Trinidad & Tobago
Concern over FACTA delay
Port-of-Spain – Delays in passing the crucial Foreign Account Tax Compliance Act legislation is causing additional stress for the business community and the country already dealing with crime, business owners and bankers stated last week.
Liaquat Ali, president of the Couva/Point Lisas Chamber of Commerce, told the media that criminals are stressing out the country, and now to not obtain foreign exchange along with the government not passing the legislation were not helping ease the anxiety.
Said Liaquat: "The politicians in this country are putting additional burdens and stress on the business community and by extension Trinidad and Tobago and the mere fact the business community is already burdened… that we can't get foreign exchange. We have the issue of crime. Crime is on everybody's front burner these days, and yet still we have the politicians who carry this country to the brink with the FATCA legislation."
The unwanted stress had to stop, he said, adding, “[The government] cannot solve this problem outside the (Parliament) chamber. It's like a boxing match, if you want to win, go in the ring," Ali said.
Penal/Debe Chamber of Commerce president Shiva Roopnarine also questioned the allocation of US currency while calling for transparency in its distribution. Local car dealers have expressed difficulty in obtaining foreign exchange, he noted.
Said Roopnarine: "As a responsible chamber, understanding the economic constraints facing the Central Bank and their US demands, we would like to know if all sectors would have seen a cut in allocation of US dollars or just some sectors? We are just asking for our membership to be treated in an equitable manner, with the same rights and privileges as other business sectors."
Similarly, Roopnarine also expressed anxiety over crime. The time had come for joint police-army patrols throughout the country, he said.
Roopnarine noted small and medium-sized businesses were being affected by crime. Joint police-army patrols would “act as a deterrent for unscrupulous individuals who may have intent on committing crime".
He also advised members of the public to adopt safe practices with daily activities during the festive season, and to report suspicious activity in their communities to the authorities.
The FACTA issue was also a major source of concern with bankers and other business associations saying last week Trinidad and Tobago's reputation and the stability of the entire banking system, as well as hundreds of thousands of customers it serves, will be put at risk if it legislation was not passed before the February 2017 deadline.
It was a picture of anxiety and concern with banking and business leaders calling on opposition and government MPs to "put country first" to ensure the bill is passed.
Said Bankers Association president and managing director of Scotiabank Trinidad and Tobago Anya Schnoor: "While I have read comments in the press that maybe bankers are being alarmist, let me assure you that I work for a bank which operates around the world and I have seen first-hand the effects on small countries which have tried to thumb their noses at their global (Anti-Money Laundering) and FATCA obligations.”
Additionally, she wondered: "Our economy is already being battered by the effects of falling oil prices and rising unemployment. Do we really want to take a risk with a sector which is so critical to our market stability and economic growth?"
Schnoor said clients have indicated the intention to move money out of Trinidad and Tobago to FATCA-compliant countries. She also described statements made by Opposition Leader Kamla Persad-Bissessar as unacceptable. Schnoor said there was no evidence to show the economy would collapse if the bill was not passed.
Early last week Persad-Bissessar said there was nothing on the Internal Revenue Service website or the US Treasury website to substantiate the doom and gloom predictions which the government was warning about.
Schnoor said she is unsure where the Opposition Leader received her information – that the IRS website clearly states the deadline for compliance to be in February. She added outgoing US Ambassador John L Estrada also confirmed the deadline date. Schnoor said the country should "listen to him as the Ambassador", as he would be speaking on behalf of the US government and its various agencies.
Noting the Opposition's confidentiality concerns and its recommendation that part of the Tax Information Exchange Act should be subjected to the laws of Trinidad and Tobago, such as the Data Protection Act and the Financial Institutions Act, Schnoor said doing this would result in the bill being ineffective.
"The reason we need the TIE Act is to allow us to communicate tax information on US persons who are residents of TT, but who have tax reporting obligations because they are US persons. Let us not forget that. This is not about every Trinidad and Tobago citizen's information being transferred. It is only in relation to US persons," she said.
She added: "The banks are not giving the Board of Inland Revenue any other information other than for US persons. But if we don't pass the legislation all of us are affected, whether you are US persons or TT citizens, because what the US is going to say is they don't have time to figure out who is who. They are just going to tax us all and that is what we don't want as citizens."
