Focus on Barbados Budget

Transcription

1 Focus on Budget 2013

2 Table of contents Executive summary...1 Budget commentary...5 EY Caribbean tax leaders...17 tax managers...17 Contact information...18

3 Executive summary In his first budget presentation since the Democratic Labour Party returned to power in February 2013, the Honorable Minister of Finance, Christopher Sinckler, delivered his address in the face of declining economic indicators for the economy. The Minister was at pains to provide a history of the global economic downturn and its impact on the local economy since 2008 but he sped through the details of the island s economic indicators, including our worsening position for the first quarter of fiscal year 2014, seemingly anxious to get to the aspects of his speech designed to stimulate the economy. The Central Bank of, in its review of Economic Performance for the first six months of 2013, noted that there were contractions in each of the major foreign exchange sectors, namely tourism and international business and financial services. In tourism, declines were registered in long-stay arrivals and associated earnings but total cruise passengers and calls increased by 5% and 3%, respectively. Arrivals from our three largest source markets also declined. international business sector showed a modest increase of 8% in the number of new licenses issued during the first half of the year; however, renewals declined by 14%. These contractions have placed levels of international reserves under pressure. Not since the financial crisis of 2008 have estimates been as low as the 16.4 weeks of imports seen at the end of June If this downward trend continues, additional pressures will be placed on Government to reconsider its position on long standing fixed exchange rate regime as the island may not be able to maintain exchange controls indefinitely. With devaluation considered an untouchable topic, there has not been a proper national debate on the pros and cons of an open exchange rate. Foreign exchange reserves BDS $ millions 1,600 1,400 1,200 1,000 Includes $167m received from the sale of Republic Bank shares Dec-09 Dec-10 Dec-11 Dec-12 (p) Foreign exchange reserves Jun-13 (e) Foreign exchange cover (weeks) weeks Source: Central Bank of Economic Performance Report for the first six months of Focus on Budget 2013

4 Executive summary cont d Gross public sector debt stood at 98.2% of GDP at the end of 2012 and estimated at 102% at the end of June Rating agencies and economic reviewers, such as Moody s Investor Services and Business Monitor International, are increasingly wary of level of debt and its imperative reduction. Currency: Bds$ millions June 13 (e) Gross public sector debt-to-gdp 76.1% 86.4% 92.7% 98.2% 102.0% Source: Central Bank of Economic Performance Report for the first six months of 2013 At June 2013, 59% of public sector debt was financed domestically. NIS portion increased from 26.7% in 2009 to 32.4% as at June The NIS coffers will continue to be tested since it has now been tasked with assisting the financing of the Industrial Credit Fund. Minister Sinckler identified a number of capital projects to be initiated during the next two fiscal periods. Whereas, we welcome the investment injection into the economy, it is difficult to ignore that funding by Private/Public Partnerships (PPP) and loans will serve to increase both the island s debt ratios and fiscal deficit. Moody s Investor Services advised that to combat further downgrading should focus on improving economic performance and managing the deterioration in the debt metrics. While these capital projects will kick start the economy, they have the potential to be detrimental to the debt ratios. The size, volume and concurrence of the capital projects is prone to mismanagement, and we are pleased that Government has recognized this through the creation of a Specialised Major Project Coordination Team. Major capital projects Bds$ millions Facility Almond & Silver Sands hotel refurbishment 800 Chinese loan Cane industry project 500 Japanese loan Road works and bridges 125 PPP Water main upgrade 100 IDB loan Solar power generation on Government buildings 48 PPP Other 233 1,806 Focus on Budget

