Colm Imbert
@ImbertColm
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Minister of Finance, MP for Diego Martin North/East since 1991, Deputy Political Leader of the PNM, Resident of Maraval and Citizen of Trinidad and Tobago
Trinidad and Tobago
Joined October 2017
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Yesterday, based on a submission from the Ministry of Finance, in keeping with the commitment given in our PNM 2020 General Election Manifesto, Cabinet agreed to remove all taxes on laptops computers, notebook computers and tablet computers. This measure takes effect immediately
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On Friday, we passed the Finance Bill, 2020 in the HOR. This Bill exempts laptops, notebooks, tablets, mobile and digital equipment, cell phones, software, accessories and peripherals from ALL taxes. It goes to the Senate on Tuesday. The exemptions take effect on Jan 1, 2021
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After 5 days: Tobago East, Toco/Sangre Grande, La Horquetta/Talparo, Tunapuna and San Fernando West have remained solidly PNM with negligible change in the margins of victory. St Joseph is still being recounted, with an INCREASE in the PNM margin so far. What a travesty
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With dangerous Hurricane Beryl heading for Barbados, St. Vincent, Grenada and Tobago, there is an amazing influx of boats (close to 100 so far, see below) coming down through the 1st Boca to Trinidad, to shelter from the storm. The Government is preparing to accomodate them
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The Opposition has requested recounts in the 6 marginal seats they lost. Our margin of victory in these seats varies from 800 to 3,000. Historically, a recount changes the vote count by about 5 votes. It is thus statistically impossible for the results in these seats to change
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We keep being told to go to the IMF for loan financing. What the "experts" don't disclose is that the IMF requires a commitment to structural adjustment before they give you one cent. This means retrenchment and removal of subsidies and social grants. This "advice" is dangerous.
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A newspaper today wrote emotively about a street vendor who said that she will lose $80,000 in sales over the next 3 weeks. That is equivalent to $1.4M in annual income, yet most such vendors declare no income and pay no tax. Is this fact not equally important to the media??
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After a difficult 5-year term and a hard fought election campaign, I am deeply honoured to be reappointed as Minister of Finance in the Government of Trinidad and Tobago. It was also my privilege to be asked to author the PNM's General Election Manifesto for the 9th straight time
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Thanks to all of my faithful supporters in my constituency for giving me the honour of a 9th term as your MP today. And thanks to all citizens of T&T for your faith in the PNM
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We've been hosting a free Parang Festival in the hills of Paramin in my constituency for 14 years now, with the best bands in the country. This year was the biggest ever, with over 10,000 people from all over T&T of all ages, ethnicities, classes, and creeds, having a great time
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Grants of US$300 (TT$2,000) for food supplies have been wired to the Campus Bursars at UWI Mona in Jamaica and Cavehill in Barbados. These grants will be distributed by UWI to the 184 TT students who are not on scholarship. Scholars have already received their regular allowances
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T&T has just been ranked as the 15th strongest emerging economy in the world in the context of its ability to withstand Covid-19! The Economist has ranked 66 countries using 4 indicators of financial strength, including public debt. In terms of Reserve Cover, we are in the top 3!
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I have noted complaints that State Agencies like WASA, PTSC and NP have taken decisions to stop accepting old small denomination banknotes before the official cut-off date of Dec 31st. In consultation with the line Ministers, I have requested that these decisions be rescinded
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The Brian Lara Cricket Stadium is truly one of the best cricket grounds in the world. It rained cat and dogs today at 3 pm, flooding the ground, but by 5 pm, the ground had drained off completely and was ready for cricket! Listen to Tom Moody and Ian Bishop in the attached video
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T&T was the first country in the world in 1985 to declare a public holiday to observe the abolition of slavery on August 1, 1834. This reversed a decision taken by the Legislative Council in 1939 to replace Emancipation celebrations with Discovery Day. Happy Emancipation Day!
