30th January is the anniversary of the infamous 2009 CL Financial bailout, so I collaborated on this open letter to the Central Bank Governor, Dr Alvin Hilaire, to raise some urgent and important questions on the Central Bank’s management of this situation.
Our letter was sent on 31st January 2017 and was signed by David Walker, Disclosure Today and I.
Please read this and spread the word…
Remember that –
Silence is the Enemy of Progress!
The Board of EFCL was reported to have dismissed its CEO after he failed/refused to comply with their directions in a certain matter. There are allegations reported that the Cabinet attempted to direct the EFCL Board, which raises the perennial issue of the nature and extent of Cabinet authority over State Enterprises.
From both the Companies Act and the recent High Court/Appeal Court rulings in the eTECK matter, it seems clear to me that the Board of Directors have fundamental responsibility for the direction and control of the company. That is the legal position, but it seems that our fundamental political culture and conduct is in real conflict with notions of independent professional responsibility.
The State Enterprise sector is once again the subject of public concern on the good governance issues of accountability and transparency. Where does the power lie?
The two most striking issues emerging recently are the declaration of new accountability targets for State Enterprises and that the ‘EFCL Board fires CEO‘, reportedly in defiance of Cabinet directions.
The Accountability and Transparency Deficit is the first issue and it needs to be put into a timeline to illustrate the reality. Continue reading “Board Games again”
This examines the main issues on ‘The Invaders’ Bay Mystery’ – recorded on Saturday 1st October 2016.
Programme Date: 18 January 2017
Programme Length: 09:58
The critical facts on the existing proposals for new State-owned hotels in T&T – recorded on Saturday 1st October 2016.
Programme Date: 12 January 2017
Programme Length: 08:29
Further details on property tax are needed to understand the process and possibilities arising from its implementation. The 2010 estimate of revenue from that tax was $325M, as against a 2017 estimate of $503M, so it seems that there has been some allowance for inflation and new properties.
The innate effectiveness of this tax is that property is an immovable asset, so those persons and companies which are now evading other taxes will be unable to escape this new tax on the various properties in their ownership.
Property owners will be required to provide details of their properties to the Ministry of Finance so that the valuation process can be started. Owners who fail to provide details will have their properties valued without their input. The only efficient method of completing that number of valuations is by a mass-valuation approach which uses software to analyse details from owners, along with transaction details, to estimate the correct figures. Continue reading “Property Matters – Tax Facts part two”
Are our Rulers taking us for a Ride?
You decide…
Do our Rulers have things to Hide?
You decide…
Is the Upholder worse than the Thief?
That is an old-fashioned belief…
Programme Date: 31 October 2016
Programme Length: 07:19
The controversial property tax is now expected to be implemented in the fiscal year 2017 and is estimated to raise $503 million. That is a mere 1.7% of the total revenue estimate of $29.93 Bn from taxation. So why is it so controversial? How will it be implemented? How much can we expect to pay?
The property tax being proposed will tax the fixed assets and income streams of persons who are currently avoiding any payments of tax to our Treasury. It is relatively tiny in size, yet it can unlock disproportionate benefits in the public interest.
Our taxation system has done a poor job at levying on the self-employed and companies, as stated so often in the past. The proposed implementation of the Trinidad & Tobago Revenue Authority (TTRA) is expected to create a structure which can effectively tackle this widespread pattern of tax evasion. The previous attempt, during 2009, met with stiff opposition, so it remains to be seen if the current economic downturn will foster a different reaction. Continue reading “Property Matters – Tax Facts”
The state of our capital city, POS, is a serious concern to any proud citizen or even our visitors. A real nation would treat its capital with pride, but in my view Port of Spain presents a painful paradox in several respects. Despite that, there are now some real opportunities for us to reconsider just how we manage our capital city. A new approach is needed to rescue our capital city in this time of reduced financial resources.
Some of the negatives include –
Our capital has been severely depopulated in the past 50 years – as shown in the graph and table, its 1960 population was 94,000, while the most recent census in 2011 showed a figure of only 37,000. Given that there has been no natural disaster, war or plague it is sobering to consider this steady population loss and its causes during that period of relative peace and prosperity. No doubt that loss has been due to the mismanagement of the city’s planning, traffic, parking, vending, crime, homelessness and sanitation issues. That series of mishandled and interlocking growing-pains produced an increasingly dirty, unsafe and crowded city which eventually lost its appeal. Continue reading “Property Matters – POS development prospects”
The 2017 budget is due to be presented on Friday, 30 September 2016 to an anxious nation. Having had to endure the literally unbelievable optimistic economic claims of the previous government prior to the September 2015 general election, we were told by then Central Bank Governor, Jwala Rambaran, in December 2015, that the nation had been in recession for 6 months. I tell you. Of course that message has now been repeated after the messenger was dismissed for various alleged offenses, but that is for another column.
Our levels of public expenditure have moved sharply upward, with only a single decline in 2010, as shown in the graph and table for 2005-2016. Those totals are derived from the estimates stated in the various budget statements and do not represent the actuals. In that period, estimated revenue was $534.57Bn with estimated expenditure of $574.6Bn. That balance between revenue and expenditure yielded a combined deficit of $40.125Bn – 84% of which ($33.67Bn) occurred under the Peoples Partnership government, 2011-2015. Continue reading “Property Matters – 2017 Budget Prospects”
JCC Immediate Past-President, Afra Raymond, interviewed by TV6’s Kejan Haynes on Morning Edition on Tuesday 20 September 2016 on the ongoing issues at development site at Invader’s Bay and their connection to the larger procurement public policy issues. Video courtesy TV6
AfraRaymond.net 