One of the implications for banks on non-compliance with FATCA is the imposition of a 30 percent withholding tax on US source payments.
President of the American Chamber of Commerce of Trinidad and Tobago Ravi Suryadevara also commented on the issue, saying more than likely this country would not be given another extension to have the FATCA law in place. Trinidad and Tobago could not "run out the clock on our deadlines", he said.
"If we are moving meaningfully to integrate into a global, complex financial arrangement with the rest of the world we have to be [cognisant] of that in Parliament," he said.
A similar view was shared by chief executive officer of the Trinidad and Tobago Chamber of Industry and Commerce, Gabriel Faria.
"We are moving in a global environment, and we have to lift the standard of moving things through Parliament because there are so many more things that have to get done,” he said.
Additionally, "So let's get this done now so we can deal with whatever else. We are in a country that needs to be agile and nimble to deal with the environment we are in; the political directorate is not showing that. They are not showing they are nimble and willing to deal with these issues."
Additionally, she wondered: "Our economy is already being battered by the effects of falling oil prices and rising unemployment. Do we really want to take a risk with a sector which is so critical to our market stability and economic growth?"
Schnoor said clients have indicated the intention to move money out of Trinidad and Tobago to FATCA-compliant countries. She also described statements made by Opposition Leader Kamla Persad-Bissessar as unacceptable. Schnoor said there was no evidence to show the economy would collapse if the bill was not passed.
Early last week Persad-Bissessar said there was nothing on the Internal Revenue Service website or the US Treasury website to substantiate the doom and gloom predictions which the government was warning about.
Schnoor said she is unsure where the Opposition Leader received her information – that the IRS website clearly states the deadline for compliance to be in February. She added outgoing US Ambassador John L Estrada also confirmed the deadline date. Schnoor said the country should "listen to him as the Ambassador", as he would be speaking on behalf of the US government and its various agencies.
Noting the Opposition's confidentiality concerns and its recommendation that part of the Tax Information Exchange Act should be subjected to the laws of Trinidad and Tobago, such as the Data Protection Act and the Financial Institutions Act, Schnoor said doing this would result in the bill being ineffective.
"The reason we need the TIE Act is to allow us to communicate tax information on US persons who are residents of TT, but who have tax reporting obligations because they are US persons. Let us not forget that. This is not about every Trinidad and Tobago citizen's information being transferred. It is only in relation to US persons," she said.
She added: "The banks are not giving the Board of Inland Revenue any other information other than for US persons. But if we don't pass the legislation all of us are affected, whether you are US persons or TT citizens, because what the US is going to say is they don't have time to figure out who is who. They are just going to tax us all and that is what we don't want as citizens."
One of the implications for banks on non-compliance with FATCA is the imposition of a 30 percent withholding tax on US source payments.
President of the American Chamber of Commerce of Trinidad and Tobago Ravi Suryadevara also commented on the issue, saying more than likely this country would not be given another extension to have the FATCA law in place. Trinidad and Tobago could not "run out the clock on our deadlines", he said.
"If we are moving meaningfully to integrate into a global, complex financial arrangement with the rest of the world we have to be [cognisant] of that in Parliament," he said.
A similar view was shared by chief executive officer of the Trinidad and Tobago Chamber of Industry and Commerce, Gabriel Faria.
"We are moving in a global environment, and we have to lift the standard of moving things through Parliament because there are so many more things that have to get done,” he said.
Additionally, "So let's get this done now so we can deal with whatever else. We are in a country that needs to be agile and nimble to deal with the environment we are in; the political directorate is not showing that. They are not showing they are nimble and willing to deal with these issues."
Port-of-Spain – Trinidad and Tobago Chamber of Industry and Commerce last week called for zero tolerance of crime.
In a statement, the chamber called on the government “through the national security agencies – to use every available human and technical resource to effectively and efficiently stem the already high incidence of homicide and serious crime altogether.”
It said it categorically denounced the “cowardly acts of injustice against members of the business community and, by extension, everyone who has had their right to safety and security trampled upon by perpetrators bent on disrupting the lives of ordinary citizens”.