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Bishnu Ragoonath, the head of the Council for Responsible Political Behaviour, who couldn't see the overt racism in those UNC ads and excused the Opposition leader for her "blank" man speech is upset that I'm back as MOF. It's time he stopped pretending to be neutral and unbiased
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It's all over. The recounts are completed. PNM has won the 2020 General Election 22-19
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I was happy yesterday to finally be able, after 8 years of economic strain, to present a Budget with no new taxes or increases and instead to be able to help people at the lowest end of the income scale with a $3 increase in the minimum wage, $1,000 book grant and $1B in backpay
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Trinbago Knight Riders have won the 2020 Caribbean Cricket League. A fantastic performance. 12 straight wins. No losses. A perfect record. All hail Pollard and Bravo
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Taxes are earmarked to be removed on the other devices mentioned on page 35 of our Manifesto, such as mobile and digital equipment, cell phones, software and accessories in the Finance Act of 2020, after the completion of the Budget Debate, in or around December 2020
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On Friday, December 23, 2022, we deposited US$182 million (TT$1.23 billion) into our Heritage and Stabilisation Fund (HSF), preserving wealth for future generations in Trinidad and Tobago. This makes a total of US$345 million (TT$2.35 billion) deposited into the HSF in 2022
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T&T's Foreign Reserves have just been boosted by the equivalent of US$644 Million, as a result of a global distribution by the IMF of Special Drawing Rights designed to help countries cope with the Forex demands of Covid-19. Our Net Foreign Reserves are now back over US$7 Billion
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Heritage Petroleum Limited today paid the Treasury TT$131 million in Oil Royalties!! This was for the 3-month period Jan-Mar 2019. It's the first time our national oil company has paid its taxes in the last 3 YEARS! Congrats to all involved!!
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I have spent 30 years in Parliament and have never witnessed such a deliberate and malicious dismantling of our Standing Orders and unjustifiable attack on a Speaker. What is worse is the superficial media coverage that serves no other purpose than to mislead a trusting public.
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I got vaccinated today at the Queens Park Savannah. The procedure was smooth and simple and the staff from the Ministry of Health were so professional and pleasant. I recommend this to everyone. I trust the process.
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I got an award for defamation of $525K today against Phillip Alexander. He had falsely alleged that I purchased an exotic Swedish sports car for US$2M using forex that I obtained by corrupt means or by abusing my office as the MOF. The judgement is here
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The Guardian story that claims that I said that the Government is drawing US$1.1B from the HSF is totally wrong. I said no such thing. In fact, I identified 4 sources of funds to deal with the budget deficit caused by Covid-19. Why do these headline writers make these errors?
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Fact Check: T&T currently has the BEST credit rating of ALL 14 Caricom countries AND the Dominican Republic and our rating is better than MANY Latin American countries, including Argentina, Brazil & Costa Rica. This is due to the hard work of the staff at the Ministry of Finance
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Hearty congratulations are in order for our national football team, especially the goal scorers Reon Moore and Alvin Jones, who, coming from behind, just beat the USA in a Concacaf Nations League football match at the National Stadium in Port of Spain. Well done, Soca Warriors!
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The T&T Revenue Authority Bill has FINALLY been passed, 11 years after it was introduced. We now join over 60 countries that have modern tax administration, to ensure fairness and equity in tax collection. The legislation also allows us to recruit and compensate staff properly
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Increases in the price of gas are never easy to absorb, but it is important to note that the price of gas in T&T is the second lowest out of 13 Caribbean countries in 2022. See attached chart. And diesel in the USA is currently TT$9.13 per litre, more than twice the price in T&T
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Today S&P, the international rating agency, confirmed Trinidad and Tobago’s credit rating at BBB-, an Investment Grade rating reflective of T&T's credit strength. S&P also improved its outlook for T&T from negative to stable, the first positive rating move for T&T in 15 years.
