (PAJ) Monday called for an account after Radio Jamaica News correspondent Henry Shirley was excluded from a St Thomas Municipal Corporation committee meeting on October 7.

In a statement, the PAJ described the situation as a direct blow to public transparency, adding that it is ‘particularly troubled by the ultra-aggressive conduct of the Jamaica Labour Party’s John Lee during the exchange and the decision by committee chairman and Deputy Mayor, the JLP’s Michael McLeod, to order Mr Shirley to leave.’

A 10-minute recording of the exchange was captured by the journalist, with the PAJ describing the conduct of Lee, who is the Councillor for the Yallahs Division, as ‘well below the standard of civility and professionalism expected of an elected representative’.

PAJ president Tyrone Reid said that while he recognises that the committee chairpersons must maintain order and that legitimate concerns about confidentiality and privacy deserve consideration, objections must be addressed through ‘lawful, proportionate procedures, not by resorting to conduct that intimidates journalists or arbitrarily restricts access to public proceedings.

‘Disagreement with media coverage cannot justify hostility towards a journalist performing his professional duties,’ he added.

The PAJ also called for urgent clarification from the Ministry of Local Government and Community Development on the rules governing media access to municipal council and committee meetings.

‘We also call on the Ministry to issue clear written guidance to all municipal corporations and on the St Thomas Municipal Corporation to explain the legal and procedural basis for Mr. Shirley’s removal.’

The PAJ said that public institutions exist to serve the people and that ‘their proceedings must not be shielded from scrutiny merely because an official is uncomfortable with the presence of the press.

‘We expect the Ministry and the corporation to investigate this incident, address any conduct found to be inappropriate and take steps to prevent a recurrence,’ the PAJ said, adding press freedom is not a privilege granted at the discretion of public officials. It is an essential safeguard of democratic accountability.’

The PAJ said it was releasing the audio recording in the interest of transparency and accountability ‘so that the public can hear the exchange and make its own assessment of whether the conduct of the elected representatives and public officials involved meets the standards expected of those entrusted with public office.

‘Where a recording exists, the public should not be left to rely solely on competing accounts. Let the evidence speak for itself,’ Reid said.

The heavy lift vessel of the Netherlands-based Heerema Marine Contractors has commenced a significant offshore installation campaign offshore Trinidad, involving the transportation and installation of two offshore platform jackets and topsides for two separate energy operators.

The Energy Chamber of Trinidad and Tobago said that having already started offshore operations on the first platform, he vessel, Sleipnir, will execute both installation campaigns consecutively, maximising efficiency through a seamless back-to-back schedule.

It said completion of the overall campaign is anticipated around the beginning of November.

‘As one of the world’s most capable heavy lift vessels, Sleipnir brings unparalleled lifting capacity and advanced installation capabilities to the region, supporting the safe and efficient development of Trinidad’s offshore energy infrastructure,’ the Energy Chamber said.

It said that a key contributor to the success of both projects has been local fabrication specialist TOFCO, which played an instrumental role in the fabrication and loadout of the jackets.

‘The collaboration highlights the strength of local industry participation and the value of combining international offshore construction expertise with Trinidad and Tobago’s established fabrication capabilities.’

The Energy Chamber said that the campaign underscores continued investment in the country’s offshore sector while demonstrating Heerema Marine Contractors’ commitment to delivering complex offshore construction projects safely, efficiently, and in close partnership with local stakeholders.

Meanwhile, EnerMech has announced a contract award from Subsea7 to deliver pre-commissioning services for the Ginger subsea development project in Trinidad and Tobago. The Energy Chamber said EnerMech is providing pipeline and subsea pre-commissioning activities to support the development’s offshore infrastructure.

It said drawing on its established presence in Trinidad and Tobago, EnerMech is executing the scope through a combination of local expertise, experienced personnel and equipment already positioned within the Caribbean region.

This approach supports efficient delivery, maximizes local participation and provides a responsive delivery model for the customer.

Under the contract, EnerMech is delivering a comprehensive pre-commissioning package covering pipeline and subsea testing, flushing, hydrotesting, water filling, leak testing and commissioning support activities required to prepare the field’s subsea production system for safe operation. The scope supports both installation and commissioning phases of the development.