The chamber said that “immediate action is clearly warranted to maintain law and order in our beloved country in the face of a creeping sense of hopelessness.”
In addition, the business body pledged its support, and said it stood ready to assist as “a national stakeholder in all key issues directed at the sustainability of our economy and the security and well-being of our people”.
The statement said earlier this month citizens of Trinidad and Tobago had to endure the painful and sobering reminder that crime continues unabated in the country.
It said that while this is nothing new, from time to time a “particularly heinous act of criminality forces those of us who live and work here to collectively and vociferously voice our outrage.”
In a release dated September 2, the chamber fully supported the “commendable efforts” of the government and the opposition as they pledged to employ a collaborative approach to fighting crime. However, it said since then it appeared there has been little or no meaningful change except for a sharp escalation in the number of disturbing incidents which was compounded by the continued low police detection rates of less than 25 percent.
In a statement, the chamber called on the government “through the national security agencies – to use every available human and technical resource to effectively and efficiently stem the already high incidence of homicide and serious crime altogether.”
It said it categorically denounced the “cowardly acts of injustice against members of the business community and, by extension, everyone who has had their right to safety and security trampled upon by perpetrators bent on disrupting the lives of ordinary citizens”.
The chamber said that “immediate action is clearly warranted to maintain law and order in our beloved country in the face of a creeping sense of hopelessness.”
In addition, the business body pledged its support, and said it stood ready to assist as “a national stakeholder in all key issues directed at the sustainability of our economy and the security and well-being of our people”.
The statement said earlier this month citizens of Trinidad and Tobago had to endure the painful and sobering reminder that crime continues unabated in the country.
It said that while this is nothing new, from time to time a “particularly heinous act of criminality forces those of us who live and work here to collectively and vociferously voice our outrage.”
In a release dated September 2, the chamber fully supported the “commendable efforts” of the government and the opposition as they pledged to employ a collaborative approach to fighting crime. However, it said since then it appeared there has been little or no meaningful change except for a sharp escalation in the number of disturbing incidents which was compounded by the continued low police detection rates of less than 25 percent.
Port-of-Spain – A new report from the Economic Commissioner for Latin America and the Caribbean estimates the Trinidad and Tobago economy declined by 4.5 percent this year.
This follows contractions of 0.6 percent and 0.5 percent in 2014 and 2015, respectively.
Eclac said: "Continued natural gas supply shortages, maintenance shutdowns and weak energy prices contributed to the energy sector’s deterioration, while linkages with that sector pulled down the non-energy sector. The current account deficit widened as a result of reduced goods exports, while foreign direct investment saw a modest recovery.”
According to the report, the government’s fiscal deficit expanded to 4.2 percent of GDP. In response, several adjustments were made to compensate for lost energy revenues, including several new tax initiatives.
Added the report: "In monetary policy, the central bank repo rate was left unchanged in 2016 and the exchange rate against the US dollar was allowed to weaken. Unemployment rose to 4.4 percent in the second quarter of the year as the slowdown took hold.”
Eclac said the estimated deficit is an increase on the 1.5 percent deficit of fiscal 2014-2015 and had been originally estimated at 1.8 percent of GDP, but worsened because of lower energy revenue.
"While the government managed to increase non-tax revenue by 18 percent – largely as a result of repayment of past lending – tax revenue fell by 31 percent because of a 90.3 percent drop in the contribution from oil companies.
"The budget for fiscal 2016/2017, which is based on an estimated oil price of US $48 per barrel and a gas price of US $2.25 per MMBtu, predicts a deficit of 3.9 percent of GDP," the reported stated.
The report noted that measures had been implemented to increase revenue from other sources, including reinstatement of property tax, a new income tax bracket and a seven percent tax on online shopping.
"As a result of the contracting economy, in 2016 the Central Bank of Trinidad and Tobago kept the repo rate at 4.75 percent, where it had been since December 2015. Although the bank raised this rate several times over 2015, commercial banks’ average lending rates declined over the year before increasing by 0.29 percentage points from December 2015 to June 2016," the report continued.
Additionally, "This lag in monetary policy transmission may be due to the banks being supplied with enough resources from excess liquidity in the banking system without having to access central bank repo facilities."