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I am so proud of T&T's bobsled team who are competing in the 2022 Winter Olympics in Beijing. I thoroughly enjoyed the 1993 film, Cool Runnings, featuring the Jamaica team as the first Caribbean entry in this sport. I wish our team all success as they fly the Red, White and Black
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Every 6 months the same people declare that the TT dollar at TT$6.8 to US$1 is overvalued and insist that we devalue our dollar immediately. We have IGNORED them for 7 years and will CONTINUE to do so. Yet the same people support the BBD dollar at 2 to 1 and EC dollar at 2.7 to 1
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Recent claims by the UNC Opposition about the safety and efficacy of the Sinopharm Covid-19 vaccine are ASININE. The Astrazenica and Pfizer vaccines have the same exact WHO approval status as Sinopharm. All these vaccines are approved by WHO for emergency use in the Pandemic
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From July 5 to Sept 17, 2021, it is proposed that there be a tax amnesty in T&T, so that taxpayers can file outstanding tax returns and pay any taxes due and owing up to May 31, 2021, WITHOUT having to pay any penalties or interest. This applies to all types of outstanding taxes
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In 1962, we were an undeveloped colonial backwater. Today, we are a proud, strong and resilient, independent sovereign nation, world-class in many things, such as culture, industrialization, social services, human development, education, and much more. Happy Independence 2021
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The turnout in yesterday's General Election in Jamaica was 38%. The turnout in the 2020 General Election in T&T was 58%, or 20% more. Both under Covid. Yet there are misguided commentators in T&T who pontificate and spout all sorts of empty theories about our electoral system
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Every election, each Returning Officer certifies on election night, the initial tally of the votes cast and gives a tally sheet to EACH political party. Our lowest margin, in St. Joseph, is over 800 votes and the Opposition knows that. No recount could change that fact
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Today is the 41st anniversary of the passing of Dr Eric Williams. His landmark study "Capitalism and Slavery", which revealed the true economic reasons for the abolition of slavery, is, after 78 years, only now being properly recognised by those who benefitted from that horror
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On Sept 9, the Guardian ran a story about persons experiencing difficulty in obtaining Salary Relief Grants. Upon enquiry, it was found that one had received a Grant, a second had not applied and a third had already received assistance from the Ministry of Social Development
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The Income Grant for self employed persons is from the MSD. The Salary Grant from the MOF is for persons in the NIS. The Express knows this and wrote an Editorial taking no responsibility for confusing the 2 grants. Yet it publishes an article today mixing everything up. Why??
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We built a salary relief grant evaluation unit from scratch and paid the first batch of grants within 15 days. We announced $$ for UWI students in Jamaica and Barbados on Monday and sent the money to UWI on Tuesday. But the Express finds that we are too slow. Are they serious?
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Yesterday, I said that because of the country's difficult financial situation, we can't afford SIGNIFICANT wage increases at this time. The Express chose to distort my statement and convert "no significant increase" into a "wage freeze". Why can't that paper get anything right?
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I've never eaten Swedish Meatballs, or Smörgåsbord, or Swedish Candy, or Swedish Cheese or Cloudberry Jam. I've never been to Sweden, nor did I ever go to an ABBA concert. I have no IKEA furniture and I've never met a Viking. So why on earth would I buy a Swedish car???
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Yesterday, the Parliament passed the Gambling (Gaming and Betting) Bill. A Landmark Achievement. T&T is the only country in the world with unregulated casino gambling. We will now bring our Gambling industry into the 21st Century to protect the public and workers in the industry
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Excuse me. But I can't help but laugh. The UNC has proposed the construction of a DOME over T&T to save us from Covid-19. Check the humorous comments at
#kamladome2020
. It reminds me of the Simpsons movie and Stephen King's book
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Breaking news! The World Bank has just OFFICIALLY revised its projections of growth in the Trinidad and Tobago economy UPWARDS from -1% in 2018 and -0.5% in 2019, to +0.7% in 2018 and +0.9% in 2019. Positive proof that the T&T economy HAS TURNED AROUND
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Congratulations to the Trinidad and Tobago Police Service, the Defence Force, the Fire Service and all other Security Services who made this year's Canival Celebrations one of the safest ever!
