13 % Of All Foreign Exchange Transactions Are Associated With Online Shopping – T&T Government Not Happy.
Trinidad and Tobago as in many countries around the world has seen the popularity of online purchases increase significantly over the past few years. And in the twin island state it is said that between 12 to 13 per cent of all foreign exchange transactions are associated with online shopping.
Faced with the urgent need to save on foreign exchange and to assist local industry Government has sought to reduce the demand for these items with the imposition of The Online Purchase Tax (OPT).
The OPT which came into effect on October 20 last year is imposed on purchases that arrive in Trinidad and Tobago through courier companies or purchases that are brought in directly by individuals via air freight.
The T&T Government is now announcing that it is on target with its 2017 goal to generate $70 million from the tax on online purchases and that for the first six months they had met the target and performing as projected. BM