Eclac also noted that the Central Bank had allowed the exchange rate to "slowly depreciate after maintaining a quasi peg for about 20 years."
It said: "The official United States dollar selling rate weakened by 6.1 percent between October 2015 and October 2016, from (TT) $6.3627 to $6.7507 per (US) $1. As a result of the slowdown in the economy, the Central Bank sold 44 percent less foreign exchange to authorised dealers between January and October 2016 than in the same period the previous year.”
It added: "However, foreign exchange remains scarce, and many banks have resorted to rationing United States dollars to customers."
Eclac said effect of the economic slowdown has manifested in the economy’s labour force statistics.
The unemployment rate rose from 3.5 percent in the fourth quarter of 2015 to 3.8 percent in the first quarter of 2016 and then to 4.4 percent in the second quarter.
"Unemployment in the oil and gas sector, which had increased to 8.3 percent by the fourth quarter of 2015, fell to 3.1 percent in the second quarter of 2016, largely because of workers leaving the sector. In the most recent estimate, unemployment was highest in the construction sector (8.6 percent) and lowest in the agriculture sector (1.0 percent)."
This follows contractions of 0.6 percent and 0.5 percent in 2014 and 2015, respectively.
Eclac said: "Continued natural gas supply shortages, maintenance shutdowns and weak energy prices contributed to the energy sector’s deterioration, while linkages with that sector pulled down the non-energy sector. The current account deficit widened as a result of reduced goods exports, while foreign direct investment saw a modest recovery.”
According to the report, the government’s fiscal deficit expanded to 4.2 percent of GDP. In response, several adjustments were made to compensate for lost energy revenues, including several new tax initiatives.
Added the report: "In monetary policy, the central bank repo rate was left unchanged in 2016 and the exchange rate against the US dollar was allowed to weaken. Unemployment rose to 4.4 percent in the second quarter of the year as the slowdown took hold.”
Eclac said the estimated deficit is an increase on the 1.5 percent deficit of fiscal 2014-2015 and had been originally estimated at 1.8 percent of GDP, but worsened because of lower energy revenue.
"While the government managed to increase non-tax revenue by 18 percent – largely as a result of repayment of past lending – tax revenue fell by 31 percent because of a 90.3 percent drop in the contribution from oil companies.
"The budget for fiscal 2016/2017, which is based on an estimated oil price of US $48 per barrel and a gas price of US $2.25 per MMBtu, predicts a deficit of 3.9 percent of GDP," the reported stated.
The report noted that measures had been implemented to increase revenue from other sources, including reinstatement of property tax, a new income tax bracket and a seven percent tax on online shopping.
"As a result of the contracting economy, in 2016 the Central Bank of Trinidad and Tobago kept the repo rate at 4.75 percent, where it had been since December 2015. Although the bank raised this rate several times over 2015, commercial banks’ average lending rates declined over the year before increasing by 0.29 percentage points from December 2015 to June 2016," the report continued.
Additionally, "This lag in monetary policy transmission may be due to the banks being supplied with enough resources from excess liquidity in the banking system without having to access central bank repo facilities."
Eclac also noted that the Central Bank had allowed the exchange rate to "slowly depreciate after maintaining a quasi peg for about 20 years."
It said: "The official United States dollar selling rate weakened by 6.1 percent between October 2015 and October 2016, from (TT) $6.3627 to $6.7507 per (US) $1. As a result of the slowdown in the economy, the Central Bank sold 44 percent less foreign exchange to authorised dealers between January and October 2016 than in the same period the previous year.”
It added: "However, foreign exchange remains scarce, and many banks have resorted to rationing United States dollars to customers."
Eclac said effect of the economic slowdown has manifested in the economy’s labour force statistics.
The unemployment rate rose from 3.5 percent in the fourth quarter of 2015 to 3.8 percent in the first quarter of 2016 and then to 4.4 percent in the second quarter.
"Unemployment in the oil and gas sector, which had increased to 8.3 percent by the fourth quarter of 2015, fell to 3.1 percent in the second quarter of 2016, largely because of workers leaving the sector. In the most recent estimate, unemployment was highest in the construction sector (8.6 percent) and lowest in the agriculture sector (1.0 percent)."