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The Guardian is recommending a devaluation of the TT dollar and suggesting an increase in interest rates, which could only lead to hyperinflation and recession. If I were to follow that irrational advice, that newspaper would be the first to condemn me for crashing the economy
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250,000 taxpayers, or 75% of all taxpayers in T&T, will from January 1, 2021 pay NO TAX on income below $7,000 per month. A fiscal stimulus of $750M PER YEAR. This follows our move in 2016 to increase the personal allowance to $6,000 per month. Another progressive move by the PNM
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I first met Roy Lewis/Lutalo Masimba aka Brother Resistance 45 years ago when practising to play guitar pan with Birdsong at UWI (time flies!). We maintained contact over the years as he went on to run the Students' Guild and to develop and perfect his Rapso art form. RIP Lutalo
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The Guardian has published gibberish about new $100 banknotes, inviting uninformed commentary. However, the Central Bank is simply introducing new $100 bills to improve the security features on the notes. Both the old and the new will be legal tender. Why the disinformation?
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What is wrong with the Guardian? They published an editorial today, complaining that the Minister of National Security should not have gone to Ghana to participate in that country’s 63rd anniversary celebrations. Is everybody at that paper blind? The Minister is in Trinidad!
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The road improvement tax was abolished by Act No. 2 of 2006, FIFTEEN YEARS AGO. Yet Opposition MPs are telling their constituents that motorists are still paying this tax at the pump for the benefit of fixing their roads, but the monies are going elsewhere. Somebody put a hand 🤯
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Tonight, TV6 featured the man who took T&T to the IMF in 1987, causing so much pain and hardship, to falsely claim that the Central Bank can devalue the dollar without reference to the Government. However, by law, only the MOF can make this decision and we are NOT doing that
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To clarify the attached Notice from the Central Bank, old banknotes in small denominations ($1 up to $50) will be VALID up to Dec 31, 2021. After that, these banknotes can be redeemed INDEFINITELY, either directly by the Central Bank or in arrangements with the Commercial Banks
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The List of Basic Food Items that will be VAT free on Monday, November 1st, 2021, is in the attached Legal Notice, which I signed yesterday and which has since been published in the Gazette. The items in this list are in addition to the Items that have been VAT free since 2016
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Despite the collapse of oil prices, S&P has kept T&T's international credit rating within the INVESTMENT GRADE, with a STABLE OUTLOOK. This is due to the hard work of the staff at the Ministry of Finance as well as the structure and form of our Covid-19 economic response plan
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Just saw an article where an "expert" at UWI called on Government to "implement" the guaranteed loan facility for SMEs and "lower" the interest rate in that facility. The SME loan facility was implemented 9 months ago and the interest rate is ZERO. When will this nonsense end?