‘As offshore developments become increasingly sophisticated, the ability to provide integrated pre-commissioning and commissioning services is critical to maintaining schedules, reducing interfaces and supporting successful project delivery. Our teams continue to demonstrate that capability on major developments around the world,’ said Charles ‘Chuck’ Davison, Jr., EnerMech chief executive officer.

‘We are proud to support Subsea7 on the Ginger subsea development project and look forward to contributing to its successful execution.’

Vice President, Caribbean at EnerMech, Darrel Sookdeo, said, the company’s established presence in Trinidad and Tobago brings significant advantages to projects of this scale.

‘By combining local knowledge and experienced personnel with equipment already available within the region, we can support our customers with a responsive and efficient delivery model.

‘This contract highlights the strength of the capability we have built in-country and our commitment to supporting local content wherever possible. Working alongside our global pipeline and subsea specialists, our Caribbean team is helping deliver a critical phase of the development.

‘We are proud to be supporting a project that showcases the expertise available within the region while creating opportunities for local participation and in-country delivery,’ added Sookdeo

The inaugural Farmers’ Conference began here on Monday with President Irfaan Ali indicating that an estimated 30 per cent of the applications submitted to the Guyana Development Bank (GDB) since its launch last week, are related to the agricultural sector.

‘If there is one indication as to how the policy direction is leading to a new wave of excitement, a new wave in agriculture, is this fact, that almost 30 per cent of all of the applications so far in the Development Bank is in the agriculture sector, almost 30 per cent,’ Ali said, adding that the percentage is a reflection of the growing interest in the agriculture sector, which accounts for six per cent of the country’s Gross Domestic Product (GDP), and one-fifth of the non-oil GDP.

Ali said that the agriculture sector had seen a decline in private investments in the past, with many large and medium sized farmers scaling back their operations. But now he believes there is a change.

‘Today, not only have we brought back production and instilled confidence in the system, but we are nurturing a new generation of young Guyanese who see a future in agriculture, who see a future in investing in agriculture.’

President Ali said to attract further investment to the agriculture sector; the government will be working with the local commercial banks to make additional concessions available to those in the sector.

‘We have brought all of the commercial banks together and we are currently negotiating with them to offer the same type of incentives that we offer for low-income housing to the banks for loans to agriculture so that those who want to go into more medium, large-scale production can get those loans at afford rates.’

President said Republic Bank has already agreed to set aside resources for agricultural loans at preferential rates.

‘Already, we have the commitment from Republic Bank that they are going to set aside resources for agricultural loans at a preferential rate, and we are negotiating that rate, which I hope can be announced even before the end of the conference, at the end of this week,’ President Ali said.

Demerara Bank is also offering special loans to poultry farms, and the Government is in talks with the financial institution to offer additional incentives to farmers.

‘That is what we do every single day for farmers. We work hard. We try to bring the private sector along. We improve the financial sector so that we can tackle the challenges farmers face in a multidimensional way,’ he said.

President Ali also pointed to the International Monetary Fund’s (IMF) latest report on Guyana. It found that agriculture has grown by an average of 10 per cent a year since 2022 and now accounts for six per cent of GDP, or one-fifth of non-oil GDP. He said that growth is a direct result of government investment, subsidies and policies to support farmers.

‘Once we have people interested in the production of goods, especially in the agricultural sector, then what the IMF report is saying about us today will continue to expand and continue to grow,’ President Ali said.

The conference forms part of Agriculture Month being held under the theme ‘Innovate, Nourish, Grow: Building a Strong and Sustainable Guyana.’

Agriculture Minister Zulfikar Mustapha said the agriculture sector remains critical to the country’s economy, and remains on par with the country’s rapid growth and development.

He urged the farmers to network and capitalize on the existing opportunities to further advance the sector.

‘Today is about something bigger. Today is about contributing to a national action plan. Today is about helping to shape the policies and programmes that will help to support thousands of farmers, create opportunities for future generations, and strengthen Guyana’s role as a leader in regional food security,’ he said.

Mustapha explained that on the regional stage, Guyana is leading CARICOM’s push towards food security through the expansion of the agriculture sector with the intention of reducing the import bill

The Antigua and Barbuda government is reiterating that funding and support arrangements must be put in place even as several Caribbean Community (CARICOM) countries have agreed to accept third-country national (TCN) deportees from the United States.

