Effective immediately, vehicle owners using Super gasoline will pay less at the pump.
This from Minister of Finance, Davendranath Tancoo, as he gave his maiden Budget presentation in the House of Representatives on Monday.
“Effectively immediately, the price of Super gasoline at the gas station pump will be reduced by one dollar per litre. Lest it be lost on the minds of those opposite, the average fuel tank is about 50 litres. This means that every time you go to fill up your tank, you will be saving $50, thanks to this Government.”
The Finance Minister also moved to ensure that the people of Trinidad and Tobago are able to keep oil and gas money in the country.
“This government will once and for all review, make adjustments, and implement transfer pricing legislation to secure and fortify our revenue base. This primary legislation, Mr. Speaker, this primary legislation will be followed by secondary legislation and regulations that will provide the detailed rules and methodologies and compliance obligations to ensure smooth and effective implementation.”
Transfer pricing is a technique used by multinational corporations to shift profits out of the countries where they operate to tax havens. The technique involves these corporations selling their goods and services at an artificially high price.
“A comprehensive training programme for transfer pricing techniques, documentation requirements, and audit methodologies will be rolled out at the Inland Revenue Division. These initiatives, Mr. Speaker, will ensure that multinational companies that operate in our jurisdictions pay their fair share of taxes to the people of Trinidad and Tobago.”
Minister Tancoo pegged the budget to an oil price of US$73.25 per barrel and a natural gas price of US$4.25 per MMBtu.