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3 UNC MPs broke ranks in the electoral college yesterday, either voting for a different Presidential candidate or spoiling their ballots. Neither media nor their usual "unbiased" go-to "expert" commentators can yet come to terms with that reality
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Businessmen with agendas are claiming that no hybrid cars exist that fit within the criteria under consideration by Government for tax exemption. However, the Hyundai Ioniq, Kia Niro, Toyota Aqua, Nissan Note and Honda Vezel are all examples of compact hybrids that can qualify
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I have observed some egregious misinformation published in the regional media about the TT economy. The fact is that through prudent management we have 8.7 months of Import Cover, US$7.1B in Reserves, US$5.6B in the HSF, AND Investment-Grade Credit Ratings, all amid Covid-19
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Gasoline is purchased by countries at an ex-refinery price, based on the cost of acquiring and processing oil. It costs us in T&T $7B a year to purchase fuel, which is sold to motorists for $5B. The $2B difference is paid by TAXPAYERS, which could be used for many other purposes
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I was in the North Stand in 1987 when Black Stalin beat Rudder with his epic tune "Burn Dem" to the surprise of many. That year, Rudder came out with "Calypso Music" and was thought unbeatable. Stalin truly burned down the Savannah that night. Rest in Peace, Icon of true Kaiso
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T&T's financial situation continues to improve. I just received the final Revenue figures for Fiscal 2022 and our budget deficit has been reduced from the originally expected $9B (5.8% of GDP) to $0.3B (0.18% of GDP), with the National Budget almost in balance for Fiscal 2022
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This Christmas I was able to help hundreds of needy families in my constituency financially and hundreds more through donations to NGOs. We also held an incident-free Parang Festival in Paramin this year with 12,000+ people attending. I am honoured to be an MP for 32 years
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The Court of Appeal just ruled unanimously that the Trinidad and Tobago Revenue Act is valid and constitutional and does not breach the constitutional rights of public officers. We can now move swiftly to improve and maximise revenue collection for the benefit of all our citizens
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And now for a lighter moment. View at Sunset last weekend from Chaguaramas, looking out across the Gulf of Paria, towards Venezuela. Beautiful T&T
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Effective tomorrow, Wed May 25, 2022, all taxes (customs duty, motor vehicle tax and value added tax) will be waived on private passenger hybrid cars with an engine size of up to 1,599 cc and electric motor output up to 105 KW. Used hybrid cars must be less than 3 years old
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I announced yesterday that the BIR had prepared 33,466 individual income tax refunds for delivery. This took months to process. The UNC complained that payment of these tax refunds was "raiding" of the Treasury and, also, that we shouldn't work on Saturdays. Why they toting so?
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Against all odds, we have so far paid approx $900M in backpay to public officers who accepted our offer, and we continue. It was a whole of government effort. All accounting staff in Education, Fire, Prisons and Police Service and the many others who helped must be congratulated
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What is the Guardian's agenda? On Wed, I clarified that old small $ bills will be valid until Dec 31 and redeemed INDEFINITELY thereafter. Yet, despite this, the Guardian has published a foolish article quoting UNC sources claiming that people must now rush to change these bills
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There is a fake story being circulated on social media by an Opposition MP that the Government has been ordered by the World Bank to retrench public sector workers. It's a BIG LIE. The World Bank does not and cannot give "orders" to the TT Government and has done no such thing
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Supply chain disruptions caused by the Covid-19 pandemic have intensified with the war in Ukraine, adversely affecting the supply of fully electric cars. As a result, to encourage reduced fuel consumption, small hybrid cars will be exempted from all taxes in T&T from mid-May 2022
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Apparently, the Customs & Excise logo was used unlawfully today to circulate an inaccurate statement about taxes on computers, falsely claiming that the Ministry of Trade must be involved to legitimise any waiver of taxes. This is engaging the attention of the authorities
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This evening, the Opposition refused to speak in the Budget Debate, after the PNM MP for D'Abadie/O'Meara completed her contribution and it was the turn of a UNC MP to speak. The Presiding Officer called on the Opposition 5 times to speak but they refused so I wound up the Debate
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The Staff of the Inland Revenue Division have done yeoman service over the last month, collecting much-needed revenue which allowed us to pay salaries, wages, pensions, refunds and invoices. Recognizing their service, we have agreed to allow them to Stay at Home on Monday April 6
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The CSO has confirmed that the value of goods exported from T&T in 2022 was double the value of goods imported. The unemployment rate also decreased to 4.7% in 2022 and the economy grew in the 2nd quarter of 2022 by 1.2.%. Yet our media has no interest in any of this good news
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Paria and Unipet have reached an agreement that allowed a resumption of supply of fuel to Unipet yesterday. Unipet agreed to pay a total of $200M over the next two weeks, which it owes Paria for fuel delivered in Sept, Oct and Nov 2019, and to make timely payments from now on
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Today the MOF achieved what our detractors said was impossible. We raised US$500M on the international market in less than 4 hours, with offers from prestigious international investors totaling US$1.6B at a very good interest rate of 4.5%! Performance truly beats old talk any day
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We hosted a fun carnival event in Paramin yesterday. I sponsored the Junior Jab competition and a community cookout where free food, cooked on the spot, is provided to residents and visitors. We've been doing this for over 15 years. The children who participated had a great time
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Yesterday, I announced that Budget Day would be Oct 5 and that I was seeking recommendations in the context of T&T's restricted finances The Express wrote a sensationalist story with the bacchanalian headline "Imbert - Brace for Covid-19 Budget". Is this responsible journalism?
