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TAX
TAX NEWSFLASH
BUDGET 2014
September 09, 2013
INTRODUCTION
September 09, 2013
KPMG is pleased to bring to you our
commentary on the 2014 Budget Statement
presented by the Honourable Minister of
What’s Inside
 Budget Overview
Finance and the Economy, Mr Larry Howai.
 The Figures
The 2014 Budget takes place against a
 Proposed Fiscal Measures
backdrop of five (5) years of deficit challenges
in Trinidad and Tobago. By no means unique
to our beloved country, our neighbours too and
developed economies are also struggling with
deficits which makes this Budget presentation
 KPMG Profile
 Contact Us
 Other Contributors
one that was somewhat “fearfully” awaited.
We welcome and look forward to your
feedback on our commentary. By its nature,
this publication is meant to stimulate thought,
discussion and hopefully an exchange of
ideas.
We thank our production team who
made the issue of this Commentary possible,
and we hope that you, our readers, find it
useful.
Robert Alleyne
Managing Partner
Sustaining Growth
Securing Prosperity
© 2013 KPMG, a Trinidad and Tobago partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
2
BUDGET OVERVIEW
September 09, 2013
Before we begin our commentary on the 2014 Budget
presentation by the Honourable Minister of Finance
and the Economy, we feel it is worthy to have a brief
recap of the Minister’s first Budget presentation given
almost a year ago. In that Budget speech, titled
“Stimulating Growth, Generating Prosperity”, the
Minister said that his Ministry took a deliberate decision
to operate the 2012/13 fiscal year with a deficit in order
to provide the needed stimulus to the economy which
was emerging from a difficult period. This made for the
fifth consecutive year of Budget deficits which started
in 2009. Was it realistic to assume, but for this
deliberate decision, that it was otherwise possible to
have presented a 2013 Budget with a surplus, no
matter how miniscule?
In his 2014 Budget
presentation he indicated that the Government is
successfully containing the fiscal deficit and is on
course to bring the fiscal accounts into balance by
2016.
3. Tax Collection – The Minister stated his
intention to perform a comprehensive review of
the tax system.
We understand that the
recommendations put forth by a team of experts
are being reviewed. As tax advisors we look
forward to hearing these proposals and perhaps
some consultation with tax advisors from the
private sector can be adopted to make for a
more efficient and effective tax system.
UPDATE: In his 2014 Budget presentation, the
Minister spoke of a growth-oriented tax system
which will be introduced in phases over the
period 2014 – 2016.
In his 2013 Budget presentation, the Minister identified
three important initiatives for arriving at a balanced
Budget in the medium term, which were:
The burdensome situation for the national treasury
caused by the long-standing CL Financial and
Hindu Credit Union issues now seem to be under
control with the Government developing a strategy
to recover the funds expended.
1. Land and Building Tax – the Minister proposed to
put in place a fairer and more equitable regime
which will cover residential, commercial, agricultural
and industrial land. The last year of assessment for
land & buildings tax was 2009, in which actual
revenue earned was $71.4 million.
The new
property tax in 2010 was Budgeted to earn
estimated tax revenues of $325 million. UPDATE:
In the 2014 Budget the Minister proposed to phase
in this tax over the period 2014 to 2017 with the
commencement of valuations of all industrial land,
including plant and machinery, with a view to
implement this tax by July 1, 2014.
2. Fuel Subsidies – commenced in 2012 with the
removal of subsidies on premium fuel. UPDATE:
In his 2014 Budget, the only adjustment proposed
as regards fuel subsidies is the removal of the fuel
subsidy to Caribbean Airlines Limited.
The focus this year seems to be more on fine
tuning the administration and compliance related
aspects, offering further targeted fiscal incentives to
the energy sector, and paving the way for tax
reforms in the 3 areas highlighted above in last
year’s Budget.
Introducing the 2014 Budget under the theme
“Sustaining Growth, Securing Prosperity”, the
Minister noted that the local economy had seen 4
successive quarters of positive economic growth
driven mainly by the non-energy sector. It is
laudable to see the Administration’s planning
mindset switching from stimulating growth to
sustaining growth, although we would hope that
they remain mindful of the occasional need for
further targeted stimulus measures along the road
to sustained growth and prosperity.
However, to secure the nation’s prosperity we
believe that it is important for the Administration to
achieve a balanced Budget by 2016 – as promised
by the Minister.
The 2014 Budget deficit is
estimated to be $6.375 billion, or 3.6% of GDP,
which is a 1% reduction from the 2013 Budget. The
Minister reported that the actual outturn for 2013 is
expected to be a much lower deficit than was
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International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
3
BUDGET OVERVIEW
September 09, 2013
projected in the 2013 Budget of $7.669 billion or 4.6%
of GDP.
The Minister’s focus continues to be on the
diversification of the economy concentrating on growth
in the non-energy sector which saw positives in 2013
especially from the Shared-Support Services Industry.
One of the initiatives mentioned in the 2013 Budget
that is expected to bear fruit is the public-private
partnership concept after crossing the hurdle of the
establishment of a robust procurement framework.
NEW MEASURES
The anxiety created with the impending introduction of
a new land and building tax regime wasn’t entirely
appeased as the Minister only indicated that the
introduction would be on a 3 phase basis over the
period 2014 to 2017, with the key starting point being
the valuation of properties.
