Finance and the Economy

Division of Finance and the Economy. Victor E. Bruce Financial Complex, 6-10 Post Office Street, Scarborough.

MISSION:

To manage and safeguard all finances of the Tobago House of Assembly, through effective and efficient planning, implementation, auditing and enforcement functions in accordance with existing legislation to the benefit of the Tobago House of Assembly and all residents of Tobago.

VISION:

To achieve excellence in financial activities, entrepreneurial development and enforce the law with regards to revenue collection.

The Division is committed to ensuring that the financial business of the Assembly is conducted with professional integrity and responsibility, and that the public funds of the Tobago House of Assembly, are properly safeguarded and are applied only for the purposes intended by Parliament and properly reflected in the Accounts of the Tobago House of Assembly.

The Finance Department can be further subdivided into the Units including the Budgets Section which is responsible for disbursing funds allocated and released by the Ministry of Finance to the Tobago House of Assembly; Customs and Excise which facilitates trade, collects revenue to the State and combats smuggling; Inland Revenue which collects revenue and taxes on behalf of the Assembly; District Revenue Services collects Land and Building Taxes; Internal Audit which conducts independent appraisal of existing systems and controls within the various Divisions of the Tobago House of Assembly; Data Processing which provides Payroll services to all Departments of the Tobago House of Assembly; and the Accounting Unit.

The Enterprise Department is an amalgamation of the Cooperative Unit, the Consumer Affairs Unit and the Business Development Unit. Its mission is "fostering successful business activity in Tobago". This is being achieved through, expansion and efficiency in the growth of the small and micro enterprise sectors, the strengthening of the cooperative Credit Union sector and the development of Consumer awareness among residents of Tobago.

All Departments are housed at:

The Victor E. Bruce Financial Complex
6-10 Post Office Street,
Scarborough 900212,
Tobago,
Trinidad and Tobago.

Telephone: 639-4412, 299 0771
For more information please visit the Division's website at http://fed.tha.gov.tt/

The hours of business:

Mondays to Thursdays: 8:00 am to 4:15 pm
Fridays: 8:00 am to 4:00 pm

BUSINESS DEVELOPMENT UNIT:

The Business Development Unit facilitates entrepreneurial development through the provision of loans, grants, business coaching and mentoring, training, business development projects and outreach programmes. The Unit is also responsible for stimulating investment, sector development, and promotional strategies aimed at enhancing the growth of the small and micro enterprise sector in Tobago. The Unit oversees the Enterprise Assistance Grant Programme and the Enterprise Assistance Loan Facility.

THE ENTERPRISE ASSISTANCE GRANT PROGRAMME:

The Enterprise Assistance Grant Programme is an initiative for assisting in jump-starting Tobago businesses. The grant is offered to entrepreneurs establishing their own small business. It is also for persons who have already established small businesses, but require additional support to further expand or improve the products or services offered. Applicants can access up to $25,000 in grant funding.

THE ENTERPRISE ASSISTANCE FUND:

The Enterprise Assistance Fund is a loan facility for expanding the small and micro enterprise sector in Tobago. It targets innovative and committed entrepreneurs who are unable to access necessary capital and/or support to realize their dream of owning a successful business. Entrepreneurs who are unable to meet the requirements of the traditional financial institutions are eligible to apply. The interest rate on our loans is 5%.

THE FINANCIAL LITERACY UNIT:

This unit promotes financial learning and executes financial education programmes throughout Tobago. The Unit's programmes advocate financial planning, enhancing levels of financial preparedness and provide basic information on the banking and economic systems to enable citizens' informed participation in related activities. The Financial Literacy Unit is continuously working towards the development of increased awareness of the need for wealth creation and the multi-generational transfer of wealth through financial education.

