AMCHAM T&T RESPONDS TO THE 2019-2020 NATIONAL BUDGET PRESENTATION
AMCHAM T&T listened with interest to the national budget statement. We applaud the efforts towards digital transformation of the public sector, in particular the linking of the birth certificate personal identification number to the death registry with the objective of simplifying pension payments. We also note similar efforts in the licensing department and encourage acceleration and deployment of digital transformation across the wider public sector, which we believe will aid in improving the ease of doing business.
We also note that civil matters would be given dedicated space in the-soon-to-be vacated waterfront building. We hope that this will also lead to speedier resolution of commercial disputes. We also hope that the freeing up of the High Court to deal with more criminal matters will result in timelier delivery of justice for all.
A third noteworthy area is the new tax incentives for the development of the agricultural sector but we seek clarification on whether this applies to farmers or corporations or both. We are unsure that this will be enough to stimulate the sector as other concerns such as irrigation and praedial larceny still need to be addressed.
We also applaud the announcement of the Styrofoam ban and look forward to its implementation. Further environmental positives include the initiatives supporting enhanced energy efficiency, for example tax incentives for solar heaters and the planned changeout of regular to LED light bulbs.
However, we are uneasy that the government is increasing expenditure and again planning a fiscal deficit in 2020. This follows a year in which the government’s revenue was bolstered by more than $5 billion in one-off revenue yet resulted in an almost $4 billion deficit. AMCHAM T&T would like to see a clear link between revenue and expenditure patterns with a view towards realistically achieving a balanced budget in the near future. This must be placed in the context of the government’s medium-term policy framework with special emphasis on sustainable growth and improving the ease of doing business.
We lament that the budget presentation did not address the ease of doing business in a more deliberate and tangible way.
These are our initial comments and we look forward to hearing further details as the Budget debate continues.
For further questions or comments please contact: Nirad Tewarie, CEO AMCHAM T&T at email@example.com or 728-8274
AMCHAM T&T TO HOST CLEANATHON 2019
AMCHAM T&T will be launching the 23rd Annual Health, Safety, Security and Environment (HSSE) Conference and Exhibition on Saturday, 6 July 2019 with a CLEANATHON and Fun Day event in commemoration of the 2019 UN World Environment Day.
AMCHAM T&T, which hosts the region’s premier HSSE conference that typically brings together the largest gathering of HSSE professionals from both international and regional territories, is seeking to increase local awareness on the effects of air pollution with this year’s conference. With the continuous and elevated levels of the Sahara dust affecting air quality and the lives of citizens across Trinidad and Tobago over the past couple months, AMCHAM T&T believes highlighting the impact of air pollution remains a very timely and relevant issue that deserves addressing.
The World Health Organisation highlights air pollution as the greatest environmental risk to human health, second only to climate change. Air pollution is also estimated to be the cause of seven million premature deaths every year (4.3 million from ambient outdoor pollution, and 2.6 from households.)
A recent UN Environment report on Caribbean Air Quality outlines that Air pollution consistently ranks among the top risk factors for death and disability worldwide. In 2017, air pollution was the fifth highest mortality risk factor globally and was associated with about 4.9 million deaths and 147 million years of healthy life lost.
AMCHAM T&T’s CLEANATHON will engage citizens to collect trash around the Queen’s Park Savannah while highlighting the hazards of environmental abuse with the focus being on the impact of air pollution. AMCHAM T&T believes indoor and outdoor air quality can be improved if the right investments are made towards renewable energy, tightening vehicle emission standards, reducing open burning of agricultural and municipal waste, providing greater access to cleaner cooking and heating fuels and adopting more efficient cook/space heating stoves for citizens. Failure to address these very real concerns would continue to erode the quality of life for all citizens.
AMCHAM T&T is inviting everyone to support this worthy venture to raise awareness on air pollution and by extension the urgent need to protect our planet. So, come out in your numbers and let’s clean up the Queen’s Park Savannah to #BeatAirPollution and maintain Clean Air for a Better Tomorrow.
AMCHAM T&T MAKES A CALL FOR GREATER COLLABORATION AND DIALOGUE
The American Chamber of Commerce of Trinidad & Tobago (AMCHAM T&T) would like to address the call made by union leader Ancil Roget to “boycott the 1%” on Friday 4th August 2017. AMCHAM T&T believes the statement is not only unfortunate but counterproductive. In every country where a minority has been persecuted in an attempt to shift power or influence to another group, the result has been economic and social decay.
We believe that statements such as these are very divisive and not in the best interest of the very workers that they are supposed to represent.
