PORT OF SPAIN, Trinidad– The Trinidad and Tobago government is moving towards introducing online payments for collecting taxes with the assistance of the Development Bank of Latin America (CAF).
The Ministry of Finance said it had retained the services of NRD Companies, global information technology and consulting group of companies, to support these efforts.
“Trinidad and Tobago is ranked in the “High EDGI countries” category in the United Nations‘ E-Government Development Index (EGDI), which presents the state of eGovernment Development in the member states, and its overall performance of digitalization is above the average of the Caribbean sub-region,” the ministry said.
According to the Ministry of Trade and Industry, only 20 percent of the population makes online purchases. It pays bills online, even though 81 percent of people have a bank account and 20 percent have a credit card.
“Most monetary transactions in the region continue to require filing multiple complex documents and spending long hours waiting in line at different government offices. The existing practices have a disruptive impact on businesses and individuals, especially those segments of the population that are less averse to technology and more socially vulnerable,” said Finance Minister Colm Imbert.
“Making tax payment procedures easier, as well as providing various channels to make payments, will not only improve the efficiency of taxation systems but also greatly contribute to financial inclusiveness and just development nationally and across the Caribbean,” he added.
The CAF-funded project will include various aspects fundamental to the introduction of online payments in the public sector.
During the project, the legislation and regulations governing Trinidad and Tobago’s payment ecosystem will be reviewed and adapted, a detailed assessment of the needs of institutions for online payment methods will be implemented, and detailed recommendations to ensure the security and resilience of the digital ecosystem needed to support the online tax payment system will be presented.
In addition, the promotion of cultural change in the behavior of the institutions, people, and businesses will be promoted, encouraging to embrace of new possibilities provided by introducing innovative payment methods.
“CAF is committed to improving the quality of life of all Latin Americans and Caribbean peoples, and digitalization opens endless opportunities to implement this strategic goal. We believe in the potential of Trinidad and Tobago to harness possibilities provided by digital tools and solutions,” said CAF representative Gianpiero Leoncini.
He said just recently; CAF approved a US$120 million loan to boost digital transformation in Trinidad and Tobago, and “this project is one of the important steps in the country’s digital transformation, which will enable the public sector to be more efficient, and to act as a catalyst for diversification and economic growth.”
The chief executive officer of the NRD Companies, Mindaugas Glodas, said his company is excited and honored to have been chosen by the Trinidad and Tobago government to provide technical consultancy services to support the Ministry of Finance and other institutions towards the development of an online payment ecosystem for the collection of taxes in the country.
“Through this consultancy, we will support the government‘s efforts towards establishing a unified and standardized approach to online payments in the public sector, ensuring both the best user experience and security of costs.
“Our company has been involved in numerous successful digital government transformation projects in the region, including in Belize, Guyana, Granada, St. Lucia, Sint Maarten, and St. Vincent and the e Grenadines. Our global experience, specifically in the Caribbean region, demonstrates that the implementation of digital innovations has brought major improvements to the provision of government services and will have a significant impact on areas such as ease of doing business, financial security, inclusion, and overall quality of life” Glodas added.
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