5 Executive summary cont d Government readily acknowledges that only small gains in international reserves will result from the budget s fiscal measures. It is worrisome that the Minister again intends to approach international capital markets for a further bond issuance and also to conclude negotiations with lending agencies in order to bolster reserves by at least $700 million. It is uncertain whether this is in addition to the $1.8 billion noted above. Furthermore, there was no mention of CLICO within the Minister s presentation, the settlement of which requires the issuance of Government-guaranteed bonds. Major pronouncements within the Minister s budget focused on fiscal consolidation and the tourism and energy sectors, much as they did in the previous budget. Recognised as a key driver for economic growth, the Minister has proposed several welcomed tourism support measures aimed at creating a stronger demand for the product including: intensified destination marketing within traditional and new source markets with funding received from IADB; reduction of taxes in the sector notably VAT on direct tourism services from 17.5% to 7.5%; utilisation of the Hotel Refurbishment Fund announced in the 2012 Budget; and the refurbishment of the Almond Beach Resort and Silver Sands Hotel in an effort to add 1,000 rooms to existing stock by the latter half of The Minister announced a number of measures aimed at reducing the administrative and technical impediments currently existing in the international business sector. We welcome the measures introduced by the Minister, especially the use of legal and tax experts to assist the resource constrained Inland Revenue Department in tackling complex transactions undertaken by the international business community. Those measures also included the introduction of two new classes of Special Entry Permits granted to investors and specially-skilled professionals as a means of increasing the island s attractiveness as an international business domicile and generate increased revenues. However, with global tax authorities curbing tax planning and introducing anti tax avoidance rules e.g. FATCA, and the change in the Canadian rules, is responding quickly enough to these changes and investing sufficiently in alternative jurisdictions such as Latin America? also needs to increase the speed with which innovative international business vehicles are introduced to the market. Moving on to the agricultural sector, a most significant budgetary proposal revolved around sugar cane revitalization and ethanol production which utilizes a US$250 million Japanese loan. But does have the inventory of arable land to grow the crops required to sustain this project? We are also uncertain as to the magnitude of the foreign currency saved by producing our own ethanol. In keeping with Protocol VI of the Social Partnership, the Minister highlighted a green initiative that will see the use of ethanol as a gasoline additive and the sale of excess solar power generated at various Government sites by private sector entities back to the Light and Power Co. Ltd. A public sector hiring freeze was also announced. This is designed to stymie Government s increasing labour costs; however, this may not bring about a much needed reduction in expenditure. 3 Focus on Budget 2013

6 Executive summary cont d In an effort to reduce transfers to UWI the Minister took the unpopular step of asking Barbadian students to pay tuition fees for the first time since the implementation of free education. It was unrealistic for Government to maintain this level of expenditure but this action may limit access to higher education. For the average Barbadian, the most anticipated pronouncements by the Minister are usually those pertaining to personal taxation. In Budget 2012, the rate on the lower band of taxable income was reduced to 17.5%. While rates were untouched this year, taxpayers were hit with multiple blows in the form of the introduction of a consolidation tax until March 2015 for persons earning gross income of Bds$50,000 and over, a tax on lottery winnings and the amendments of the reverse tax credit. Last year s proposed Greening Levy proved difficult to implement and so the Minister introduced a 0.7% municipal solid waste tax which is computed on the unimproved value of land which we anticipate will be administered by the Land Tax Department. Continued declines in excise tax revenue made it necessary for the Minister to seek redress through a 25% increase in the excise tax on tobacco products which is expected to boost revenue by Bds$9.9 million. The proposed temporary measure of a 0.2% tax on commercial bank assets is one of the most significant measures aimed at reducing the fiscal deficit. This measure appears to be a resurrection of the Banks (Tax on Assets) Act which was repealed in The motor vehicle industry is likely to be significantly affected by the proposed roll-back of the excise tax rebate on cars. Given the necessity to stimulate growth across all economic sectors particularly tourism, international business and financial services and construction, it is quite surprising that the Minister has taken the approach to limit the discretionary waivers on import duties and excise taxes. Within the last few years, has seen its investment grade credit ratings slip down to junk bond status (Moody s Ba1 and S&P s BB+/B ratings). With this in mind, there is no doubt that the Minister s presentation was framed within the context of the many wants and desires of the social partners whilst considering the factors affecting the country s ratings downgrades, namely anaemic economic growth, unsustainable levels of debt, and the need for fiscal consolidation. It may not be a far reach to surmise that last year s budget measures had little effect on economic growth which contracted by 0.6% in 2013 s first half. Consider the lessons to be learnt from our Caricom neighbours of Dominica and Antigua & Barbuda who, with fiscal deficits of 9% and 11% of GDP and debt-to-gdp ratios of 104% and 117% respectively, engaged in IMF programmes. strength has potentially become our greatest weakness. We are sure and steady but seemingly afraid of change. The world may have changed permanently after 2008, and perhaps we are not prepared to take aggressive action on the assumption that this too shall pass! Focus on Budget