The Financial Literacy Unit is situated at:

Level 2
Victor E. Bruce Financial Complex
Tel: 639-4412 Ext. 3401

CO-OPERATIVE DEVELOPMENT UNIT (CDU):

The Unit supports, regulates and supervises Tobago's co-operative sector. The main focus of the CDU is the implementation of the Co-operative Act and its regulations, and the promotion of co-operatives as a means of developing entrepreneurial growth and providing opportunities for empowering Tobagonians to address their economic, social and cultural challenges.

The Co-operative Development Unit is a part of the Enterprise Department. It is situated at:

Level 1
Victor E. Bruce Financial Complex
Tel: 660-7236 Exts. 3300 – 3306,
Fax: 635-2213

YOUTH ENERGISED FOR SUCCESS (YES):

The YES Programme was launched in August 2012. The vision of the programme is to collaborate with other Divisions of the Tobago House of Assembly, the private sector and other local, regional and international agencies, to expand and enhance training, employment and entrepreneurial opportunities for young Tobagonians, to prepare them to lead in the development and diversification of the Tobago economy.

The office of the YES Programme is situated at:

Level 2
Victor E. Bruce Financial Complex
Tel: 635-0995

CONSUMER AFFAIRS UNIT:

The core functions of the Unit include providing education and training for businessmen and consumers, handling complaints, arbitration and enforcement, co-ordinating with various consumer groups, and acting as a catalyst for the formulation of consumer laws.

The Consumer Affairs Unit is situated at:

Level 1
Victor E. Bruce Financial Complex
Tel: 639-6556 Exts. 1500 – 1507

BUDGETS:

The Budget Section is responsible for ensuring that funding is appropriated by Parliament as well as revenue collected by the Tobago House of Assembly (THA) are released to the Divisions of the Assembly in a timely manner. The Unit monitors monthly expenditure from the Divisions and reports to the Ministry of Finance and the THA, collates the Annual Draft Estimates of Revenue and Expenditure to provide for the functions of the Assembly, evaluates and reports to the Ministry of Finance on the Assembly's revenue collection and identifies and examines proposals for new sources of revenue collection and make recommendations accordingly.

The Budget Section is situated at:

Level 3
Victor E. Bruce Financial Complex
Tel: 639-4412- Ext. 4100

CUSTOMS AND EXCISE DEPARTMENT:

The Customs and Excise Department is responsible for collecting all the national revenue administered by the Division, eliminating unfair trade practices, combating smuggling commodities including illicit drugs, arms and ammunition and addressing health and safety concerns by administering and enforcing efficiently, professionally, and with integrity, all laws under which the Division is empowered to act.

The Customs and Excise Department is situated at:

Ground Floor
Victor E. Bruce Financial Complex
Tel: 639-2415
Email: customstobago@tstt.net.tt

INLAND REVENUE DEPARTMENT:

The Inland Revenue Department is responsible for the management, administration and collection of taxes as provided by law. In addition, the Department facilitates the collection of several other rates, taxes and fees, such as liquor licences, examination fees, lease/ground rents, etc.

The Inland Revenue Department is situated at:

Ground Floor
Victor E. Bruce Financial Complex
Tel: 639-2410 Exts. 1205, 1217, 1222

Additionally there are eight (8) other entities that fall under the purview of the Division of Finance and Enterprise Development, these are:

  • The Venture Capital Equity Fund Limited ( http://tobagoventurecapital.com )
  • Eco-Industrial Development Company of Tobago Ltd. (E-IDCOT) ( http://www.e-idcot.co.tt )
  • The Fish Processing Company of Tobago (FIPCOT)
  • Tobago Cassava Products Limited (TCPL)
  • Tobago Cold Storage Warehouse Facilities (TCOSWAF)
  • The Enterprise Assistance Fund Committee (EAF)
  • The Milford Road Esplanade
  • Tobago Information Technology Limited (TITL)

Assemblyman Joel Jack
Deputy Chief Secretary and Secretary of Finance and the Economy


Claire Davidson-Williams
Administrator
Division of Finance and the Economy
Victor E. Bruce Financial Complex, 6-10 Post Office Street, Scarborough
Tel/Fax: 660-7533


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