Port-of-Spain – Two economists have warned that the local economy can be further hit by crime and the fear of crime.
Senior economist at UWI, Dr Roger Hosein said Trinidad and Tobago’s high murder rate affects workers’ productivity and the outlook of entrepreneurs. “Fear of crime is a factor that most affects my investment. You can’t invest as you want to nor display your wealth in this society,” Hosein lamented.
He cited someone who grows patchoi using hydroponics but who has opted to sell his produce only to a few wholesalers, at a lower profit margin, that he could earn if he instead sold to many retailers who would pay more but who might also pose a risk of exposing his business dealings to bandits.
“Fear of crime has a serious impact on entrepreneurship,” Hosein surmised. Economist Prof Patrick Watson endorsed Hosein’s sentiment. “If a young entrepreneur comes up with an idea to earn foreign exchange, he’ll not stay here in this country. It’s not a nice environment to live in or work in,” Watson said.
Adding that entrepreneurs need an enabling environment, Watson said crime will hit investments. Dubbing the Trinidad and Tobago Police Service as “a failing institution”, Watson said the service is riddled with corruption amid public perception that some officers are actively in cahoots with criminals.
Panellists gave an array of advice on the way forward. Hosein urged devaluation (whether to eight, nine or ten Trinidad and Tobago dollars to one US dollar) to dampen demand for imports. He said Guyana’s discovery of reserves of up to 1.4 billion barrels of oil gives a lot of lucrative opportunities for players and the local economy.
Hosein saw CEPEP as a terrible policy error and said GATE in its present form has starved the country’s real economy, even as he forecast that cuts will further the decline in tertiary attendance that began naturally before the cuts.
Energy Chamber CEO Dr Dax Driver, lamented the present state of the economy as being adults now borrowing from their children, for today’s consumption.
He said the country needs to adjust to a new reality of a much lower revenue coming in. Driver said few people realise the country’s high revenues in 2006 were due to the rare fortune of a happy constellation of circumstances.
He said abundant and easily-accessible oil had meant energy companies had not needed to seek tax breaks from the government to undertake risky explorations, so these firms had paid hefty taxes or royalties to the government.
Also, at that time the world oil price was high, facilitating these firms to sell oil for healthy revenues. Driver warned that the situation today is the exact opposite of yesteryear, as now energy firms face high costs of production, even as the world oil-price is relatively low.
He advised the export of energy-sector services and other services, that Trinidad and Tobago firms should seek more foreign market-access, and that institutions that impede business activity should be addressed.
These latter include the Customs and Excise Division, law courts, land administration and the work permit system.
Senior economist at UWI, Dr Roger Hosein said Trinidad and Tobago’s high murder rate affects workers’ productivity and the outlook of entrepreneurs. “Fear of crime is a factor that most affects my investment. You can’t invest as you want to nor display your wealth in this society,” Hosein lamented.
He cited someone who grows patchoi using hydroponics but who has opted to sell his produce only to a few wholesalers, at a lower profit margin, that he could earn if he instead sold to many retailers who would pay more but who might also pose a risk of exposing his business dealings to bandits.
“Fear of crime has a serious impact on entrepreneurship,” Hosein surmised. Economist Prof Patrick Watson endorsed Hosein’s sentiment. “If a young entrepreneur comes up with an idea to earn foreign exchange, he’ll not stay here in this country. It’s not a nice environment to live in or work in,” Watson said.
Adding that entrepreneurs need an enabling environment, Watson said crime will hit investments. Dubbing the Trinidad and Tobago Police Service as “a failing institution”, Watson said the service is riddled with corruption amid public perception that some officers are actively in cahoots with criminals.
Panellists gave an array of advice on the way forward. Hosein urged devaluation (whether to eight, nine or ten Trinidad and Tobago dollars to one US dollar) to dampen demand for imports. He said Guyana’s discovery of reserves of up to 1.4 billion barrels of oil gives a lot of lucrative opportunities for players and the local economy.
Hosein saw CEPEP as a terrible policy error and said GATE in its present form has starved the country’s real economy, even as he forecast that cuts will further the decline in tertiary attendance that began naturally before the cuts.
