Seven business chambers are advising their membership to boycott the use of credit cards unless they get some answers from commercial banks regarding the distribution of foreign exchange.
Members of the Couva-Point Lisas Chamber of Commerce, the Greater Chaguanas Chamber of Industry and Commerce, the Greater Tunapuna Chamber of Commerce, The Point Fortin Chamber of Commerce, The Siparia Chamber of Commerce, the Rio Claro Chamber of Commerce and the San Fernando Business Association met at the Couva Chamber’s headquarters at Camden Road, Couva yesterday.
Liaquat Ali, head of the Couva Chamber, said businessmen and members of the public are fed up of high bank charges and the way the banks distribute foreign exchange.
Ali said he wants the relevant authorities to tell the public the criteria used to distribute foreign exchange to customers. Ali said the chamber has requested this information on numerous occasions.
“What we are calling for now is for us to meet to discuss fees and charges. We have decided that the alternative to this is that we are prepared, if we are not hearing from the banks, to call for a boycott of credit card transactions at the point of sale.
“It’s going to be a win-win situation. The business organisation wouldn’t loose a percentage of the transaction and the consumer wouldn’t have to pay a fee to the bank for each transaction.”
Ali said the seven organisations that met represent several thousand business operations in south and central Trinidad.
Nalini Maharaj, head of the Tunapuna Chamber, said an extension should be given to the May 22 deadline for the submission of documents for property tax. She said this was to allow for greater public education in all areas.
She said the taxation would have a negative effect on small and micro enterprises, cause an increase in the cost of living and create greater unemployment.
She said investors are in panic mode and holding back monies. Maharaj said property owners have also expressed a disinterest in doing any repair or renovation work to existing properties for fear of increased taxation. Maharaj said home repair is now seen as a form of penalty.
‘There is a panic mode where people don’t want to invest further into the enhancement of their home.”
Shiva Roopnarine, head of the Penal//Debe Chambers said businesses have not gotten any VAT refunds since 2015.
He said with all the increased taxes facing businesses some measure should be put in place to offset the VAT owed to small businesses.