7 Budget commentary International Business and Financial Services sectors Regulations to the International Corporate and Trust Provider Act The Minister announced that regulations to accompany the International Corporate and Trust Provider Act were ready to be laid before Parliament in October after the summer recess. The International Corporate and Trust Provider Act has thus far been unusable due to the lack of any licensing regime. Further, the administration of the Act by the International Business Unit may be deemed an inefficient alternative to the Financial Services Commission which presently oversees the international business sector. Given that amendments are presently being circulated for comment, we are of the opinion that it is unlikely that they will be legislated by October. Multi-year International Business Company licences The Minister has proposed the issuance of licences to the International Business sector which may be valid for up to three years. Although this measure is well intended in its hope to reduce administrative burdens, it may not be sufficient to promote certainty for the arrangement of medium and long-term business plans in the International Business sector. Consideration should be given to the proposal of IBCs applying for a licence only once, and paying annual renewal fees without the need to re-apply for a licence. Appointment of specialist advisers to assist in rulings and dispute resolution The Minister announced that the Inland Revenue Department will work with the International Business Association to develop a relationship with local company law and tax law experts. These consultants will assist in the resolution of tax law disputes, and help in the analysis and production of advanced tax rulings. The proposal is welcomed as it should shorten the response time to novel questions raised by international business and enhance the position of as a competitive offshore financial centre and increase its competitiveness. 5 Focus on Budget 2013

8 Increased funding of Invest marketing budget In his proposals, the Minister stated that an additional $7 million would be added to the marketing and investment promotion budget of Invest to enhance their presence in the foreign direct investment market. It is commendable that the Minister s proposals have recognised the need to increase the marketing efforts of as a financial centre in international markets. However, $7 million may be insufficient to significantly boost the promotion of a critical component of economic mix. Establishment of a National Business Facilitation Unit The Minister has sought to address criticism from the international business community that the mechanisms for business facilitation are poor or lacking. The response is the launch of the National Business Facilitation Unit. We are pleased that an effort is being made to enhance business facilitation in the offshore sector. However, we agree with the Minister s earlier comments that business facilitation is all about the attitude of the person or organisation responsible for assisting investors. In this regard, more fundamental proposals that bring customer service and business facilitation to the forefront of current organisations governing the sector would be welcomed. Immigration In addition to the Special Entry initiative for high net-worth individuals that was announced last year, two new categories of permits were announced. Individuals who own property or an investment in, either of which exceeds US$2 million, as well as foreigners with special skills needed in the country may qualify for these new permits. Spouses and minor dependents will also be granted permits on the payment of the permit fee. It is commendable that permits for persons with substantial investments would be valid for five years. We assume this will apply to applicants in both categories. By applying a consistent policy these proposals will reduce the administrative cost and burden on the Immigration Department by eliminating the need for frequent renewal applications. We expect the proposals will allow the business community to tap into the wealth of experience available. Focus on Budget

9 Tax measures Consolidation tax The Minister announced that there will be a temporary Consolidation tax imposed on the gross income of persons earning Bds$50,000 or more. This tax is proposed to be implemented from September 2013 and will continue over a 19 month period after which it will be discontinued. The Consolidation tax is to be applied at the following graduated rates: Gross income Bds$ Tax rate % 50,000 75, , , , , Over 200, Focus on Budget 2013