We acknowledge that Trade Unions have a very important part to play in protecting and promoting the rights and best interests of their members. This can only be done through dialogue leading to constructive solutions. In that regard, we too would like to see a return to multiparty dialogue in a manner that allows all stakeholders to participate in a meaningful and constructive way. The National Tripartite Advisory Council (NTAC) was that vehicle, but it is not functioning as intended. AMCHAM T&T stands ready to assist and participate in its reformation to facilitate meaningful dialogue and a path forward.
The world is in the midst of an economic crisis, with new political and social disruptions occurring every day. At this time, the country needs leaders – including Trade Union leaders - who are willing to look past all differences and seek solutions to the challenges we face. We believe that this is not the time for pointing fingers, but instead a time of increased collaboration and dialogue. Myopic viewpoints and unreasonable demands that seek to promote specific agendas rather than finding innovative solutions should not be the first course of action.
We urge all leaders in all sectors of Trinidad & Tobago- Business, Labour, Government to come together so we can work together with a unified purpose of ensuring that our country and all citizens enjoy a decent quality of life not just in the short term but for many years to come.
AMCHAM T&T INTRODUCES ITS NEW PRESIDENT AT ITS ANNUAL GENERAL MEETING
The American Chamber of Commerce of Trinidad & Tobago elected its new President at its Annual General Meeting at the Hilton Trinidad Conference on Thursday 11th May 2017. The fourteenth President, Mitchell De Silva is currently the Regional Vice President - Corporate Banking - RBC Merchant Bank (Caribbean) Limited, and has been an active participant in AMCHAM T&T for the past decade.
In his inaugural address he underscored the immediate need for the “Private Sector to take up the challenge to cede from the Government the position of being the main driver of our economy.”
He informed the two hundred plus crowd at the AGM, that high on AMCHAM T&T’s advocacy agenda was the intention to “press the Government to adopt fiscal rules.” He maintained that the implementation of codified and legislated fiscal rules is a necessary step to follow if the Procurement legislation is to be effective, as the two will work in tandem. He explained that “one, broadly speaking, is designed to ensure efficiency in expenditure and the other is intended to preserve or, one might say establish a strong correlation between what we spend and what we earn. Fiscal rules and Procurement are not a panacea for what ails us, but they form the basis for creating a more accountable and responsible form of Governance, not only at the political level but across the entire society.”
On the topic of labour, he noted that the “already tense relationship between business and labour is more likely to deteriorate than it is to improve.” To this he advised that both sides should “unclench their fists and extend their hands” and seek instead to bridge the divide. He added:
“I recognize that a degree of tension between the forces is necessary and a requisite for a healthy industrial relations climate, but what I do believe and what I do foresee, is that to continue as is will only lead to a further fracturing of our society. Now is not a time for unyielding commitment to ideology but to find new ideology to fit our reality. I am not advocating that we abandon our core principles but that, as we discuss the future, we incorporate these into a shared sense of purpose for the benefit of all. We have no choice but to search for a better way. In this regard, it is my hope that
the unions will see it fit to return National Tripartite Advisory Council and that Government Business and Labour come together on some key initiatives to drive our socio-economic recovery.”
There was also a few changes to the AMCHAM T&T Board of Directors and sees Dominic Rampersad, President Pheonix Park Gas Processors Ltd. as the vacant VP spot. The list of Directors are as follows:
President – Mitchell De Silva, RBC
Vice President - Catalina Herrera, Citi
Vice President - Dominic Rampersad, PPGPL
Secretary - Glenn Hamel-Smith, Hamel-Smith & Co.
Treasurer - Patricia Ghany, Esau Oilfield Supplies Limited
Other Directors to the Board are: Ravi Suryadevara, TRINVALCO; Hugh Howard, Hugh Howard & Associates; Simon Aqui, IBM; Nicholas Galt, TSL; Frances Correia, Microsoft; Sana Ragbir, First Citizens; Giselle Thompson, bpTT; Jason George, United Airlines; Gayle Pazos, Scotiabank; Ravi Bajaj, Chevron and Erojus Joseph, GE Oil & Gas.
AMCHAM T&T RESPONDS TO THE MID-YEAR REVIEW
AMCHAM T&T has considered the Minister’s Statements in the Report on the Finance Committee and acknowledges that the Government is on budget at this point in the fiscal year. We also note that this will still require significant deficit financing at the end of this period. The minister articulated that within current circumstances we are on track to achieve fiscal balance by 2020. That said, there is much time between today and fiscal 2020 and our expectation is that the Government will maintain the current course to ensure balance by year the 2020 or before. Further, in curtailing expenditure, our hope is that low spend is not linked to an inability to execute or non-implementation of plans and programs, but rather a result of real savings.
