Port-of-Spain: Trinidad and Tobago is among 11 countries in the world that now face neglect from the powerful G-20 group of countries, because of it's failure to implement proper taxation laws.
As he was addressing the close of the G-20 meeting in France, President Nicholas Sarkozy told reporters, "We don't want any more tax havens. Our message is clear. Countries that remain tax havens will be shunned by the international community".
The French president who visited this country in 2009 as a guest at the Commonwealth Heads of Government Meeting named the 11 countries that failed to meet transparency standards as Antigua, Barbados, Botswana, Brunei, Panama, Seychelles, Trinidad and Tobago, Uruguay, Vanuata, Switzerland and Liechtenstein.
This means that Trinidad and Tobago has failed phase one of a review of the Global Forum on tax transparency, which assessed whether individual countries had the legal and regulatory requirements for effective tax information exchange in place…and now will not be allowed to proceed to the second stage of the review process, which will determine how tax information exchange has worked in practice.
The largest alliance of US NGOs, InterAction, says it is welcoming "the public shaming of 11 countries listed as tax havens".
The news is also being welcomed by other international non-government organisations campaigning for an end to tax havens, which they say cost governments billions of US dollars in tax income that could be used to help the poor.
It's not entirely clear as yet what being ostracised by the international community entails.
putin rules
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as far as im concerned, he can fall in a !@#$% hole because we wont kneel to “global superpowers”? steups our country, our rules..does anybody here want to earn 8k a month salary and collect a cheque that reads 4k ? i dont @#$% think so..poverty still exists in trinidad to a horrible extent, we are in no way shape or !@#$ form to raise taxes because some french !@#$ frog said so. and yes germany conquered the shit out of yall. so untill the british gives us a call…you and your already shitfaced country can !@#$ off.
Paul
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I think it’s time we all be honest its true Manning made some mistakes but at least he had a vision to take Trinidad and Tobago forward with a clear plan ,developed nation status on or before the year 2020. The new tax regulation would have assisted in getting us there and even the setting up of The FIU that this PP is playing tick tack toe with. Even the non extradition of Ish and Steve don’t you think that will affect us internationally.
So making sly comments about the PNM and Mr, Sarkozy of France will get us no where let us encourage our government to the what they were voted in to do, take this country forward…and I mean all of us South of the Caroni bridge and the East Weast coridoor as well.
Nick
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The People’s Partnership Government of T&T continue to play politics by NOT implementing propering taxing systems. They came into Government ont he popular Axe the Tax campaign and refuses to look foolish now by implementing it. Strong leadership often requires unpopular decisions as seen by the former PM Patrick Manning, who despite of all the noise, was poised to implement a proper taxing system.
joe
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that guy is showing a 666 look at his hands they all coming back and an angle that is not an ok sign
joe
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these are the same guys in a recession and they wanna shun people
Aryann
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This had to happen in order for the People Upstairs to understand that what they are doing is ridiculous, PNM made us into a developed country that had all the requirements and now the PeePee come and destroy all of that, simply because they still on the honeymoon. Pissed
Kevin James
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The PNM and Patrick Manning took us to developed nation status. We have experienced in the last quarter of 2010 2.5% negative growth and this year 1.5 % negative growth under this PP government. I awoke this morning to read a story about NEC defrauded of 60 million dollars. I don’t believe NEC nancy story. I’m tied of this government dragging the country down. Last year some we organizing to boycott T&T products because of the careless comments of the new PM
Cro Cro Fan
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if you don’t understand the article, you shouldn’t leave illiterate comments like this. Tax problems don’t arise in a year, or 2 years, it takes years. Manning screwed up. He’s still living a wealthy life. That’s why you will always remain where you are while the politicians you praise and make fun of will always live better than you. Dumb comment. Sounds like you don’t even understand Politics. These world powers wants to squeeze out small, rich nations. And are we really developed? Cause the PNM left a whole of suffering people down South and Central. Maybe you think T&T is Port of Spain only. Ass!
South Central Girl
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Cro Cro Fan, you seem to be the one not understanding the article. Lets make it simple, our taxation system is in a mess. So maybe you want to stick to blaming the PNM for everything yet it is a FACT that 1.We had a tax system in place 2.The PNM was about to implement an improved system. 3.The PP threw it out the window and 4.Nothing was implemented since then. So lets be real ok, we have NO system. What has this gov’t done to put us in a better position in terms of tax? NOTHING,so stop sticking your head in the sand and just be honest. None of the P’s in PP stand for Plan.
Furthermore, as for that south central poor people ish, where is Petrotrin, Atlantic LNG, NGC, PCS Nitrogen etc? Not south and central? I have lived, gone to school and worked in south and central and the poorest people don’t live here. Just so you know. Maybe you don’t know what poor is but you need to get ALL your facts straight and stop trying to guilt trip the country with the continuous lies. Geez.
gib
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Looks like none of you understand what the French President is talking about. T&T need to imake tax laws more transparent in order to prevent money laundering and stem the drug trade. At present billions are laundered in T&T because of corrupt officials.
Stefan
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1) Growth is slowing down everywhere.
2) If you’re talking about corruption in Trinidad, you need to take off your political goggles. You want to talk about NEC? I think my voice would be louder if I talk about UDECOTT and what Professor Uff had to say about it.
3) What do you think the Manning’s International Financial Centre was going to be about, except offshore finance?
Marie Bennet
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The PNM and Patrick Manning took us to developed nation status. We have experienced in the last quarter of 2010 2.5% negative growth and this year 1.5 % negative growth under this PP government. I awoke this morning to read a story about NEC defrauded of 60 million dollars. I don’t believe NEC nancy story. I’m tied of this government dragging the country down. Last year some we organizing to boycott T&T products because of the careless comments of the new PM
John Smith
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what is his story he cannot tarnish our own image and squeeze our developed status from us.
Khori Thomas
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Who the hell he think he is, the new Napoleon Bonaparte. These so called ‘powers’ are struggling and want to squeeze little countries as much as possible for their own dastardly designs. france is in a rut, europe is in a mess (place in lower caste to signify my strong displeasure at them). We don’t need them you know, they need us more. Wait but when last did france win a war, they’re arrogant and bray too much. Watch your remarks sarkozy and check on your cheating wife. Oh and the french empire doesn’t even exist in people’s minds anymore. Sorry shorty