10 This proposed tax has been introduced against a background of decreasing government revenues and an increasing fiscal deficit. The Minister has estimated that the tax will produce revenues of approximately Bds$42.1 million over its 19 month life span. Based on the estimated revenues and the levels of income to which it applies, it may be assumed that this tax applies to individuals but not to corporations. Additionally, in order to ensure the accurate and efficient collection of this tax, it may be necessary to utilise the current PAYE methods. This raises the question as to whether this new tax will create an additional administrative burden for employers. What remains unclear is whether this tax will apply to gross or net income of self-employed individuals and whether income from residential rents or investment income will be included in the calculations. The table below illustrates how the tax would affect individuals with various levels of income. Gross income 75, ,000 Before After Change Before After Change Employment income 75,000 75, , ,000 - Less: personal allowance (25,000) (25,000) - (25,000) (25,000) - Taxable income 50,000 50,000-75,000 75,000 - Taxes payable 6,125 6,125-6,125 6, % 5,250 5,250-14,000 14,000 - Consolidation tax on gross income 11,375 11,375-20,125 20,125 - Up to Bds$49,999 X 0% Between $50,000 and $75,000 X 0.5% Between $75,001 and $100,000 X 1% Between $100,001 and $200,000 X 2.5% Over $200,000 X 3.5% - Total taxes payable 11,375 11, ,125 20, Focus on Budget

11 Solid waste tax Against a backdrop of last year s proposed Greening Levy, the Minister has announced the replacement of that levy with a municipal solid waste tax which will be imposed on the unimproved value of land. The proposed rate of the tax is 0.7%. Having reduced the land tax burden in 2011, the Minister has announced the implementation of a new tax which will be calculated on the unimproved (site) value of the land. In light of the basis for the calculation of this tax, it is expected that it will be administered by the Land Tax Department. As the table shows, this tax is likely to be a significant burden as properties with site values of approximately Bds$400,000 could cost their owners Bds$2,800 in solid waste tax. This effectively doubles the tax to be paid on unimproved land. The table below illustrates the effect of the new solid waste tax. Improved land Unimproved land Description Before (Bds) After Before (Bds) After Property value 540, , , ,000 Site value/unimproved value 400, , , ,000 - Tax on property up to $190, Tax on next $310, Tax on the next $750, Tax on unimproved 0.6% - 2,400 2,400 Solid waste 0.7% of site value - 2,800-2,800 Total tax liability 490 3,290 2,400 5,200 Increase in tax with solid waste tax 2,800 2,800 Property tax bands 2013 tax rate $0 - $190,000 0% $190,001 - $690, % $690,001 - $1,250, % > $1,250, % 9 Focus on Budget 2013

12 Reverse tax credit The reverse tax credit under section 65D of the Income Tax Act provides for the payment of cash up to a maximum of Bds$1,300 to an employed individual earning less than Bds$18,000 annually, but not more than Bds$1,500 monthly. The Minister of Finance has proposed amendments to this reverse tax credit with effect from the 2013 income year. The Minister has estimated that this measure will reduce expenditure by approximately Bds$15 million over its 15 month life span. This proposal is likely to be the subject of much debate as it will have a negative impact on low income earners who anticipate the annual relief, especially given the current challenges of the high cost of living in. VAT rate on tourism accommodations/direct services The Minister proposed that, effective September 2013, the rate of VAT on tourism accommodation and direct services will decrease to 7.5% from 8.75% and 17.5% respectively. This decrease is proposed for a 19 month period. It is estimated that the decrease in VAT will generate a revenue loss of approximately Bds$10.3 million over the period. As tourism is our most essential sector and as this industry has experienced a decline in long-stay arrivals and a decrease in tourist spending, this reduction in VAT may encourage longer stays and increased spending on activities. The estimated reduction in revenues should be offset by the benefits obtained by the projected increased foreign exchange generated by the sector. What remains uncertain is whether the direct services include rental car services, tour operators and other tourism related services. Lottery tax The Minister proposed a 15% tax on lottery winnings of Bds$1,000 and over. This measure is expected to produce revenues of approximately Bds$7.9 million over a 19 month period. This proposal has been rumoured for several years. Implementation of this tax will necessitate clarification on whether it will be a withholding tax which is deducted at the source of the winnings and whether this will be a final tax imposed on the amounts. Although this measure is welcomed due to its potential to create public revenues, the Minister has not indicated whether this tax will apply to all categories of games of chance operating in. Focus on Budget

