Trinidad News, Tobago News

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Tuesday, October 06 2015 @ 12:17 PM AST


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Trinidad and Tobago in energy-led recession: Ernst & Young

"It behooves the nation to reflect upon whether more prudent fiscal management and development spending in the past would have left the country better poised to face the current energy-led recession," Tax Partners Wade George and Gregory Hannays in their executive overview of the 2015/2016 budget.
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Trinidad & Tobago to dispatch "army of youth" tax monitors: 2015 - 2016 budget

"We are going to send an army of young people" out on the streets to ensure value added tax (VAT) compliance Trinidad & Tobago Finance Minister Colm Imbert said today at a post-budget forum in Port of Spain.

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Trinidad and Tobago offshore oil production falls 11.6% in August

Trinidad & Tobago crude oil production fell 8.5 per cent year-on-year in August, according to Energy Ministry data released Thursday (October 1).

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Super gasoline and diesel prices to rise 15% in Trinidad & Tobago: Finance Minister Colm Imbert

Finance Minister Colm Imbert announced this today during his 2015/2016 budget statement in Parliament in Port of Spain.

Restoring Confidence and Rebuilding trust - let's do this together! -- was the budget theme

Budget calculated on a US$45 per barrel of oil price; and US$2.75 per mmbtu (Henry Hub) gas price, and US$8 per mmbtu gas price in Indonesia.


"Current (forex) situation is untenable": Imbert said

Central Bank asked to re-establish forex distribution system of prior to 2014: Imbert said

Central Bank asked to clear backlog of requests for US dollars: Imbert said


IMF team visited just after the election at invitation of govt: Imbert

MORE from Imbert:

- Output declined in energy sector and in non-energy sector too

- Energy exports fell in 2015 to US$7.5 billion from 2010-2014 average of US$12.7 billion

- "Sharp decline in export receipts"

- Overdraft of Central Bank was 90% "over limit" but crisis was averted.

- Corporation taxes from energy companies will be nominal this year when it exceeded $18 billion previously.

- "Continued and sizeable deficits over next 3 years" must be avoided: Imbert

- Energy sector contribution to GDP fell to 37.2% in 2014 from 40% previously: Imbert

- On diversification, Imbert promises:

- - to re-take up the international financial centre (IFC)

- - create a ship building industry using existing dry dock facilities

- Tobago gets $2.772 billion allocation or 4.4% of national budget - above the legal limit.

- Government to increase business levy; commence reduction of fuel subsidy; phase in property tax and more.

- Free internet coming throughout country, starting with free hotspots, and free broadband internet in schools.

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Trinidad & Tobago 2015/2016 budget forecast at to be balanced at just under $60 billion

COMMENTARY (forecasts)