NEWS
Changes to demerit point system
The Works and Transport Ministry has amended the demerit point system after a comprehensive review of the concerns from the public since its implementation in May 2020. The amendments took effect on November 18. In a release, the ministry said it had monitored its operation and assessed its impact on driver behaviours and compliance with road safety laws. It said the review was based on feedback from stakeholders and the general public and addressed concerns regarding the demerit points and fixed penalties assigned to various traffic violations. Read more here
Port standoff continues as neither side budges on pay dispute
The ongoing impasse at the Port of Port-of-Spain remains unresolved, causing major disruptions to operations and adversely affecting the business community. There seems to be no end in sight as neither side has budged in the port pay dispute. On Sunday, Works and Transport Minister Rohan Sinanan said that despite the disruptions, the port managed to handle all export containers and incoming shipments over the weekend. He assured that port operations were back to normal. But that was short-lived as port activities were significantly disrupted yesterday, with workers refusing to attend a scheduled meeting with Port Authority Chairman Lyle Alexander at three locations in Port-of-Spain. Read more here
POLITICS
House gives year-end tax waiver
The House of Representatives agreed to give a waiver until December 31 for penalties and interest on sums owed under the Registration of Clubs Act, National Insurance Act, Income Tax Act, Value Added Tax Act, Stamp Duty Act, and the Property Tax Act. Finance Minister Colm Imbert piloted the Finance Bill 2024. He said in this current amnesty, the Government expected to collect $1.5 billion from 20,000 people/businesses. Imbert announced that for six months, the Government would pay any service charge payable to FCB incurred by people using FCB to pay their property tax bill. Read more here
PM insists Govt won’t bow to pressure: There’ll be no devaluation of TT dollar
The Prime Minister says Government will not bow to “special interest pressure” to devalue the TT dollar. Speaking on the foreign exchange issue for the first time yesterday, the Prime Minister said the pressure to devalue was coming from people who largely have foreign exchange. He said devaluation will increase costs and make those with foreign exchange wealthier. He made the comments while in the House of Representatives. Dr Keith Rowley also said the Finance Minister was currently meeting with stakeholders to determine the reasons for the increased foreign exchange demand with a view to arriving at a consensus on the way forward, which may involve “more regulation of the method and manner of distribution” by the banks of foreign exchange. Read more here
BUSINESS
Central Bank lists authorised forex dealers
Amid reports that many have turned to the black market to purchase foreign exchange, the Central Bank of Trinidad and Tobago yesterday listed the authorised dealers of foreign exchange in the country. In a notice on its website, the Central Bank said 13 companies were licensed as authorised foreign exchange dealers in T&T, as at September 30, 2024. They are: ANSA Bank; Citibank (Trinidad & Tobago); First Citizens Bank; CIBC Caribbean Bank (Trinidad & Tobago); JMMB Bank (T&T); RBC Royal Bank (Trinidad & Tobago); Republic Bank; Scotiabank Trinidad & Tobago; ANSA Merchant Bank; Development Finance Ltd; Massy Finance GFC Ltd, NCB Merchant Bank (Trinidad and Tobago); and the Export - Import Bank of Trinidad and Tobago (EXIMBANK). Read more here
Finance Bill passed in Parliament
The Finance Bill, 2024, was passed in Parliament yesterday. It will provide a tax amnesty to individuals and businesses up to December 31, 2024. Finance Minister Colm Imbert piloted the Bill, which drew criticism from Opposition MP Davendranath Tancoo, who accused the Government of providing the amnesty to facilitate law-breakers who failed to pay their taxes and discriminating against those who complied and paid their taxes. Read more here
REGIONAL
Gov’t will continue to invest in creating enabling environments for children’s ‘holistic’ development
President Dr. Irfaan Ali on Monday reaffirmed Guyana’s commitment to the United Nations Convention on the Rights of the Child (CRC), and noted that the government will continue to invest in building an environment through which the development of children can be completed in a holistic way. Dr. Ali was at the time speaking at an event to mark the 35th Anniversary of the convention, where he noted that Guyana is pleased to join the United Nations family on marking the occasion. “The Convention is a landmark treaty that enshrines the fundamental rights of every child. It stands as a legal framework for safeguarding children’s rights to survival, protection, development and participation in society,” he said. Read more here
INTERNATIONAL
Turkish strikes in Syria cut water to one million people
Turkish air strikes in drought-struck north-east Syria have cut off access to electricity and water for more than a million people, in what experts say may be a violation of international law. Turkey carried out more than 100 attacks between October 2019 and January 2024 on oil fields, gas facilities and power stations in the Kurdish-held Autonomous Administration of North and East Syria (AANES), according to data collated by the BBC World Service. The attacks have added to the humanitarian crisis in a region reeling from a years-long civil war and four years of extreme drought exacerbated by climate change. Read more here
19th November 2024