With the 2013 Budget introducing the first step in
reducing the fuel subsidy on premium gas, many would
have expected the implementation of further measures
to reduce this subsidy. This did not materialise in the
2014 Budget, for which many will no doubt breathe a
sigh of relief, as the Minister indicated that further
progress was still needed in the move to alternative
vehicle fuels such as CNG. However, another fuel
subsidy was targeted – the fuel subsidy granted to
Caribbean Airlines Limited would be terminated
effective October 1, 2013. The subsidy relating to the
Tobago airbridge would however remain.
The much griped about area of VAT refunds was
acknowledged in the Budget whereby the Minister
recognised that the delays in processing VAT refunds
were impeding the growth of exports and private sector
developments.
In response thereto the Minister
proposed to simplify the VAT refund process with a
view to ensuring that all VAT refunds are made within
the legal timeframe, which is six months after the date
by which the return is due or the date on which the
return was filed, whichever is the later.
In order to do so the Minister, as an initial step,
proposes to increase the allocation for VAT refunds
with $1 billion being allocated in October 2014 for
clearing the backlog
In the presentation of the fiscal measures, it is worthy
to note that a couple relate to the further stimulation
of economic activity by increasing wear and tear
allowances in the energy sector. Other measures
range from the imposition of penalties on illegal
quarrying to the increase in the licence fee by betting
offices.
To summarize, it is apparent that an attempt has
been made to walk the tightrope between strong
fiscal measures and high expectations of the
taxpayers. However, it still remains to be seen
whether this Budget would be able to achieve the
desired results of reducing fiscal deficit in the medium
term, controlling inflation and bringing back investor
confidence.
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International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
4
THE FIGURES
September 09, 2013
The Minister indicated that total revenue for 2014 is estimated at $55.041 billion while total expenditure is
estimated at $61.398 billion resulting in a projected fiscal deficit of $6.357 billion.
Source : Trinidad and Tobago Draft Estimates of Revenue and Expenditure
© 2013 KPMG, a Trinidad and Tobago partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
5
THE FIGURES
September 09, 2013
Major Sources of Revenue
30,000,000,000
Billions TT $
25,000,000,000
oil companies
20,000,000,000
other companies
individuals
WHT & BLV
15,000,000,000
Value Added
Tax
10,000,000,000
5,000,000,000
0
2008
2009
2010
2011
2012
2013 r
2014 e
Key
r - Revised
e - Estimate
Fiscal Year
Source:Trinidad & Tobago
Estimates of Revenue 2013
Source : Trinidad and Tobago Draft Estimates of Revenue
Allocations to Various Ministries
12,000
10,000
8,000
2014
Billions TT $
2013
2012
6,000
2011
4,000
2,000
Education &
Training
Works, Public
Utilities, Transport
& Infrastructure
Health
National Security
Agriculture
Housing
Ministry
Source: Budget Statements
2011 - 2014
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International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
6
PROPOSED FISCAL MEASURES
September 09, 2013
1. Small and Medium sized Enterprises
PROPOSAL: In order to encourage small and mediumsized enterprises (SMEs) to raise capital through the
T&T Stock Exchange, it is proposed to amend the
Corporation Tax Act by redefining the qualifying capital
base for these incentives by excluding retained
earnings and reserves and, in terms of the new issued
capital raised, the 30% to be owned by 25 unrelated
shareholders will be 30% of the new capital issued.
KPMG: In the 2012 Budget statement, the Minister
made proposals for SMEs to enjoy a reduced rate of
corporation tax of 10% on taxable profits for the first 5
years from listing. The Finance Act 2 of 2012 specified
the conditions for SMEs to qualify for this reduced rate
of corporation tax, which seemed unnecessarily
burdensome and unlikely to have attracted any SMEs.
The Minister recognized this and, in his 2014
proposals, seeks to remove some of these conditions.
Similar to our comments on the 2012 Budget
proposals, we commend the Minister for recognizing
the incentives needed for these companies and
proposed removal of some of the burdensome capital
criteria. We question still why it is limited to qualifying
companies listing on the T&T Stock Exchange?
Nonetheless we trust that the proffered assistance to
this critical group back in 2012 will now materialize.
KPMG: This is a notable initiative but one has to
wonder why it is the responsibility of the
Government to compensate such accident victims,
separate and apart from the costs to attend to them
at the nation’s hospitals. In other words, the
insured drivers contribution to the coffers in the
form of the Insurance Premium Tax is being used
to compensate the accident victims of uninsured
drivers. A more effective measure may be to
improve compliance by way of monitoring drivers
and imposing heavier fines for law breakers. We
trust that this will not eventually lead to an increase
in this tax to cover these costs and therefore
penalize the compliant drivers.
Effective Date: January 1, 2014
3. Preventing Tax Leakages
PROPOSAL: The Minister proposes to revisit the
relevant sections in the Corporation Tax Act to
address certain tax leakages. In particular he
mentioned the following:
In respect of those leakages derived through
the transfer or sale of assets between branches
and parent companies which are not at arm’s
length, to clarify the computation of the wear
and tear allowance, by establishing the value of
any plant or machinery, new or used, which
was brought into the business from a related
foreign entity and is presumed not to be at
arm’s length through the utilization of either the
notional written down value of the asset or the
fair market value, whichever is the lesser.

