The government of Trinidad & Tobago says it is moving towards introducing online payments for tax collection with the help of the Latin American Development Bank, also known as CAF.
The Finance Ministry said it has retained the services of NRD Companies, a global information technology and consulting group, for the project.
Trinidad and Tobago ranks in the ‘high EDGI countries’ category in the United Nations E-Government Development Index, which presents the state of e-government development in member states, and its overall digitization performance is above the average the Caribbean subregion,” the ministry said.
According to the Ministry of Trade and Industry, only 20 percent of the Trinidadian population shop online or pay bills online, despite the fact that 81 percent of people have a bank account and 20 percent have a credit card.
“Most monetary transactions in the region continue to require submitting multiple complex documents and spending long hours waiting in queues at various government offices. Existing practices have a devastating impact on businesses and individuals, particularly those segments of the population that are less tech-averse and more socially vulnerable,” said Finance Minister Colm Imbert.
“Facilitating tax payment procedures, as well as providing different channels to make payments, will not only improve the efficiency of tax systems, but also contribute greatly to financial inclusion and equitable development at the national level and throughout the Caribbean,” he added.
To facilitate online tax collection, the legislation and regulations governing Trinidad’s payment ecosystem will be reviewed for adaptation, the needs of online payment institutions and methods will be assessed and recommendations will be made to ensure the security and sustainability of the necessary digital ecosystem to support online tax payment. the system will be introduced.
Also, the project will include the promotion of cultural change in the behavior of institutions, people and businesses to encourage the embracing of new opportunities offered by the introduction of innovative payment methods.
“CAF is committed to improving the quality of life of all the peoples of Latin America and the Caribbean, and digitization opens up endless opportunities for the implementation of this strategic goal. We believe in the potential of Trinidad and Tobago to take advantage of the opportunities offered by digital tools and solutions,” said CAF representative Gianpiero Leoncini.
He said CAF recently approved a $120 million loan for Trinidad’s digital transformation efforts.
NRD Companies CEO Mindaugas Glodas said his company previously had digital government transformation projects in various regional countries, including in Belize, Guyana, Grenada, St Lucia, Sint Maarten and St Vincent & Grenadines.
“Our global experience, and particularly in the Caribbean region, shows that the implementation of digital innovations has brought about major improvements in the delivery of government services and will have a significant impact in areas such as ease of doing business, financial security, inclusion, and overall quality of life,” Glodas said.
CMC
