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Ramnarine on Petrotrin: Imbert wrong again
Posted: Monday, March 13, 2017
Media Release from
Kevin Ramnarine
FORMER MINISTER OF ENERGY AND ENERGY AFFAIRS, TRINIDAD AND TOBAGO
Ramnarine: Imbert wrong again – Petrotrin paid over TT$ 20 billion in taxes, royalties and other payments to the Gov’t from 2011 to 2015. The country needs responsible leadership on matters of the economy; at such a time, it is critically important that we remove politics from the affairs of the Ministry of Finance.
March 12, 2017
Statements by Minister of Finance, Colm Imbert in the Senate last Tuesday (March 7th 2017) regarding Petrotrin are of serious concern.
In replying to a supplemental question from Senator Wade Mark, the Minister of Finance said,
"Under this Government Petrotrin has resumed once again to start paying taxes to the treasury which it was allowed not to do under the UNC Government".
This is a very damaging statement with serious implications for the reputation of Petrotrin and by extension the reputation of the country. The statement is tantamount to accusing Petrotrin of tax evasion. Petrotrin, like all oil and gas companies, makes payments to the Government such as, Petroleum Profits Tax (PPT), Supplemental Petroleum Tax (SPT), Unemployment Levy, Royalties, Petroleum Impost, Production Levy, License Fees and Green Fund Levy.
The records of the highly regarded Extractive Industries Transparency Initiative (EITI) show that, far from what Mr. Imbert would have us believe, Petrotrin made significant payments to the Government of Trinidad and Tobago from 2011 to 2015.
These payments are as follows.
· 2011 Petrotrin paid TT$ 3.6 billion in taxes, royalties and other payments
· 2012 Petrotrin paid TT$ 1.5 billion in taxes and royalties and other payments
· 2013 Petrotrin paid TT$ 4.2 billion in taxes and royalties and other payments
· 2014 Petrotrin paid TT$ 6.7 billion in taxes and royalties and other payments
· 2015 Petrotrin paid TT$ 4.1 billion in taxes and royalties and other payments
In total, from 2011 to 2015, Petrotrin paid TT$ 20.1 billion in taxes, royalties and other payments to the Government. It is therefore incorrect to tell the Parliament that Petrotrin was not allowed to pay its taxes under the UNC.
The country is at a most sensitive and critical juncture in its economic history.
At this time, the country needs responsible leadership on matters of the economy. At such a time, it is critically important that we remove politics from the affairs of the Ministry of Finance.
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