Within the presentation, the Minister of Finance addressed measures being taken on the implementation of the Property Tax. While the focus in the interim is on residential properties, it is our hope that there will be adequate discussion on industrial property tax prior to its implementation. Earlier articulation surrounding the tax on industry suggests that there may be a negative impact on re-investment and new investment.
We also note that the Minister recognized increased tax revenue from the SPT. In previous presentations, the Government committed to a review of this tax in an effort to boost oil production. Ultimately boosting oil production will lead to greater revenue and we urge the Minster to make the necessary revision of the SPT in the 2017/2018 National Budget.
The Minister has also requested that the Central Bank of Trinidad and Tobago give priority to trade and manufacturing. This is, as we understand, the status quo and will unlikely result in any significant change. The Government of Trinidad and Tobago needs to articulate a clear set of long-term plans and initiatives to address these and other issues to inspire greater confidence in the local economy.
As always, we remain committed to collaboration with the Government and other stakeholders as we represent our members’ views and work collectively in the interest of our country.
AMCHAM T&T EXTENDS CONDOLENCES ON THE PASSING OF DR. ANTHONY SABGA
AMCHAM T&T is deeply saddened by the passing of Dr. Anthony N. Sabga.
Dr. Sabga led a remarkable life. He was a true pioneer and titan of business. He played a significant role in the creation and development of several businesses in T&T and has left an indelible mark on the economic landscape of the entire Caribbean. Deeply committed to the development of the region, Dr. Saga supported numerous social causes through the ANSA McAL Foundation.
Dr. Sabga’s life stands as a testament to the value of hard work, commitment and extraordinary vision.
He was a man who, in many ways, was ahead of his time, and earned the respect of people across the region.
We extend a heartfelt condolence to his family and his loved ones.
The American Chamber of Commerce of Trinidad & Tobago (AMCHAM T&T) is concerned about the lack of clarity on the implementation of the proposed Property Tax.
AMCHAMT T&T understands the urgency of increased revenue collection and supports the need for a Property Tax. However, the re-introduction of any policy measure must not occur in an environment of uncertainty. We urge the Government to provide details on the valuation and implementation of the Property Tax, particularly where it relates to uncovered plant, rigs, and machinery.
Proper implementation of the Property Tax is key to reducing any negative impact on the business community that has already been significantly taxed over the last few years. It is also fundamental to the ability of the country to attract new investors. We are concerned that this may be a deterrent to new investors whose deployed capital in the form of new plant or equipment, will now attract an exorbitant Property Tax before depreciation can be applied.
AMCHAM T&T has been requesting clarity and underscoring the need for greater discussion since 2015. In September 2015 AMCHAM T&T CEO Nirad Tewarie, in his address at our Doing Business in Latin America forum, stated “We anticipate that in the upcoming budget there may be a return to the Land and Building tax. If so, we urge the government to be mindful of the impact on business and to provide clear and detailed information on how it will be implemented.”
AMCHAM T&T again raised the issue in June 2016, when the chamber submitted its budget recommendations to the Ministry of Finance, where we asked for a “Review of Lands and Building Tax regime in consultation with stakeholders” and we reiterated the call for collaboration and clarity in our response to the National Budget presentation. Further, AMCHAM T&T’s President Ravi Suryadevara wrote to the Minister of Finance on Friday 24th March, 2017 requesting a meeting to discuss the tax, but to date, no response has been received.
If the Government would like to promote public-private sector partnership they must create an environment that encourages investment, entrepreneurship, and diversification, greater effort must be made to foster the trust and open dialogue to facilitate such.
In a global environment where nothing is certain, and concerns about our economy linger, the Government must make a greater effort to reduce ambiguity and promote confidence to drive growth.
AMCHAM T&T AND IDB LAUNCH ITS WOMEN IN LEADERSHIP MENTORSHIP PROGRAM
“The time is ripe to see more women in leadership positions in the ICT sector.” This was the sentiment expressed by Nuria Simo, Chief Information Officer, and General Manager Department of Information Technology of the IDB, during her visit to AMCHAM T&T, on Thursday 13th April 2017. Following her meeting with senior female ICT executives of AMCHAM T&T’s member companies, the business organisation and the IDB launched their Women in Leadership Mentorship Program. Addressing the group of leading women in the field of Information Technology she led the discussion on the challenges that she and many other women face when navigating the ladder of success. “We need role models for girls and young women to see that it is possible to be successful in senior ICT positions.”
The mentorship program which will be done in partnership with the Inter-American Development Bank seeks to pair five (5) mentees with senior regional professionals in the fields of Science, Information Technology, and Economics. The mentors were selected from the IDB’s vast network of professionals.