The notional written-down value is obtained by
using the cost of acquisition and writing down
those costs with the appropriate wear and tear
rates in accordance with the Income Tax Act as
if the asset was in use in Trinidad and Tobago
from the date of acquisition to the year of
assessment.
Effective Date: October 1, 2013
2. Motor Vehicle Accident Fund
PROPOSAL: The Minister proposes to establish by
legislation a Motor Vehicle Accident Fund using the
funds from the 6% Insurance Premium Tax. The Fund
will be used to compensate victims sustaining bodily
injuries from accidents involving vehicles driven by
uninsured drivers.
© 2013 KPMG, a Trinidad and Tobago partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
7
PROPOSED FISCAL MEASURES
September 09, 2013
The fair market value will be defined as the price
which the asset might reasonably be expected to
fetch on a sale in the open market
KPMG: In his 2013 Budget, the Minister stated that a
comprehensive review will be conducted in 2013 of the
current tax structure, as part of a planned
transformation of Trinidad and Tobago into a “modern
high-performing engine of growth” and also as part of
the measures to improve revenue collections. It is our
understanding that a review of the recommendations
prepared by a team of experts is in progress, which we
trust would identify much more critical issues than the
value of assets transferred between related parties.
Transfer of assets from foreign related parties if done
at an inflated value will result in increased customs
duties and VAT, where applicable, on importation.
This is a commendable insight.
de-risks and allows for earlier recovery of
investments. The Minister has proposed that
capital allowances for the upstream energy
sector be simplified and accelerated as follows:
–
For Exploration – The existing initial and
annual allowances be replaced by a new
allowance of 100% of exploration costs to
be written off in the year the expenditure is
incurred. This incentive will be applicable
over the period 2014 to 2017, and from
2018, an allowance of 50% in the first year
of the expenditure, followed by an
allowance of 30% in the second year and
20% in the third year will be applicable.
–
For Development – In place of the existing
initial and annual allowances, the Minister
proposes to grant an allowance of 50% in
the first year of the expenditure, followed by
30% in the second year and 20% in the
third year. This will be applicable to both
plant and machinery (tangible) and the
drilling of wells (intangible) expenses.
–
For Work-overs and Qualifying Side-tracks
– an allowance of 100% of the total costs of
work-overs and qualifying side-tracks in the
year incurred. This will have an impact of
attracting investment in already producing
and idle wells.
Effective Date: January 1, 2014
4. Energy Incentives
PROPOSAL: The Minister proposes to introduce the
following initiatives to further stimulate exploration and
development-related investments in the Energy sector:

