The Trinidad and Tobago Manufacturers’ Association (TTMA) has welcomed the news that Trinidad and Tobago has been removed from the EU list of non-cooperative jurisdictions for tax purposes.
On Tuesday, the European Union removed three countries from the list – Fiji, Samoa and Trinidad and Tobago – noting that they now comply with all agreed international standards.
In a statement on Thursday, the TTMA said the issue had been carefully monitored because of its serious implications for the country’s national tax standing.
It also acknowledged the Government’s work in achieving this outcome, describing it as a testament to the country’s sustained efforts to correct long-standing deficiencies in tax transparency and align with international standards.
“The Association notes the advantages of Trinidad and Tobago being removed from the list, including improved market accessibility and overall trading opportunities for Trinidad and Tobago exporters targeting the EU market, the promotion of good governance, the lifting of defensive tax measures, and signifies that Trinidad and Tobago complies with international tax standards on transparency and fair taxation.”
The TTMA sees this development is a major step in improving its bilateral relations with the European Union, especially in the areas of improved economic relations and investment.
“We note the positive implications, such as restored confidence with foreign investors, trading partners, and major development partners. Additionally, we foresee enhanced relationships, particularly with EU countries, will facilitate trade and economic partnerships and increased access to international financial markets and funding.”
The Association said it anticipates favourable outcomes stemming from this advancement and will actively highlight the country as a premier destination for trade, investment, commerce, and growth.