Energy Chamber CEO Dr Dax Driver, lamented the present state of the economy as being adults now borrowing from their children, for today’s consumption.
He said the country needs to adjust to a new reality of a much lower revenue coming in. Driver said few people realise the country’s high revenues in 2006 were due to the rare fortune of a happy constellation of circumstances.
He said abundant and easily-accessible oil had meant energy companies had not needed to seek tax breaks from the government to undertake risky explorations, so these firms had paid hefty taxes or royalties to the government.
Also, at that time the world oil price was high, facilitating these firms to sell oil for healthy revenues. Driver warned that the situation today is the exact opposite of yesteryear, as now energy firms face high costs of production, even as the world oil-price is relatively low.
He advised the export of energy-sector services and other services, that Trinidad and Tobago firms should seek more foreign market-access, and that institutions that impede business activity should be addressed.
These latter include the Customs and Excise Division, law courts, land administration and the work permit system.
Port-of-Spain – In expressing her concern about rising levels of obesity in this country, particularly among children, Foreign Affairs Joint Select Committee chairperson Marlene McDonald has said no one cooks anymore.
At the time, the minister was expressing concern over reports which referred to a 400 percent increase in obesity in children between the ages of five to 18 years over the last decade. McDonald is the MP for Port-of-Spain South.
She made the observation that many people appear to prefer to purchase cooked food rather than cook for themselves. She said in her constituency if she did not reach a particular eating establishment at a particular time all the food was done.
Noting it has been said that “a healthy child is a healthy adult,” McDonald asked what was being done to curb obesity in children. She also said when people fail to address obesity in their younger years, it can lead to expensive and painful medical procedures later.
Health Ministry Permanent Secretary Richard Madray and the Ministry’s director (health education) Yvonne Lewis indicated to JSC members that the ministry is in the process of rolling out a national programme on non-communicable diseases, which treats with issues such as obesity.
Lewis explained that one of the strategies will be examining the amount of sugar, salt and fat contained in the foods served to children. In making her earlier observations, McDonald spoke about a food outlet which serves chicken, fries and a soft drink for (TT) $20.
“Is this healthy?” she asked.
At the time, the minister was expressing concern over reports which referred to a 400 percent increase in obesity in children between the ages of five to 18 years over the last decade. McDonald is the MP for Port-of-Spain South.
She made the observation that many people appear to prefer to purchase cooked food rather than cook for themselves. She said in her constituency if she did not reach a particular eating establishment at a particular time all the food was done.
Noting it has been said that “a healthy child is a healthy adult,” McDonald asked what was being done to curb obesity in children. She also said when people fail to address obesity in their younger years, it can lead to expensive and painful medical procedures later.
Health Ministry Permanent Secretary Richard Madray and the Ministry’s director (health education) Yvonne Lewis indicated to JSC members that the ministry is in the process of rolling out a national programme on non-communicable diseases, which treats with issues such as obesity.
Lewis explained that one of the strategies will be examining the amount of sugar, salt and fat contained in the foods served to children. In making her earlier observations, McDonald spoke about a food outlet which serves chicken, fries and a soft drink for (TT) $20.
“Is this healthy?” she asked.
Port-of-Spain – Tourism stakeholders are calling for a meeting with the Prime Minister, Minister of Finance and Minister of Tourism to voice their concerns and propose solutions for boosting the tourism sector. This comes as they say the tourism sector, particularly in Tobago, is on the verge of collapse.
Representatives of the Trinidad Hotels, Restaurants and Tourism Association, Trinidad and Tobago Incoming Tour Operators Association and Tobago Hotel and Tourism Association held a news conference at the Hyatt Regency in Port-of-Spain, as they made their appeal last Thursday.
THTA president Christopher James noted that international visitor arrivals to Tobago have been on a constant decline.
He lamented in the last decade visitor arrivals have dropped significantly, from approximately 88,000 in 2005 to around 19,000 in 2016.
He added that this country receives less than two percent of the 30 million international visits to the region each year. "If this continues, we will not have a tourism industry in Tobago," he said.
James said his 23 years of experience in the sector have made it clear successive governments have not understood the value of tourism and its role in economic diversification.