Antigua and Barbuda is among several CARICOM countries that have either signed or are still in the process of negotiating with Washington on the migration policy and speaking on his weekly radio programme, Prime Minister Gaston Browne said that negotiations were nearing completion, but compensation and arrangements with an international organisation would be addressed separately. ‘The issue of compensation, they asked us to negotiate a separate agreement with them rather than put it in the TCN itself,’ he told radio listeners, adding that the government wanted to avoid accepting people before securing the resources needed to support them.

‘My understanding is that some countries may have accepted individuals before making arrangements … and may not have gotten the support funding. We want to make sure that we don’t make that mistake.’

Most of the CARICOM countries have publicly indicated that they have reached agreements with the International Organization for Migration (IOM) to manage and collaborate on these services, which include offering transferees choices between voluntary repatriation to their home countries or local integration

Listeners were told that no first transfer would occur until the necessary arrangement with an agreed international organisation had been concluded and become operational.

Under the text, the United States would be expected to fund a competent international organisation, mutually acceptable to both governments, to provide and coordinate services for transferred individuals.

The organisation’s participation would depend on its own mandate, policies and risk assessment, along with a separate arrangement with Antigua and Barbuda.

Suriname has completed the country’s first conversion of external debt into Surinamese dollars, transforming an estimated US$150 million Inter-American Development Bank (IDB) floating-rate loan into a fixed-rate loan in Surinamese dollars.

The IDB said that the transaction will help Suriname shield its debt-service payments from foreign exchange rate and interest rate volatility through 2044.

Under the IDB’s Flexible Financing Facility, borrowers can change the currency or interest-rate basis of a loan after approval, depending on market conditions. These options can apply to outstanding balances or future disbursements.

The IDB said that as part of the operation, the government activated the currency and interest-rate conversion options available under the IDB’s Flexible Financing Facility. To support the conversion, the currency exchange fund (TCX) provided the IDB with an 18-year non-deliverable cross-currency swap, a long-term financial hedge that protects the transaction from future exchange-rate movements, allowing the loan to remain effectively denominated in Surinamese dollars through 2044.

‘Completing our first external debt conversion into Surinamese dollars, and our first currency conversion in nearly three decades, represents a major strategic milestone for Suriname,’ said Charlene Soentik, Administrator-General of the Suriname Debt Management Office,

Minister of Finance and Planning of Suriname, Adelien Wijnerman, said converting US$150 million of foreign debt into fixed Surinamese dollars allows Suriname to shield its public finances from exchange rate and interest rate volatility through 2044.

‘This transaction stabilizes our debt-service obligations and ensures greater fiscal predictability as we manage our national budget and pursue sustainable economic growth’, said Wijnerman.

IDB Vice President for Finance and Administration, Gabriel Yorio, said Suriname has taken an important step to better protect its public finances from foreign-exchange fluctuations while fostering the development of its local-currency market.

‘Through the Client Financial Hub, the IDB is bringing together its financial capabilities to help countries make fuller use of the conversion and risk-management options available in their loan agreements, and develop solutions that respond to their broader financial needs.

‘This is how we can strengthen debt sustainability and increase the impact of development financing,’ Yorio added.

The IDB said that the transaction is part of is efforts to help member countries strengthen public debt management through access to sophisticated risk-management instruments.

‘In Suriname’s case, the operation enabled access to a long-term local-currency hedge that private markets cannot currently provide. The country’s financial market lacks both long-term local-currency benchmarks and hedging instruments to manage fluctuations between the US dollar and the Surinamese dollar, making the transaction a significant step toward reducing debt-service volatility’ the IDB added.

The Director General o the Organisation of Eastern Caribbean States (OECS), Dr. Didacus Jules, Monday said that while the tourism sector remains one of the single largest earner in most Caribbean economies, ‘we must be honest about how much of its promise remains unrealised’.

In a congratulatory message to Antigua and Barbuda’s Tourism Minister, Charles ‘Max’ Fernandez, on his election as chair of the Barbados-based Caribbean Tourism Organization (CTO) Council of Ministers and Commissioners of Tourism, Jules noted that ‘too large a share of every visitor dollar leaves our shores.

Antigua and Barbuda’s Tourism Minister, Charles ‘Max’ Fernandez.

‘Too few of our farmers, fishers, artisans, creatives and small entrepreneurs are woven into the tourism value chain. And too many of our communities live beside the industry without sharing fully in its rewards’ said Jules.