13 Excise tax on new cars The Minister has announced a roll-back in the excise tax rebate applicable to new cars. The roll-back is expected to reduce the rate of the rebate from 25% to 15%. In last year s Budgetary Proposal, the Minister sought to address the reported downturn in new vehicle sales that confronted the automotive industry. This was done through the introduction of an excise tax rebate of 25%. While the Government s intention to increase the public revenues is understandable and justifiable, this year s proposed reduction in the rebate can be expected to impact the sales of new vehicles and potentially negate the efforts of last year s initiative. The table below provides an example of the effect of the reduced rebate on a vehicle falling under tariff heading and of an engine capacity of 1600cc or less. Rate of tax Before Reduction in rate by 25% (2012) Rate of tax Reduction in rate by 15% (2013) Engine capacity 1600 CC 1600 CC 1600 CC CIF value 35,000 35,000 35,000 Duty 45.00% 15,750 15, % 15,750 Chargeable value 50,750 50,750 50,750 Excise tax 46.95% 23, % Reduced by 25% (2012; 15% (2013) 21.95% 11, % 16,215 - VAT 17.50% 13,051 10, % 11,719 Total taxes Duty 15,750 15,750 15,750 Excise tax 23,827 11,140 16,215 VAT 13,051 10,831 11,719 52,628 37,720 43, Focus on Budget 2013

14 Reduction in discretionary waivers on import duties The Minister announced the discretionary curtailment of the number of concessions that the Ministry of Finance would grant in respect of import duties and excise tax; including a potential 100% reduction in the amount of concessions granted. It is understood that import duties and excise taxes are a significant mechanism for raising national revenues. However, the grant of concessions encourages foreign direct investment which creates employment, boosts foreign exchange and stimulates the economy. These investments are likely to slow further without such concessions. Tax on the assets of commercial banks The Minister announced that there will be a 0.2% tax imposed on the assets of commercial banks. This tax is to be implemented from September 2013 and will continue over a 19 month period after which it will be discontinued. This tax is to be applied only to the banking assets of commercial banks, and the revenue raised is earmarked to contribute to the marketing efforts of the Tourism Authority. The Minister has estimated that the tax will produce revenues of approximately Bds$38 million over its 19 month life span. This proposed measure appears to be a resurrection of the Banks (Tax on Assets) Act which was repealed in At that time the rate was 3/40 of 1% on the average total assets of a bank as determined by the Central Bank. However, this new measure represents a marked increase over the rate previously used. The Minister has not outlined how this tax will be implemented or calculated. Tourism Marketing and promotional activities The Minister announced that over the next 18 months, an additional US$50 million is to be expended on the marketing and promotional activities of the Tourism Authority. This marketing and promotional initiative is admirable and could result in increased revenues for the sector. However, given that US$13 million of this has been earmarked to settle current liabilities, the question arises as to whether the remaining US$37 million will be sufficient to deliver any noticeable results. Focus on Budget

15 Tourism Authority initiative The Minister also announced the launch of the International Culture and Sports Tourism Promotion Initiative. This initiative would market for culture and sports events, and would be funded by an initial investment of Bds$20 million. While it is agreed that this initiative may provide positive results for the tourism sector, unless further investment is made or there are significant returns initially, it remains to be seen whether the funds will be sufficient to properly market these events. In recent years several airlines have canceled routes to, as well as reduced flight frequency and plane sizes. The above proposal will be of no consequence if potential tourists cannot get to the island. This is an issue that needs to be addressed by Government in conjunction with these proposed initiatives. Hotel Refurbishment Fund It was also announced that the Bds$50 million Hotel Refurbishment Fund (announced in the 2012 Budgetary Proposals) is being administered by the Central Bank of and is now ready to receive applications from registered tourism accommodation establishments. This Fund is to be financed by surplus funds from NIS which will be loaned at reasonable rates of interest. While the Minister has indicated that the risk to NIS should be minimised, this risk cannot be completely eliminated. Should the efforts of this Hotel Refurbishment Fund fail, the NIS may sustain some loss. However to further minimize risk, applicants will be subject to credit assessment by a private financial institution thereby ensuring that only feasible projects receive funds. Almond Beach and Silver Sands refurbishment The Minister also announced that Government, funded by way of low-cost loan of Bds$800 million from the People s Republic of China, intends to purchase and refurbish the Almond Beach Resort and Silver Sands Hotel in an attempt to bring some 1000 rooms back into production. This measure is well intentioned in light of its ability to provide employment opportunities. However the sustainability of the project may be questioned in light of the low occupancy rates currently experienced in hotels across the sector. 13 Focus on Budget 2013

