Areas Impacting Ease of Doing Business and Proposed Solutions

Please see below for a list of processes which impact the ease of doing business along with some proposed solutions.

Sectors/Focus Areas Areas of Concern re Processes Proposed Solution Construction

The process for accessing the various construction tax incentives e.g. tax exemption for construction of multi-family dwelling units has been frustrating. Moreover, there have been delays associated with sequential approvals.

Retail and Distribution

There have been delays encountered in the process for importing goods which in turn, has led to an increase in costs relating to customs clearance, demurrage on containers (in some cases as much as $20,000 to $30,000 in rent).

Manufacturing There have been delays encountered in the process for importing material/ inputs used in the manufacturing process which leads to such costs being passed on to the final consumer (see above).

Hospitality

There have been delays encountered in accessing incentives under the TDA.

Whilst digitization is welcome, the process is still bureaucratic and as such, interim approvals may be considered pending completion of the process.

The use of technology and streamlining processes to remove the current layers of approval required may assist in this process.

Refer to the above.

Agriculture The process for accessing tax exemptions in the Agriculture sector needs to be clearly defined.

Small and Medium-sized Enterprises

To streamline the listing requirements to access the stock exchange with the Trinidad and Tobago Securities Exchange (TTSE).

To address issues in the application process to speed up tourism projects.

To roll out a clearly defined process in order to obtain tax incentives under Agriculture sector.

There needs to be congruence in the law and TTSE guidelines.