Recent decades have seen a downward convergence in corporate tax regimes as advanced, emerging and developing economies moved to grab a bigger slice of the global investment pie. Headline corporate tax rates have fallen by 20 percentage points since the early 1980s. Alongside lower average rates, special tax incentives aimed at capturing...
Tax reform is a critical issue for Trinidad and Tobago, as the island nation struggles with ineffective collection and does not raise enough revenue to cover government expenditure. Statistics compiled by the OECD found that T&T collected tax revenue worth 22.9% of GDP in 2016, an amount in line with the 22.7% average of 25 Latin American...
In a public address delivered in January 2018, Prime Minister Keith Rowley promised a “slow return to growth” for the twin-island nation. An uptick in economic activity would certainly be welcomed by Rowley, who was elected in September 2015 during the middle of a difficult period: Trinidad and Tobago posted negative GDP growth for three out...
One key strategy for improving the performance of Trinidad & Tobago’s economy is strengthening the country’s base of small and medium-sized enterprises (SMEs). Developing this class of businesses is expected to help create formal sector jobs, diversify GDP, and reduce dependence on oil and gas exports.
Progress on fiscal consolidation and a recent rebound in commodity prices have led to a more optimistic medium-term outlook among CEOs in Trinidad and Tobago. In our previous OBG Business Barometer: Trinidad and Tobago CEO Survey, released in late 2017, 57% of C-suite executives had positive expectations for the coming 12 months, which improved to...
In June 2018 the IMF released a statement on Trinidad and Tobago, embracing the reforms undertaken by the twin-island sovereign state in recent months. After two years of economic recession, the supranational institution projected a return to growth in 2018. While such a recession is to be expected in a country that is very dependent on its...
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