TTMA IN THE NEWS
Rethinking retail tax
The proposed replacement of the Value Added Tax (VAT) system with a sales tax and the removal of VAT from "basic" food items were two notable changes for the business community in the 2025/2026 budget presentation. During his budget speech on October 13, Finance Minister Davendranath Tancoo said the VAT system, which has been in effect since 1989, has become "increasingly onerous to administer." With regular filing required by businesses and the processing burden placed on the Inland Revenue Division, Tancoo said the system had led to a buildup of refund arrears, undermining business confidence and fiscal management. This, he said, prompted the government to consider replacing the VAT system with a "simpler, easier to administer" sales tax system. The VAT rate is currently at 12.5 per cent. Speaking to Business Day at the TT Manufacturers’ Association’s post-budget discussion on October 14, Tancoo said a change to sales tax would allow the Inland Revenue Division to generate its revenue more clearly and efficiently. Read more here
Sagewan happy with non-energy shift, but warns: Govt must account
Economist Dr Indera Sagewan has commended the Government for its emphasis on non-energy sector development in the 2025/2026 national budget, but warned it will be held accountable for the implementation of proposed measures. Speaking at the Trinidad and Tobago Manufacturers’ Association (TTMA) post-budget forum at the Hyatt Regency (Trinidad), Port of Spain, on Tuesday, Sagewan said the Government’s focus on new growth areas signalled a welcome policy shift. “We are in such a difficult place. It is now more than ever that we need a sense of confidence, a sense of hope, a sense that those who are in the driver’s seat have a destination in mind and they are taking us with them on that journey to a destination that is going to be a bright and prosperous one,” she told the audience. Read more here
NEWS
Banks, insurance companies await details of new tax/levy
The Bankers Association (BATT) is adopting a wait-and-see approach to the budget's promise of a new tax/levy on assets held by banks and insurance companies, according to a BATT statement on October 15. Finance Minister Davendranath Tancoo on October 13 told MPs that banks and insurance companies have benefited from their own conservative lending practices plus TT's overall favourable monetary conditions, yet the average person still faces "unreasonably high fees and near-zero returns on their savings and investments." Noting these organisations' large size, profitability and capitalisation, he said they have enjoyed "sustained earnings, high liquidity ratios and strong asset base growth." Read more here
Maloney father and nine-year-old son shot during home invasion
A nine-year-old boy was shot in the left heel as he slept, whilst his 33-year-old father was shot in the left toe, after gunmen stormed an apartment in Maloney and opened fire on them yesterday. Residents of Building 16 were rocked out of their sleep when gunfire erupted in the two-bedroom apartment on the third floor. Reports indicate four masked and heavily armed suspects walked up the three flights of stairs and went directly to the father’s wooden front door, where they knocked loudly and waited. Guardian Media was told the father answered, initially believing the men to be police officers. However, after sliding back the dead bolt on the inside of the door and peering out, he realised it was not law enforcement and attempted to shove the door in. However, two of the gunmen kicked in the door and rush in behind the father, who turned and ran into his son’s bedroom, where he dived on top of him, shielding him as the suspects began shooting. Read more here
POLITICS
Tancoo says new taxes will spread opportunity for everyone
Small increases and surcharges in certain areas in the 2026 Budget are geared to spread the opportunity for everyone to help take T&T forward, says Finance Minister Dave Tancoo. “Now is the time for all patriotic citizens and businesses to step forward,” Tancoo said yesterday, as he responded to concerns being aired by certain sectors about increases and taxes in the 2026 Budget. He was referring to all increases in taxes on alcohol and tobacco products, a 0.25 per cent levy on the assets of commercial banks and insurance companies and a landlord surcharge. Customs duty hikes on alcohol and tobacco products became effective immediately on Monday, after he presented the Budget. The Asset Levy and landlord surcharge begins on January 1, 2026. Read more here
BUSINESS
Replacing VAT with sales tax requires care
Since 1989, Value Added Tax or VAT has been taken for granted as a permanent feature of the fiscal landscape. So, Davendranath Tancoo’s budget announcement of a plan to review the VAT regime to replace it with a sales tax is a revolutionary shift. But care must be taken to ensure any changes truly simplify the system, preserve revenue and achieve equity so that low-income households are protected. The Finance Minister’s idea isn’t new. Before VAT was ever introduced, successive governments considered a sales tax instead. Former prime minister George Chambers, who was also minister of finance, told Parliament in the 1983 budget, "We have been giving consideration for some time to the introduction of a general sales tax. I am advised that there are numerous problems in the administration of such a tax. I therefore propose to seek the assistance of the International Monetary Fund (IMF) as to the form which would be most appropriate." Read more here
REGIONAL
‘Guyana has no quarrel with Venezuelan people’
Commander-in-Chief of the Armed Forces President Dr. Irfaan Ali has reaffirmed that Guyana holds no hostility towards the people of Venezuela, despite the mounting claims to the country’s resource-rich Essequibo region by the Bolivarian Republic’s regime. Speaking at the commissioning parade of the Guyana Defence Force’s (GDF) Standard Operating Course #56 on Wednesday, on the aggressive posturing by Venezuelan forces in Guyana’s Cuyuni region, the Commander-in-Chief of the Armed Forces made it clear that while the country remains committed to peace and diplomacy, it will not tolerate any acts of aggression against its citizens or military personnel. “Guyana has no quarrel with the Venezuelan people; we have welcomed many of them who have come to our shores in search of a better life, just as our own citizens would have moved in our dark days of dictatorship, our dispute and the controversy is not born of hatred, nor does it prevent us from seeking to advance our relation, but we will not compromise our sovereignty,” President Ali said. Read more here
INTERNATIONAL
Gaza experts work to identify bodies of 90 Palestinians returned by Israel
A health official in Gaza says a specialist committee is working to identify the bodies of 90 Palestinians handed over by Israel in exchange for dead hostages held by Hamas. If they were unsuccessful, photos would be posted online so families could search for relatives, said Dr Mohammed Zaqout, director general of hospitals for the Hamas-run health ministry. It is not clear whether the bodies - stored at Nasser hospital in Khan Younis - belong to Palestinians who died in Gaza or in Israeli custody. Read more here
16th October 2025