Fernandez was elected at the CTO’s annual general meeting n Guyana last week and succeeds the Barbados Tourism Minister Ian Gooding-Edghill, while Colin James, the chief executive officer of the Antigua and Barbuda Tourism Authority, assumes the chairmanship of the CTO Board of Directors.

‘This is a proud moment for Antigua and Barbuda and for the entire OECS family. Minister Fernandez brings to the chair long experience at the helm of one of the region’s most dynamic tourism economies, and a record of steady, practical leadership. The confidence that his Caribbean colleagues have placed in him is well deserved.’

Jules said that Fernandez was assuming the position at a demanding time for the industry pointing aso to the scale of the challenges ahead:

He said that the climate crisis threatens the reefs, beaches and coastal infrastructure on which the Caribbean product rests, while stronger storms, sargassum influxes and rising insurance and energy costs test the resilience of every destination.

In addition, the benefits of tourism must reach further into societies, through local ownership, stronger linkages with agriculture and the creative industries, decent work, and real opportunity for our young people.

Jules said that the region must earn more from each visitor, not simply count more arrivals, adding that this requires reliable and affordable air and sea connectivity, especially within the Caribbean, greater retention of earnings, and better data to guide policy and investment.

‘These are immense challenges, and none of our countries can meet them alone. They demand a Caribbean that negotiates together, markets together and plans together. That is precisely the purpose of the CTO, and it is why the quality of its leadership matters so much at this moment.’

‘I am confident that under Minister Fernandez’s leadership the CTO will be equal to the challenges of these times. The OECS Commission stands ready to work with him, with Secretary-General Dona Regis-Prosper and with the CTO membership to build a tourism industry that is more sustainable, more inclusive and more rewarding for the people of our region,’ Jules added.

Jules also congratulated St. Kitts and Nevis on being elected a vice chair for the CARICOM countries, the British Virgin Islands, as the ice chair for the British Overseas Territories, and Saint-Martin, elected vice chair for the French-speaking territories.

He said Saint-Martin’s election paves the way for a more dynamic engagement with the Francophone Associate Members of the OECS in the shared work of building Caribbean tourism.

The OECS groups the islands of Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, St. Kitts and Nevis, Montserrat, Anguilla and the British Virgin Islands.

Guyana will on Friday turn the sod for the construction of the country’s first climate-controlled rice storage hub with the first phase expected to cost an estimated one billion dollars (One Guyana dollar=US$0.004 cents).

Agriculture Minister Zulfikar Mustapha said the facility will be built at Onderneeming, along the Essequibo Coast in Region Two and that an estimated 2,000 rice farmers will benefit from the initiative, which seeks to strengthen storage capacity, improve post-harvest management and support the rice industry’s growth.

He said the investment follows the government’s 2026 budget commitment to increase rice-storage capacity through climate-controlled silos over the next five years and that the facility will be a game changer for farmers, especially since paddy prices are usually very low in Essequibo.

The new facility is expected to provide an intended 10,000 tonnes of storage capacity to help farmers store paddy until they can get a better offer for their produce.

Mustapha noted also that with the recent launch of the Guyana Development Bank (GDB) it will allow rice farmers to access loans that no longer make them indebted to millers.

‘These soft loans coming out of the Guyana Development Bank, instead of going to the miller to take these inputs, they will have a small loan like one million, GUY$1.5 million without any collateral, without any interest.’

The Trinidad and Tobago government Monday presented a budget of TT$63.3 billion (One TT dollar=US$0.16 cents) to Parliament saying the fiscal package is intended to attract investment, expand production, create employment, strengthen resilience and open new opportunities for citizens and businesses.

In a two and a half hour presentation to Parliament, Finance Minister Davendranath Tancoo said that the budget is based on the assumption that the price for oil is US$77 per barrel compared with US$73.25 per barrel in 2026 and that natural gas price assumption will be US$5.00 per MMBtu, compared with US$4.25 per MMBtu in 2026.

He said as a result of these commodity price estimates, the government expects total revenue TT$59.729 billion, total expenditure of TT$63.368 billion with a fiscal deficit of TT$3.639 billion.

Debate on the budget begins on Friday.