Investment Tax Credit - Under the Supplemental
Petroleum Tax regime, an Investment Tax Credit
was introduced with effect from January 1, 2011.
This incentive allows companies to claim 20% of
the expenditure on development activity for mature
fields and enhanced oil recovery projects as a
credit against their SPT liability. The credit was
only available for use in the financial year in which
the expense was incurred and any unused tax
credits could not be carried forward or backward for
offset from the tax liabilities of any other financial
year. To ensure continuity of these activities and
increase new investments, the Minister proposes
that any unused tax credits be allowed to be carried
forward for one year.
–
Capital allowance reliefs provide a mechanism that
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International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
8
PROPOSED FISCAL MEASURES
September 09, 2013

With respect to the mid-stream natural gas sector,
where deliverability is a key concern, the wear and
tear allowance for gas compression facilities will be
increased from 25% to 33.3%
KPMG: All excellent initiatives on the part of the
Minister to ensure that this sector remains competitive.
Effective Date: January 1, 2014
5. Promotion of Alternative Fuels
PROPOSAL: The Minister proposes to replace the
existing incentives of tax credit of 25% and wear and
tear allowance for fleet operators with a simple tax
allowance of 100% on the cost of converting motor
vehicles of either individuals or companies to use CNG
up to a maximum expenditure of $40,000 per vehicle.
This would allow a benefit identical to the tax credit
incentive which would now extend to both individuals
and companies who file annual income tax returns.
KPMG: In the 2011 Budget statement, the then
Minister had proposed several environmental
initiatives, which were enacted by way of Finance
Act 2 of 2010. This provided, inter alia, wear and
tear allowance of 130% for the acquisition and
installation in a motor vehicle of a CNG kit and
cylinder. To remove the credit and replace with a
100% allowance up to a maximum of $40,000
reduces the incentive previously available. The
important issue as regards these fuel efficient
initiatives is to assess the success thus far of
taxpayers converting to CNG and other fuel
efficient offerings as a result of incentives in prior
Budgets.
Effective Date: January 1, 2014
6. Energy efficiency and discouraging the
illegal export of subsidized fuel
PROPOSAL: The Minister proposes the following:


to waive the existing 20% custom duties
payable on Compact Fluorescent Lamps
to treat with the illegal export of subsidized fuel
by creating indictable offences under the
Customs Act and the Excise (General
Provisions) Act. These offences will carry fines
up to $500,000. In addition to the goods being
forfeited, the vessel involved shall also be
forfeited.
to amend Section 6 of the Petroleum Act to
provide an increase in the fines for the illegal
export of subsidized fuel from $30,000 and
$1,500 per day for a continuing offence to
$500,000 and $50,000 per day.
KPMG: We commend the Minister for these
penalty increases in an attempt to wipe out this
illicit activity.
Effective Date: January 1, 2014
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International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
9
PROPOSED FISCAL MEASURES
September 09, 2013
7. Illegal Quarrying
PROPOSAL: The Minister proposes to increase the following penalties for illegal quarrying:Activity
Previous Fine
Illegal quarrying
Purchasing
operator
any
mineral
from
an
illegal
·
·
on summary conviction - $200,000
subsequent convictions - $300,000
·
·
$500,000
$700,000
·
on summary conviction - $100,000
·
$500,000
Fines - $100,000
·
$500,000
Fine - $50,000
·
$200,000
on summary conviction - $120,000
subsequent convictions - $250,000
·
·
$300,000
$500,000
on summary conviction - $60,000
subsequent conviction - $120,000
·
·
$120,000
$300,000
A legal operator failing to notify the Director of
Minerals of the discovery of any minerals not
authorized by the license; failing to maintain
proper books or records; obstructing the
·
Director in the exercise of his power; or
polluting any water course in the exercise of
his operations
Committing breaches of the Act or the
Regulations and where no punishment is ·
specified
Removal of asphalt from State lands
Proposed Fine
·
·
Removal of material other than asphalt from ·
State lands
·
KPMG: the increase and imposition of the fines should go a long way in deterring those intent on breaking the
laws. These measures should be coupled with measures to increase monitoring.
8. New and Foreign Used Cars
PROPOSAL: The Minister proposes to increase customs duty by 25% on new and foreign used cars over
2,499 cc excluding T-vehicles and vehicles registered for use as maxi-taxis.
KPMG: The last increase as regards motor vehicles was an increase in motor vehicle tax in the 2009 Budget
and motor vehicle transfer tax in Budget 2010. It remains to be seen whether this increase would dissuade
consumers from purchasing higher capacity vehicles which tend to be less fuel efficient. In this regard a more
effective option would have been to set the proposed cap at 1995 cc. The inclusion of foreign used cars is
meant to keep the playing field level.
Effective Date: October 1, 2013
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International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
10
PROPOSED FISCAL MEASURES
September 09, 2013
9. The environment
11. Betting levy board operations
PROPOSAL: The Minister stated that his Government
will take a more proactive approach to protect the
environment and will implement a number of measures
including increased penalties and fines. An initial
measure to increase by 100% all fines for littering in
accordance with the provisions of the Litter Act and,
pursuant to that, the fine for offences in respect of
individuals would be increased from $2,000 to $4,000
and in respect of body corporates from $4,000 to
$8,000.
PROPOSAL: The Minister proposes to increase
the license fee from $100,000 to $200,000 payable
by all betting offices which negotiate bets at fixed
odds.
KPMG: Unlikely to be any major source of revenue
for the Government. Based on the estimates of
revenue, Clubs Licences and Fees is Budgeted to
bring in just over $1m.
Effective Date: January 1, 2014
KPMG: In Budget 2011, the then Minister increased
several of the penalties by 100% under the Litter Act.
As KPMG commented at that time, these measures are
unlikely to be successful without enforcement. Since
then we have heard no reports on the imposition of
such fines and our comments remain as they did in
2010.
Effective Date: January 1, 2014
10. Developers for Land and Houses
PROPOSAL: The Minister proposes to increase the
time frame for developers to receive tax exemptions to
develop residential house sites being part of a land
development project. In the Finance Act 2013, the
incentive was given up to the period ending December
31, 2015. The proposal is to extend the deadline date
to December 31, 2018.
KPMG: When the tax exemptions were proposed in
the 2013 Budget it was welcomed as an initiative to
stimulate the construction sector.
However,
developers complained bitterly that by the time they
secured the necessary clearances and permits the
period for the exemption may well have expired.
Developers would be pleased that the Minister listened
to their pleas and extended the deadline date by
another 3 years.
© 2013 KPMG, a Trinidad and Tobago partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
11
KPMG PROFILE
September 09, 2013
KPMG Core Values

