Clarification of reason why the Government could not proceed with the sale of the Refinery to Patriotic
The Minister of Finance, the Hononourable Colm Imbert M.P., has taken note of comments made by spokesmen for Patriotic Energies and Technologies regarding the nature of its proposal to finance the purchase of the Point-a-Pierre Refinery and the Paria Fuel Trading Company.
It appears that there is a complete misunderstanding of the true nature of transferable tax credits as compared to tax concessions or incentives to industry. Patriotic has said that the tax credits are nothing new and are given to multinational companies making foreign direct investment in Trinidad and Tobago.