Trinidad and Tobago increases taxes

trinidad and tobago taxes

Credits: The Morning Call

The government of Trinidad and Tobago has announced a new increase in gaming taxes.

Trinidad and Tobago.- Authorities of Caribbean island of Trinidad and Tobago confirmed to the public that they approved an increase of gaming taxes. Based on the government’s statement, gaming operations would see fees double by 2018 following a national economic plan to increase the annual revenue.

The Finance Minister from Trinidad and Tobago, Colm Imbert, revealed his budget presentation for the 2017-18 fiscal year, in which he said there were “unusual times which call for major changes in policies,” Imbert said the situation required “serious adjustment for all” and warned that the new measures “will be strictly enforced.”

The new law sets a 10 percent tax on players’ lottery winnings that will take effect on December 1. Furthermore, the plan includes a flat fee of US$17,8k on each electronic roulette machine in local bars. Other amusement machines in bars will see their fees double to US$891.

Back in August, legislators of Trinidad and Tobago moved forward with the project that would regulate the gaming industry. Although the government has not revealed further information, local press has assured the market could face several changes soon under an updated law.

Meanwhile, the Gambling Control Commission could begin its operations by 2018, if legislators pass the bill during current session. The bill will be evaluated by the Joint Select Committee, which was established last February and is chaired by Finance Minister Colm Imbert. Other 11 officials complete the board.