We lead by example

We work together

We respect the
individual

We seek the facts and
provide insight

We are open and
honest in our
communication

We are committed to
our communities, and

Above all, we act with
integrity
KPMG in Trinidad and Tobago
KPMG in Trinidad and Tobago is locally owned and operated, and is a member of the
global network of professional service firms whose aim is to be the best firm to work with for
our clients, our people and our communities.
We operate not only in Trinidad and Tobago, but across the Caribbean. This stems largely
from the fact that the network of KPMG member firms operate through many countries and
resources are shared, thus making our skills available as and where they are needed. The
main benefit of this international network is the exposure to leading-edge technology and
techniques through the provision of training, documentation and other support to equip our
professionals to be experts in their chosen field.
KPMG in Trinidad and Tobago is a member of the KPMG Caricom grouping which belongs
to a sub-region of the Europe-Middle East-Africa region. We have strong operating
relationships with KPMG’s other English-speaking Caribbean and island practices based in
Anguilla, Antigua, the Bahamas, Barbados, Bermuda, the British Virgin Islands, the Cayman
Islands, the Channel Islands, Isle of Mann, Jamaica, Malta, the Netherland Antilles, St.
Lucia, St. Vincent & the Grenadines and the Turks & Caicos Islands.
The map below shows the location of some KPMG offices within the Caribbean region.
The
Bahamas
Turks and Caicos
Islands
Cayman Islands
British Virgin
Islands
Jamaica
Anguilla
Antigua & Barbuda
KPMG Caricom
includes
• Barbados
• Eastern Caribbean,
with offices in
• Anguilla
• Antigua & Barbuda
• St. Lucia
• St. Vincent & the
St. Lucia
St. Vincent &
the Grenadines
Offices in
•
•
•
•
•
Curacao
Aruba
Dutch
Caribbean
Bonaire
Surinam
•Dominica
•Grenada
•Montserrat
•St. Kitts & Nevis
Barbados
Trinidad &
Tobago
St. Maarten
Eastern Caribbean
provides services in
Trinidad & Tobago
provides services in
•Guyana
Grenadines
• Jamaica
• Trinidad & Tobago
Principal areas of business
KPMG offers the following services:
Audit
KPMG’s Audit practice assists clients in providing
credibility and transparency in financial reporting by
delivering quality, independent audit reports.
Tax
KPMG's Tax practice assists clients in all business
sectors in achieving timely tax compliance obligation
and tax advice on domestic and international tax
matters.
Advisory
KPMG’s Advisory practice is designed to
help
clients
manage
risk;
improve
performance and creative value so they can
focus on their core businesses. From
developing business strategies to information
risk management, we combine our industry
knowledge with technology experience to
deliver
result-focused
strategies
and
approaches that would add value.
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12
CONTACT US
September 09, 2013
We can help
KPMG can help you assess the effect of the proposed tax changes in this year’s Budget and point out ways to take
advantage of their benefits or lessen their impact. We will keep you abreast of the progress of these proposals as
they make their way into law.
Robert Alleyne
Managing Partner
69-71 Edward Street
Port of Spain
Trinidad and Tobago,
T (868) 623 1081 ext 4113
E ralleyne@kpmg.co.tt
Chris Hornby
Partner
Audit and Tax
69-71 Edward Street
Port of Spain
Trinidad and Tobago,
T (868) 623 1081 ext 4112
E cshornby@kpmg.co.tt
Gillian Wolffe-O’Neil Director,
Tax Services
69-71 Edward Street
Port of Spain
Trinidad and Tobago,
T (868) 623 1081 ext 4246
E gwolffeoneil@kpmg.co.tt
Nicole Joseph
Senior Manager,
Tax Services
69-71 Edward Street