Tanco told legislators that the total estimated revenue comprises: oil revenue of TT$14.355 billion, non-oil revenue of TT$45.062 billion and capital revenue TT$ 0.312 billion

‘It should be noted that the fiscal deficit of TT$3.639 billion is 2.1 per cent of GDP (gross domestic product), again within the international benchmark of three per cent,’ Tancoo said, adding that education and training will receive the biggest slice of the budget estimated at TT$8.033 billion, followed by health at TT$8.061 billion and national security at TT$7.321 billion.

Tancoo told legislators that the government will introduce a limit on carried-forward losses for general trade and business as it seeks to raise revenuer and protect the tax base.

‘Our tax system must strike a balance between supporting business activity and ensuring that profitable enterprises make a fair and timely contribution to the revenues required for our national priorities.’

Tancoo said currently, businesses may carry forward accumulated losses to reduce taxable profits in subsequent years.

‘While the Government recognises the importance of this provision to allow businesses to recover from periods of financial difficulty, we also believe that there should be an appropriate balance in the amount of accumulated losses applied in any one year.’

He said as a result, he is proposing to limit the utilisation of carried-forward losses for all businesses to 75 per cent of chargeable profits in any income year and that this measure, which takes effect from January 1 next year, will contribute TT$430 million.

He said that the unemployment levy has been unchanged at five pe cent since 1989 and that over that period, the needs of the workforce and the economy have evolved considerably.

‘To ensure that we have adequate resources to support workers and strengthen their development, I propose to increase the unemployment levy on the taxable profits of petroleum companies from five to eight per cent’ he said, adding that this would generate an additional TT$155 million in revenue.

The government is also proposing an increase to the withholding tax on distributions made to non-resident individuals and companies from eight to 10 per cent, while the rate on distributions to non-resident parent companies will increase from three to five per cent.

Tancoo said that the measure will generate an additional TT$25.1 million and that the government has reviewed the effect of the increase in excise duties on alcoholic beverages with the objective of achieving a fairer balance between supporting local production, ensuring consistent treatment of imported products and maintaining an appropriate contribution to the revenues of the state.

‘I propose to reduce the applicable excise rates by 25 per cent. These revised excise rates will be extended to imported alcoholic beverages, establishing a more consistent excise treatment between locally produced and imported products.

‘We will also reform the customs duty structure on imported alcoholic beverages by moving from the existing specific duties charged by volume to an ad valorem rate based on the value of the product. This will affect imported alcoholic beverages which do not benefit from preferential customs treatment under Trinidad and Tobago’s existing trade agreements, with higher-value imports bearing a higher amount of customs duty.’

Tancoo said that these measures will provide some relief to local manufacturers, establish greater consistency in the application of excise duties and create a more appropriate customs duty structure for imported alcoholic beverages. He said these measures will take effect from January 1, next year.

Tancoo told legislators that much of the digital services consumed in Trinidad and Tobago are supplied by businesses located outside of the country’s borders and that these entities do not contribute to our country’s income.

‘Accordingly, the government proposes to apply VAT (value added tax) to digital services supplied by non-resident providers to persons in Trinidad and Tobago,’ he said, adding that to facilitate compliance and collection, a simplified registration will be introduced for non-resident suppliers, including suppliers of taxable services connected with real property situated in Trinidad and Tobago, allowing them to register, collect and remit VAT electronically.

‘This measure will broaden our tax base, strengthen the collection of VAT and promote more consistent tax treatment between services supplied from abroad and those supplied domestically,’ he said, predicting that the measure will generate TT$18 million in revenue and takes effect on March 1, 2027.

Tancoo also announced that the government intends to amend the definition of ‘Payments’ within the Income Tax Act. He said under the existing withholding tax framework, the treatment of certain payments to non-residents depends on whether the payment or underlying income arises in Trinidad and Tobago.

Tancoo said that this creates circumstances in which services supplied remotely to Trinidad and Tobago businesses fall outside the withholding tax net.

‘I propose to amend the Income Tax Act to clarify the circumstances in which payments for management, technical and other prescribed services to non-residents will be treated for withholding tax purposes. The amendment will consider where the obligation to make the payment arises and where the relevant cost is incurred. This measure will close a legislative loophole and protect our country’s tax base.’