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The Galleons Passage has arrived in St Vincent with relief supplies for the volcano-stricken island. Kudos must go to the captain and crew, MNS, ODPM, defence force, and all the groups and individuals who contributed to the relief effort. See story
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For almost 60 years, we have had the right to self determination and to make our own way in the world. We do not rely on others to survive. With Covid-19, our country is facing its most difficult challenge, but we will come through this if we work together. Happy Independence
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We have said repeatedly that Income Support for the self employed is being managed by Social Development and Salary Relief for NIS workers by Finance. The procedures/criteria for the 2 different grants are ONLINE. Yet a particular newspaper mixes up the two grants every day. Why?
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Our Heritage and Stabilzation Fund now stands at US$6.21 Billion (TT$42.2B). That is US$563M (TT$3.83B) more than the value in Sept 2015. This is despite withdrawals from the HSF in 2016/2017 totalling over US$600M, after oil prices collapsed in 2015. Sound financial management!
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Several countries are close to economic collapse in the wake of the pandemic and the Ukraine war. Others are struggling in IMF programmes. We have managed these economic challenges and emerged resilient and buoyant. Yet, some of our brilliant economists told us to go to the IMF
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A UWI lecturer has written an irrational and deceitful article, falsely claiming that S&P has lowered our sovereign credit rating. A lecturer who does not know that S&P actually "AFFIRMED" our rating is a clear and present danger to her students and the University. I cry for UWI
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Yesterday I was asked whether the Government was still committed to property tax and I reminded the media that we had made this clear in our 2020 Manifesto. Property tax was first enacted into law 10 YEARS AGO, yet the Newsday runs a completely erroneous headline "NEW TAX COMING"
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Happy children using their new playground at the Ascension Anglican Primary School in Dibe/Belle Vue, Long Circular St. James. Thanks again to Project Care and United Way who did it all. Great work.
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Happy Mother's Day to all mothers in Trinidad and Tobago for nurturing us, protecting us and looking after us in our formative years and even into adulthood. Special thanks to my mother, Maura Imbert, teacher, scientist, astronomer par excellence, still going strong at age 89
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It appears that our local media is not interested in the very positive aspects of the IMF's Concluding Statement on the Government's sound management of the economy in response to the shock of Covid-19. So here are some extracts
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Property tax is based on the rental value of properties and not the capital value. So, minor structures like a dog house, duck pond or fowl coop cannot possibly increase the tax payable since these structures cannot increase the rental value of properties in any significant way
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It's a joy to switch from regular programming to the Caribbean Premier (Cricket) League and watch our team win their 5th straight match. Go Trinbago Kinight Riders!
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The IMF has declared that T&T is undergoing a sustained economic recovery, with growth in our non-energy sector. Yet, true to form, the Express has no interest in highlighting this good news while the Guardian has rushed to publish the usual negative comments from a UWI economist
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Why does our media thrive on so much misinformation? I just saw a Letter to the Editor where the writer said he got the valuation notice for his property and he will now have to pay $5,980 a month in property tax for his house. But his tax is really 90% x 3% x $5,980 = $161/month
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The first set of Salary Relief Grants of $1,500/month was wired to the bank accounts of recipients yesterday evening. This will continue on a daily basis. These grants are designed to assist persons in the NIS system who have lost their jobs or incomes as a result of Covid-19
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