00:00Trinidad and Tobago is celebrating a major international breakthrough tonight.
00:05On February 17, 2026, the European Union's Economic and Financial Affairs Council
00:12formally removed this country from its tax blacklist,
00:16a designation that for years carried reputational and economic consequences.
00:21Prime Minister Kamala Pesad-Besasa is calling this a major step forward, saying,
00:25quote, the previous PNM administration failed to take necessary actions to secure compliance and removal.
00:32Since assuming office, your UNC government moves swiftly and decisively to fix it, end quote.
00:39The EU tax list targets jurisdictions deemed non-compliant with internationally agreed standards
00:46on transparency, fair taxation, and anti-tax avoidance measures.
00:51Being listed can impact investor confidence, financial transactions, and international partnerships.
00:57Today's decision signals that Trinidad and Tobago has met those global benchmarks.
01:03EU Ambassador to Trinidad and Tobago Cecile Tassin praised the country's progress,
01:08describing the reforms as, quote-unquote,
01:11impressive and a positive sign for strengthening ties between Porto, Spain, and Brussels.
01:17Meanwhile, Finance Minister Divindranath Tanku welcomed the development,
01:22saying the milestone strengthens confidence in this country's economic and regulatory framework
01:28and positions Trinidad and Tobago as a reliable international financial partner.
01:34The road to removal was not immediate.
01:36A key reform involved replacing the country's former free trade zone regime,
01:41which had been deemed harmful, with a modern, special economic zone framework designed to meet international standards.
01:49Between 2024 and 2025, Trinidad and Tobago also advanced tax transparency measures.
01:57In November 2024, it signed the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
02:06By July 2025, the country received a largely compliant rating from the Global Forum on Transparency
02:14and Exchange of Information for Tax Purposes for its exchange of information on request system.
02:21Then, in December 2025, global authorities confirmed that local laws met standards
02:26for the automatic exchange of financial account information.
02:30Additionally, reforms addressed recommendations under the Base Erosion and Profit Shifting, or BEPS, inclusive framework,
02:39including strengthening country-by-country reporting requirements to prevent profit shifting by multinational corporations.
02:47Collectively, these measures satisfied the European Union that TNT had completed a comprehensive reform agenda.
02:54Beyond diplomatic symbolism, removal from the EU tax list has practical implications.
03:00It improves investor perception, reduces potential financial restrictions from European institutions,
03:06and reinforces the country's commitment to combating illicit financial flows and tax abuse.
03:13On her Facebook page, the Prime Minister said the UNC government inherited an economy under strain
03:18with fiscal pressures high and confidence low.
03:21But, she says, things have been turned around.
03:24She wrote, quote,
03:25We inherited an economy under real strain with fiscal pressures high and confidence low,
03:30but we promised action and we are delivering.
03:33Investor interest is rising, confidence is returning, momentum is building.
03:38Trinidad and Tobago is open for business, compliant and ready for sustainable growth, end quote.
03:44For Trinidad and Tobago, the decision represents more than a technical adjustment.
03:49It is a strategic reputational win, signaling to the international community
03:54that this country is aligned with modern global financial governance standards.
04:00Urvashi Tawari Ruknarein, TV6 News.
04:05Urvashi Tawari Ruknarein, TV6 News.
04:06Urvashi Tawari Ruknarein, TV6 News.
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