16 WTO bound rates It was announced that effective September the bound duty rate on heavy cream will be reduced in line with the common external tariff rate of 40% observed by CARICOM for external goods. Investigations are ongoing into the potential impact that other proposed reductions in bound rates could have on local producers. This could have a noticeable impact on the operating expenses of hotels and restaurants. However, it remains to be seen what other items will have their duty rates reduced and the effect that this will have on the sector as a whole. Incentives to use local products The Minister indicated that the hoteliers and hotel developers seeking concessions from the Ministry of Finance will be required to show a demonstrable use of domestic produce and locally manufactured goods. This policy is commendable, however it remains to be seen how it will be implemented and policed on an ongoing basis so that the requirement to use local produce or goods cannot be disregarded once concessions have been granted. Agriculture and manufacturing Sugar Industry reform The Minister indicated that between 2013 to 2016 his administration will seek to undertake a major restructuring of the sugar industry beginning with the Cane Industry Project. This project is estimated to cost US$250 million over the next three years and should promote investment into the sector and the production of bio-mass for co-generation of electricity. Additionally, Government will seek to utilise the electricity produced to reduce its high energy cost. Although these are laudable benefits, the debt used to finance this project is likely to increase the level of external debt and negatively impact Government s debt-to-gdp ratios. Focus on Budget

17 BNOCL longer term initiative with rum producers The Minister has indicated that the National Oil Company Limited ( BNOCL ) and local distillers have been instructed to urgently facilitate the blending of locally produced ethanol into the gasoline sold to the local market. This blended gasoline would emit lower levels of undesirable gasoline emissions. This initiative is intended to maintain the current size of the local distillery industry by providing an additional market for ethanol produced from their excess inventory of bulk rum. Additionally, it should improve the level of international reserves by eliminating the importation of 12 million litres of methyl tertiary butyl ether by BNOCL. Subsidisation of local rum products Government will seek to provide a level of subsidisation for local rum products similar to the subsidies provided by the US to its local rum producers. The subsidies should promote the competitiveness of our local rum products in overseas markets and improve the level of foreign exchange earned by the industry. However, no clear indication has been provided as to the quantity or method through which these subsidies will be implemented, and whether other export markets will be affected. Government expenditure Green Energy and ethanol production It was announced that Government plans to embark on a major renewable energy initiative by installing photovoltaic systems on the roofs of selected Government-owned buildings. These systems will be used to power these buildings and any excess will be sold to the Light and Power Co. Ltd. In addition, as discussed above the Minister indicated that Government aims to replace the additive currently used in gasoline imported by BNOCL with ethanol to be produced from a refurbished sugar cane factory and rum distilleries in an effort to save foreign exchange and provide a cleaner gasoline product. These initiatives demonstrate the Government s dedication to sustainable energy and the environment. However, given the initial outlay required to install and maintain the solar panels, it may be some time before the cost is recouped through energy savings. Additionally, the Minister did not give any indication as to what the expected savings associated with the use of ethanol as an additive in imported gasoline might be. 15 Focus on Budget 2013