Tancoo said that the measure will generate TT$300 million in revenue and takes effect on January 1, 2027 and that the Income Tax Act will be further amended to disallow a deduction for expenses incurred in earning exempt income:

He said at present, expenses incurred in earning exempt income may, in certain circumstances, be deducted in determining taxable income. This can reduce the tax payable on other income, although the related income is itself exempt from tax.

‘To address this inconsistency and strengthen the integrity of our tax system, I propose to amend Section 10 of the Income Tax Act to expressly disallow deductions for expenses incurred in earning exempt income’ Tancoo told legislators adding that this amendment will provide greater clarity and consistency in the tax treatment of exempt income, while ensuring that tax concessions operate as intended.

He said that this measure, which takes effect from the start of next year, is expected to generate TT$75 million in revenue.

The government is also amending the Tobacco Control Act to provide clearer rules for the commercial possession and importation of cigarettes.

He said possession of 10,000 or more tobacco products will now constitute prima facie evidence of distribution, while the importation of 800 or more cigarettes will require an appropriate import licence.

‘Government will also bring all vaping products within an appropriate regulatory framework. Vaping in public places and the sale of vaping products to persons under the age of 21 will be prohibited’ Tancoo said, adding that he proposes to establish a 20 per cent rate of customs duty on vaping devices and products.

The government said it is developing a niche industry around the collection, restoration and preservation of historic motor vehicles, creating opportunities for skilled trades and specialised services while supporting automotive shows, cultural events and tourism.

‘We will establish regulations for the importation, registration and use of Classic, Antique and Vintage motor vehicles, including import controls and differentiated rates of Motor Vehicle Tax.

Under the new arrangements, the rate of Motor Vehicle Tax will increase by 100 per cent for Classic vehicles, 50 per cent for Antique vehicles and 25 per cent for Vintage vehicles.’

The government said it is promoting energy conservation and supporting low-usage households introducing an electricity surcharge of five cents per kilowatt-hour on residential consumption above 3,000 kilowatt-hours per billing period.

‘This threshold will ensure that average households with moderate levels of electricity usage remain unaffected,’ the Finance Minister said, adding that the revenue generated from this surcharge will help finance the existing electricity subsidy provided to households with very low levels of electricity consumption.

Government said this measure is expected to generate an additional TT$17.8 million in revenue.

The Kamla Persad-Bissessar government has announced an increase in personal allowance for pensioners.

Tancoo said that in fiscal 2026, the government provided meaningful relief to thousands of senior citizens by making their private pensions tax-free.

‘However, many pensioners, particularly retired public officers, remain subject to tax on pension income exceeding TT$90,000. Our public officers have given decades of service to this country and deserve greater financial security in retirement. I therefore propose to increase the personal allowance for pensioners to TT$102,000 per year,’ Tacoo said, adding that this measure will provide approximately TT$11 million in tax relief to pensioners as of January 1,next year.

Tancoo said that the government intends to modernise tax administration and strengthening compliance and that it has carefully considered the recommendations arising from the recent review of the VAT system.

‘The review makes a strong case for simplifying the VAT system, reducing the extensive use of zero-rating and broadening the VAT base. These reforms can strengthen revenue collection, improve the administration of VAT and reduce some of the pressures associated with VAT refunds.’

Tancoo said that the government is committed to preserving price stability and avoiding measures that could place unnecessary pressure on household prices.

‘We will therefore preserve zero-rating on selected basic and essential items, while moving selected items from zero-rated to VAT-exempt status. I wish to emphasise that these goods will continue to attract no VAT at the point of sale.’

The government is also introducing a VAT clearance fee with Tancoo saying that at present, a fee of TT$100 applies to a standard Tax Clearance Certificate, while there is no cost for a VAT clearance certificate.

He said he will introduce a fee of TT$100 for the issuance of a VAT Clearance Certificate and that the measure will provide an additional TT$500,000 in revenue and will take effect from January 1, 2027.

‘While penalties currently apply for the non-filing of Income Tax and Corporation Tax returns, there is no comparable penalty for the non-filing of VAT returns. To address this gap and strengthen VAT compliance, the government will introduce a penalty of TT$100 for every two months that a VAT return remains outstanding.

‘This measure will encourage timely filing, strengthen VAT administration and improve the information available to support revenue management and economic planning.

Tancoo said, adding that the measure will provide an additional five million dollars in revenue.

