MP Chaguanas East Constituency
Minister of State in the Ministry of Finance and the Economy Rudranath Indarsingh has admitted that the Board of Inland Revenue’s (BIR) goal of comprehensively reviewing T&T’s tax system was proving to be a challenge.
The minister made the comment when he delivered opening remarks at an international conference on Multinational Taxation and Transfer Pricing sponsored by the Inter American Centre of Tax Administration (CIAT) in collaboration with the Agency for International Co-operation of the German Federal Government (GIZ) at the Hilton Trinidad and Conference Centre earlier this week.
Indarsingh said the review was being affected by equity and administrative constraints but great strides had been made to date. He said discussions had already been held with the Fiscal Affairs Department of the International Monetary Fund (IMF) and the recommendations made by the IMF were being reviewed. The minister also said that the BIR had been analysing various transfer pricing models to develop legislation suitable to T&T’s economy.