On July 31, 2024, under the patronage of the Ministry of Finance of Trinidad and Tobago, the Development Bank of Latin America and the Caribbean (CAF), and the Inter-American Center of Tax Administrators (CIAT), a workshop was held in Port of Spain to discuss the significance of proposing and implementing a comprehensive transfer pricing regime in Trinidad and Tobago.

The workshop was inaugurated by Mr. Dillon Teelucksingh, Director of Fiscal Policy and International Taxation at the Ministry of Finance of Trinidad and Tobago; Mr. Bernardo Requena, Representative of CAF; and Mr. Isaác Gonzalo Arias Esteban, Director of International Cooperation and Taxation at CIAT. The attendees included representatives from the Ministry of Finance, the Ministry of Energy and Energy Industries, Ministry of Trade and Industry, the Inland Revenue Division, leading tax advisory firms, professional associations, business chambers and associations and oil and gas companies in the country.

Throughout the day, the Ministry of Finance outlined its intentions to establish a transfer pricing regime, highlighted the challenges that developing countries face in international taxation, and discussed the progress made by the Government of Trinidad and Tobago in this area. The presentation also covered the characteristics of transfer pricing regimes in Latin American and Caribbean countries, the key considerations for designing a transfer pricing regime specific to Trinidad and Tobago, and the fundamental aspects of the global minimum tax and its impact on tax benefits (Pillar II of the BEPS initiative). To conclude, an open discussion was held, allowing participants to share their perspectives and concerns regarding the impact of transfer pricing in the country.

This activity was carried out within the framework of a collaborative project for the design of a legal proposal for transfer pricing, financed by CAF and executed by CIAT and the Ministry of Finance of Trinidad and Tobago.