Finance Minister Larry Howai says the successful re-negotiation of the Double Tax Treaty Agreement between Trinidad and Tobago and Germany is expected to deliver benefits.
Speaking at the opening ceremony of the Double Taxation Negotiations between Trinidad and Tobago and Germany on Wednesday at the ministry’s Port of Spain office, he said the re-negotiation would lead to fostering of deeper business relationships, and economic development promotion and the elimination of double taxation of income as well as minimising the incidence of tax avoidance and evasion.
In a statement, he added that with the re-negotiations both Trinidad and Tobago and Germany are poised to push the boundaries further, expanding their relations to all fronts and delivering benefits to both countries.
At present, there is an ongoing partnership among Caricom nations with Germany in regional projects, including HIV/AIDS prevention, renewable energy, climate change and natural resources management, the minister said.
Stefan Karl Herbert Schlüter, Ambassador of the Federal Republic of Germany to Trinidad and Tobago, said the outcome of the double-taxation negotiations would be as much interest for German companies as other activities in the country, such as current efforts to introduce viable and transparent procurement regulations.
With more than US$4 billion, Trinidad and Tobago is the third largest destination for German investment in Latin America after Brazil and Mexico.
The negotiations are expected to end on January 28.