The government said it will introduce mandatory electronic filing through the Inland Revenue Division’s GENTAX system for all taxpayers, saying that this measure represents an important step in the modernisation and digital transformation of tax administration in Trinidad and Tobago.

It said GENTAX will provide all taxpayers with a single, streamlined and more efficient platform through which they can meet their tax obligations without having to manually file returns.

Tancoo said to strengthen compliance and deter all false Customs declarations, he proposes to increase the penalty under the Customs Act from TT$125,000 to TT$250,000.

The government also said that there wuld be an increase in the Foreign Currency Declaration Threshold, noting that the existing US$5,000 foreign currency declaration threshold places a reporting requirement on travellers at a relatively modest level.

‘Government considers that this threshold should now be updated to better reflect present-day travel and commercial realities, while allowing Customs to remain focused on higher-risk movements of currency.

‘Accordingly, I propose to increase the foreign currency declaration threshold from US$5,000 to US$10,000. This threshold is also consistent with the benchmark used in a number of jurisdictions.’

Tancoo also announced an amendment to Registration of Clubs Act to provide greater flexibility and encourage timely compliance. He said he proposed to amend the legislation to allow registered members’ clubs to pay their taxes on a quarterly basis, rather than annual, basis.

The Finance Minister sad that there would be an increase in the penalty for non-payment of National Insurance Contributions with employers neng responsible for ensuring that National Insurance contributions due for their employees are paid.

He saif failure to do so compromises workers’ contribution records and, ultimately, their access to National Insurance benefits.

‘I therefore propose to strengthen the penalties for employers who fail or neglect to pay the required National Insurance contributions. The maximum fine on summary conviction will increase from TT$4,000 to TT$8,000.

Finance Minister Davendranath Tancoo delivering the 2026-2027 national budget to Parliament on Monday (CMC Photo)

Tancoo said that to improve the ease of doing business government proposes to amend the Foreign Investment Act by simplifying the rules for foreign acquisition of land and shares, including transactions up to US$100,000 in total. He said CARICOM nationals will be exempted from the consideration rule.

‘I propose to introduce a legal requirement for beneficial ownership information disclosure from foreign investors, and streamline administrative processes to reduce unnecessary delays. These reforms will make the foreign investment process faster, simpler and more transparent while also strengthening regulatory oversight.’

Tancoo said the government proposes to make targeted amendments to the Exchange Control Act to clarify the existing arrangements governing the importation and exportation of foreign currency notes. They will also require authorised dealers to provide full disclosure to the Central Bank concerning movement of cash.

He said the government will launch a Government Savings Bond Programme, creating a new and accessible avenue for citizens to invest directly in securities issued by the government of Trinidad and Tobago.

‘The programme is designed primarily with individual citizens and small savers in mind, allowing persons to invest amounts such as TT$1,000, TT$5,000, TT$10,000 or more. We intend to offer these bonds with a fix rate of interest, in both Trinidad and Tobago and United States dollars and with various tenors.

‘These bonds will provide citizens with an additional investment opportunity, offering competitive returns while helping them build long-term financial security. They will also deepen the local capital market, broaden investment options, and importantly, provide a domestic avenue for US dollar savings. ‘

The government is also moving towards introducing a Retail Government Securities Programme that will place government bonds within the reach of ordinary citizens.

‘For too long, investment in Government securities has been concentrated among institutional investors and financial institutions. We intend to change this by offering securities in smaller denominations, including investments from as little as TT$5,000, allowing teachers, nurses, young professionals, small business owners, pensioners and first-time investors to participate directly in one of the country’s safest and most important investment classes. This initiative is about empowering citizens to save, invest and build personal wealth.’

Tancoo said that the programme will be supported by the government’s move towards the dematerialisation of government securities, replacing paper certificates. He said the securities will be recorded electronically through the Trinidad and Tobago Central Depository and will be listed on the Trinidad and Tobago Stock Exchange, with trading facilitated through licensed brokers.

Tancoo said to develop the local capital market, the government will engage an international partner to conduct a diagnostic on Trinidad and Tobago’s Government Local Currency Bond Market.

‘Following the completion of this diagnostic, this Government will produce a sequenced reform roadmap which will be incorporated into the Ministry of Finance’s cash and debt management framework. This will support improved planning, cash-flow forecasting and the development of a deeper and more effective yield curve,’ he added.