An organisation which is known for its unapologetic stance on gender parity in the workplace, AMCHAM T&T’s CEO Nirad Tewarie stated that “this initiative is an extension of the theme of our recently concluded Women’s Leadership Seminar held in February #Be Bold For Change. We are ensuring that we make a conscious effort to not only add to the discussion but to be part of the solution.” He also added, “We are fully committed to seeing this through along with our partner the IDB, and it is our hope that this pilot project can serve as a template that other business service organisations can adopt and that we can expand.” Carina Cockburn, Chief of Operations for the local IDB office, echoed this sentiment and reiterated the IDB’s position that promoting gender equality is pivotal to its goal of accelerating the process of economic and social development in Latin America and the Caribbean
While applicants can only be selected from AMCHAM T&T membership base, it is important to note that AMCHAM T&T’s diverse membership covers all sectors of business.
For more information on the program, please visit our website www.amchamtt.com or contact Francisca Hector @622-4466.
The American Chamber of Commerce of Trinidad & Tobago (AMCHAM T&T), The Energy Chamber, and Trinidad & Tobago Manufacturers Association (TTMA) wish to reject in the strongest possible fashion any suggestion that our concerns about the operations of the Industrial Court is either an attack on the institution or an attempt to return the country to colonial days as has been suggested by the Joint Trade Union Movement.
The business associations have for some time had concerns about the Industrial Relations Framework in Trinidad and Tobago and the operations of several institutions, including the Industrial Court of Trinidad and Tobago.
We are confident the expression of these concerns falls within any reasonable definition of fair comment.
We are of the view that there is a need for greater clarity on how and why the Court arrives at its judgments, and the awards made by the court. The members of these associations see this as crucial in building trust in our institutions and in ensuring that all parties feel that they are being treated equitably.
At the heart of our concern is our vision for an IR Framework that is modern and reflective of today’s reality. Why for example is Trinidad and Tobago the only country in the Caribbean where it is necessary for an individual to join a trade union in order to bring an action before the industrial court against an employer? Why must a worker have to pay dues to a union and, should they be successful, share their earnings with the Trade Union simply because they do not have access to the court on their own? We feel this needs to change and the IR framework modernized.
The business associations are also concerned that in this time of economic challenge and when several surveys have shown the urgent need for increased productivity, the IR Framework and the operations of institutions limit the country’s ability to improve productivity levels and give us a better chance of weathering the economic downturn and protecting the jobs of workers and revenue to the state.
We have proposed legislative changes which are all in keeping with conventions of the International Labour Organisation. We feel the time has come for a frank discussion, by all parties, on the need for legislative and operational changes and the way forward as we try to update and reform the IR framework in Trinidad and Tobago.
A reformed, modern and progressive IR framework, underpinned by sound laws will benefit individuals, businesses, the labour movement and the country.
AMCHAM T&T DISMAYED BY POLITICAL WRANGLING OVER CRITICAL FATCA LEGISLATION
The American Chamber of Commerce of Trinidad & Tobago (AMCHAM T&T) is deeply disappointed by the continued political wrangling that is contributing to the delay of the passage of the critical legislation governing the implementation of Foreign Account Tax Compliance Act (FATCA). While we believe that debate is the trademark of a healthy democracy, we assert that this should not occur at the expense of best interest of the country. Our elected leaders are entrusted by the citizenry to always put country first and to rise above the myopic political tactics that could cripple our financial institutions and be detrimental to our ability to do business with the rest of the world.
AMCHAM T&T has been very vocal on this issue and our views remain unchanged. We believe that there is no need for a Joint Select Committee to be set up to review the Tax Information Exchange Bill. The minor amendments which may now be desired can be made without going to a JSC, which will unnecessarily delay the passage of the legislation within the timeline which T&T itself provided to the Government of the United States of America. Non-compliance by the stipulated deadline could pose a major challenge for operations within financial institutions and in turn gravely affect our ability to do business with the rest of the world. This will also adversely affect our trade relationship with the U.S., who is still a major trading partner T&T.
We urge all legislators, in particular the Opposition, to let good sense prevail, and commit to passing the legislation forthwith. We also take this opportunity to point out that co-operation between the Government and Opposition will be required over the next few months to ensure that our country meets its Caribbean Financial Action Task Force commitments to credibly show that we are committed to fighting money laundering, the financing of terrorism and other financial crimes.
We trust that our elected leaders will put politics aside to ensure that the interests of Trinidad and Tobago come first.
62 Maraval Road,
Newtown, Port of Spain
T: (868) 622-0340, 622-4466,
F: (868) 628-9428
Email AMCHAM T&T
P.O. Bag 150, Newtown,
Port of Spain
Trinidad and Tobago.
HSE Excellence Awards
National Youth Productivity Forum
Copyright © AMCHAM T&T