Caricom to waive taxes on oil as Petrotrin refinery closes

Caricom to waive taxes on oil as Petrotrin refinery closes | iNFOnews.ca
FILE -In this Feb. 26, 2018 file photo, Haiti's President Jovenel Moise, center, stands with Caricom Secretary General Irwin Larocque, from Dominica, left, and Grenada's Prime Minister Keith Mitchell, during the Caricom Summit in Port-au-Prince, Haiti. The Guyana-based Caricom trade chief announced on Thursday, Nov. 22, 2018, that the Caribbean trade bloc is removing taxes on imported oil and petroleum products for the region as a major refinery on the island of Trinidad prepares to close. (AP Photo/Dieu Nalio Chery, File)

GEORGETOWN, Guyana – A Caribbean trade bloc is removing taxes on imported oil and petroleum products for the region as a major refinery on the island of Trinidad prepares to close.

Guyana-based Caricom trade chief Joseph Cox told The Associated Press on Thursday that the decision aims to help Caribbean nations as operations at Trinidad and Tobago’s Petrotrin wind down. The state-run company announced in August that it could no longer afford to produce and export oil and began scaling back refinery activities last month.

Cox said that taxes over 20 per cent will be waived for members of the bloc for one year.

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