THRTA CEO Brian Frontin said part of the problem was insufficient government allocations towards destination marketing and promotion of Trinidad and Tobago.
He said budgetary allocations to the Ministry of Tourism have also been on the decline, from (TT) $61 million in 2013, to an estimated $19 million for fiscal year 2017.
By comparison hotels and guest houses pay tens of millions of dollars in hotel accommodation tax each year.
The associations are requesting that money paid in hotel accommodation tax be invested back into the sector in the form of marketing and promotion.
TTITOA president Lorraine Pouchet said the decline in tourist arrivals has resulted in a decline in business for tour operators and has become an untenable situation.
She said it was time to get serious about tourism as Trinidad and Tobago has the potential to be a premier tourist destination. She added that the tourism sector could potentially create more jobs than the energy sector and could provide a much-needed financial boost to the economy.
However, there seems to be no plan take the sector further, she declared. She added that attempts to meet with Tourism Minister Shamfa Cudjoe in the past have not been successful.
Representatives of the Trinidad Hotels, Restaurants and Tourism Association, Trinidad and Tobago Incoming Tour Operators Association and Tobago Hotel and Tourism Association held a news conference at the Hyatt Regency in Port-of-Spain, as they made their appeal last Thursday.
THTA president Christopher James noted that international visitor arrivals to Tobago have been on a constant decline.
He lamented in the last decade visitor arrivals have dropped significantly, from approximately 88,000 in 2005 to around 19,000 in 2016.
He added that this country receives less than two percent of the 30 million international visits to the region each year. "If this continues, we will not have a tourism industry in Tobago," he said.
James said his 23 years of experience in the sector have made it clear successive governments have not understood the value of tourism and its role in economic diversification.
THRTA CEO Brian Frontin said part of the problem was insufficient government allocations towards destination marketing and promotion of Trinidad and Tobago.
He said budgetary allocations to the Ministry of Tourism have also been on the decline, from (TT) $61 million in 2013, to an estimated $19 million for fiscal year 2017.
By comparison hotels and guest houses pay tens of millions of dollars in hotel accommodation tax each year.
The associations are requesting that money paid in hotel accommodation tax be invested back into the sector in the form of marketing and promotion.
TTITOA president Lorraine Pouchet said the decline in tourist arrivals has resulted in a decline in business for tour operators and has become an untenable situation.
She said it was time to get serious about tourism as Trinidad and Tobago has the potential to be a premier tourist destination. She added that the tourism sector could potentially create more jobs than the energy sector and could provide a much-needed financial boost to the economy.
However, there seems to be no plan take the sector further, she declared. She added that attempts to meet with Tourism Minister Shamfa Cudjoe in the past have not been successful.
Port-of-Spain – Chief of Defence Staff, Brigadier General Rodney Smart, has said the country is plagued with falling values and violence against women and children.
Smart was addressing his fellow colleagues last week at the Chief of Defence Staff Parade at Tetron Barracks in Chaguaramas.
“There is an upsurge of crime and violence and the economic downturn. There would be an expectation from our country men in overcoming these threats,” he said.
He said the Defence Force is prepared to deal with these circumstances.
“We are capable of defending the nation’s interest and development. We must continue to strike to meet the expectations of our country men,” he said.
He said despite budget cuts and the tough economic times the Defence Force will deliver.
“We have seen challenges in our society of falling values and violent acts against women and children. We can see these in the purview of the falling standards and we should become a beacon in our nation,” he said.
Smart advised his colleagues to continue to work and pursue excellence.
Smart was addressing his fellow colleagues last week at the Chief of Defence Staff Parade at Tetron Barracks in Chaguaramas.
“There is an upsurge of crime and violence and the economic downturn. There would be an expectation from our country men in overcoming these threats,” he said.
He said the Defence Force is prepared to deal with these circumstances.
“We are capable of defending the nation’s interest and development. We must continue to strike to meet the expectations of our country men,” he said.
He said despite budget cuts and the tough economic times the Defence Force will deliver.
“We have seen challenges in our society of falling values and violent acts against women and children. We can see these in the purview of the falling standards and we should become a beacon in our nation,” he said.
Smart advised his colleagues to continue to work and pursue excellence.