Port of Spain
Trinidad and Tobago,
T (868) 623 1081 ext 4247
E nicolejoseph@kpmg.co.tt
Robert has over 29 years of professional experience serving
both tax and audit clients and is ultimately responsible for all
services delivered to large audit and tax clients. For the
majority of that time he has served as Lead Engagement
Partner, Engagement Quality Control Reporting Partner, IFRS
Reviewing Partner on several of the firm’s audit engagements.
He has also provided Internal Audit Risk Compliance Services
to a number of non-audit clients. His audit and tax clients have
included financial institutions, manufacturing companies, retail
companies, utility companies, transportation companies,
energy companies, state entities and various national projects
funded by multi-lateral lending agencies.
Chris is an audit and tax partner with KPMG in Trinidad and
Tobago, where he is head of energy services. Chris relocated
to Trinidad in March 2010 after spending 5 years as a partner
in KPMG Saudi Arabia, and before that he served KPMG’s
clients in East Africa.
Chris qualified as a UK Chartered Accountant and has over 30
years professional experience spanning four continents.
Gillian is an attorney-at-law by profession having been
admitted in 1989 to the practice of law in all courts in Trinidad
and Tobago. Gillian has over 23 years experience in tax which
includes 9 years at the Ministry of Finance, Inland Revenue
Division where she was responsible for assisting in drafting tax
legislation and advising senior management on the
interpretation and applications of tax laws.
Gillian is responsible for advising local and international
clients in various sectors on efficient tax structuring of crossborder transactions, tax planning and regulatory procedure.
Nicole has 16 years tax experience in advising clients on all
aspects of domestic and international taxation including
managing the tax compliance portfolio. She also assist audit
in the reviews of large companies tax provisions. She is
currently a Council member of ICATT and serves as ViceChair of the Taxation Committee and Chair of the
Membership Committee.
© 2013 KPMG, a Trinidad and Tobago partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
13
OTHER CONTRIBUTORS
September 09, 2013
Randy Beddoe
69-71 Edward Street
Port of Spain
Trinidad and Tobago,
T (868) 623 1081 ext 4122
E rbeddoe@kpmg.co.tt
Feona Horsford
69-71 Edward Street
Port of Spain
Trinidad and Tobago,
T (868) 623 1081 ext 4124
E fhorsford@kpmg.co.tt
Randy has 8 years experience with KPMG. Formerly from
the Audit Department, he made the transition to Tax early
2012 where he has responsibility for tax compliance
including PAYE compliance obligations to all clients.
Randy is also responsible for internal risk compliance
procedures with the Firm.
Feona has over 5 years experience in the tax environment
having worked as a Tax Auditor at the Board of Inland
Revenue Grenada. She has a keen appreciation for the
intricacies of Tax and joined KPMG Trinidad and Tobago in
January 2013. Her responsibilities include but are not
limited to the timely preparation and filling of corporation
tax returns, preparation of individual income tax returns and
tax assessment enquiries with the Board of Inland Revenue
on behalf of our clients.
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guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in
the future. No one should act on such information without appropriate professional advice after a thorough
examination of the particular situation.
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© 2013 KPMG, a Trinidad and Tobago partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Trinidad and Tobago.
14