18 Hiring freeze It was announced that effective immediately there will be a total freeze on all new hiring in the public service and statutory entities. While the Government is dedicated to preserving the jobs of persons currently employed in the public sector, this hiring freeze will only prevent Government s salary expenditure from increasing and does not directly address the need to reduce said expenditure. However, the Minister indicated that the Government will not be hiring to refill vacant positions. Therefore, any staff turnover may have a marginal reducing effect on the Government payroll expenses over time. Statutory Corporation rationalisation The Minister indicated that a preliminary assessment of statutory entities currently funded by Government was conducted and recommendations have been made for the reorganisation of 18 such entities currently in operation. The rationalisation of statutory entities is commendable. However, it remains to be seen what the end result of this reorganisation and corresponding savings to Government will be. UWI financing Due to rising educational economic cost, the Minister announced a reduction in subsidies to the University of the West Indies (UWI) from This reduction is an estimated at Bds$42 million per year. While this will save the Government some expenditure, it is unfortunate that the burden of tuition fees will be passed on to students attending the UWI. Focus on Budget

19 EY Caribbean tax leaders Wade M. George, BA, LL.M Regional Tax Service Line Leader Partner, Tax Services Ernst & Young Services Limited Trinidad Tel: Maria Robinson, BBA, CA Partner, Tax Services Country Managing Partner Tel: Dominique Pepin, LL.B., Dip. Tax. Partner, Tax Services Tel: Gregory Hannays, ACCA Partner, Tax Services Ernst & Young Services Limited Trinidad Tel: Allison Peart, CA Partner, Tax Services Country Managing Partner Jamaica Tel: Bryan Irausquin, MSc. Partner, Tax Services Ernst & Young Dutch Caribbean Curacao and Aruba Tel: bryan.irausquin@an.ey.com Juliette Brown Executive Director, Tax Services Jamaica Tel: juliette.brown@jm.ey.com Zahayra de Lain Executive Director, Tax Services Ernst & Young Dutch Caribbean Curacao and Aruba Tel: zahayra.de-lain@an.ey.com Juan Navarro Executive Director, Tax Services Ernst & Young Dutch Caribbean Curacao and Aruba Tel: juan.navarro@an.ey.com tax managers Gail Ifill, LL.B. Senior Manager, Tax Services Tel: gail.ifill@bb.ey.com Marilyn Husbands, FCCA Senior Manager, Tax Services Tel: marilyn.husbands@bb.ey.com Toni Jackman, CGA Manager, Tax Services Tel: toni.jackman@bb.ey.com Rhyna Franklin, MBA Manager, Tax Services Tel: rhyna.franklin@bb.ey.com Tamika Cumberbatch, BSc., CPA, LL.M Manager, Tax Services Tel: tamika.cumberbatch@bb.ey.com Ray Jackman, Bsc. Manager, Tax Services Tel: ray.jackman@bb.ey.com Javier Lemoine, LL.B., LL.M Manager - Head of Latin American Business Development Tel: javier.lemoine@bb.ey.com Terry-Ann N. Moe, LL.B. Manager, Tax Services Tel: terry-ann.moe@bb.ey.com 17 Focus on Budget 2013

20 Contact information Mail Address: P.O. Box 261 Bridgetown BB11000 Street Address: Worthing Christ Church BB15008 Tel: Fax: Trinidad & Tobago Ernst & Young Services Limited Mail Address: P. O. Box 158 Port-of-Spain Trinidad Street Address: 5 & 7 Sweet Briar Road St. Clair, Port-of-Spain Trinidad Tel: Fax: (Tax) (Audit) Independence Avenue San Fernando Trinidad Tel: Fax: Jamaica Street Address: 8 Olivier Road Kingston 8 Jamaica Tel: Fax: St. Lucia Mail Address: P.O Box BW 368 Baywalk Mall Rodney Bay St.Lucia Street Address: Baywalk Mall Rodney Bay St.Lucia Tel: Curaçao Ernst & Young Dutch Caribbean Mail Address: P. O. Box 3626 Curaçao Street Address: Zeelandia Office Park Kaya W.F.G. (Jombi) Mensing 16 Curaçao Tel: Fax: (Audit) (Tax) Aruba Ernst & Young Dutch Caribbean Mail Address: P. O. Box 197 Oranjestad Aruba Street Address: Vondellaan 4 Oranjestad Aruba Tel: Fax: Focus on Budget

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