The Trinidad and Tobago government Monday said it as alloated funds to meet the proposal to pay 40 per cent of outstanding arrears in cash to public secttor workers.

Finance Minister Davendranath Tancoo delivering the TT$63.3 billion (One TT dollar=US$0.16 cents) budget to Parliament, said that despite trying financial circumstances, in December 2025, the government provided for a partial cash payment of TT$230 million to members of the Public Service Association (PSA).

‘In 2027 and based on the Chief Personnel Officer’s proposal to pay 40 per cent of outstanding arrears in cash, we have an allocation in fiscal 2027 to meet this obligation,’ Tancoo said, adding that the government has also made allocations available for payment to other trade unions.

He said TT$252 million have been allocated for the National Union of Government and Federated Workers (NUGFW), the largest trade union here, for new wage rates and cost of living allowances (COLA) and TT$510 million for arrears.

The Finance Minister said TT$44.9 million have been allocated for the payment of arrears for Port of Spain City Corporation, while TT$45.4 million will go towards the payment of arrears for San Fernando City Corporation.

In addition, TT$281.8 million had been allocated for arrears for the Trinidad and Tobago Defence Force (TTDF) adding ‘this represents close to TT$2.5 billion which we are putting in the hands of current and retired public officers.

Tancoo said that the government intends to continue engaging with trade unions with unresolved negotiations including: the Oilfield Workers Trade Union (OWTU), the Transport and Industrial Workers’ Union (TIWU), the Trinidad and Tobago Postal Workers’ Union and Contractors and General Workers’ Trade Union representing workers at several business and educational institutions including the University of the West Indies, the University of Trinidad and Tobago, the National Training Agency and the National Helicopters among others.

Tancoo said that the government honoured its commitment to teachers, telling legislators that from March 2026 an estimated 11,000 teachers benefitted from higher salaries, together with the consolidation of the COLA.

‘Last month we paid off all the arrears valued at approximately TT$688 million,’ he said, adding that the government also honoured its commitment to the NUGFW.

‘We ratified the agreement for approximately 20,000 daily-rated workers resulting in a 10 per cent wage increase and TT$510.2 million in arrears.

‘We honoured our commitment to the PSA: We commenced wage negotiations affecting almost 40,000 public-sector workers, and to date, we have provided approximately TT$224.8 million in backpay and put all 40,000 public servants on their new higher salary,’ Tancoo said.

Former Cricket West Indies president Dave Cameron has urged the regional governing body to consider pulling out of international cricket if its financial struggles continue, saying such a move may be necessary to force the International Cricket Council to take notice.

CWI is undergoing major changes to its structures and competitions as it battles significant financial challenges. Chief executive officer Chris Dehring has described West Indies cricket as being ‘at an important crossroads.’

Among the changes is a 25 per cent cut in retainer fees for international players’ contracts. Players are expected to accept or decline the cuts this week following the conclusion of the tour of India.

Former Cricket West Indies president Dave Cameron

Cameron, who served as CWI president from 2013 to 2019, said he anticipated the current situation, blaming in part an ICC revenue-sharing model he considers unfair and weighted toward cricket’s biggest nations, led by India.

Speaking on The Mason and Guests talk show in Barbados, Cameron said he had written about the issue a decade ago and championed it within the ICC, where he helped push for the creation of committees.

‘I got so upset in meetings (to the point) where I challenged people that we would stop playing with them because it was just unfair that you would get all the resources,’ Cameron said.

He pointed to the ongoing series in India, claiming India could make ‘north of about $100-$200 million’ from the contest while it costs West Indies Cricket to take part.

‘It just doesn’t make sense,’ Cameron said. ‘No matter if you are the best team in the world, you can’t improve your revenues. The model has to change. In 2016, we proved that.

‘(Some) 10 years ago we were the best team in every format of the game, and we weren’t able to move our revenue needle. Those were the concerns that we had and, unfortunately, my successors didn’t think it was important.’

Cameron identified two central issues facing West Indies cricket. The first, he said, was outlined by Dehring: CWI funds the entire development of West Indies cricket.

‘That needs to change,’ he said, though he declined to offer a specific model. The second issue, he added, is how revenues in international cricket are shared.

With CWI implementing reforms and players weighing contract cuts, Cameron’s intervention adds fresh pressure on both the regional body and the ICC as West Indies cricket searches for a sustainable way forward.