Home' Trinidad and Tobago Guardian : October 16th 2013 Contents A22
Guardian www.guardian.co.tt Wednesday, October 16, 2013
The Trinidad & Tobago Free Zones Company Limited (TTFZ) is the State Agency that
encourages both foreign and local investors to establish manufacturing, international trading
and services operations within Free Zones across Trinidad & Tobago by offering fiscal incentives
outlined in the Trinidad and Tobago Free Zones Act 1988. The administration of the TTFZ is
critical in facilitating foreign and local investor activities to drive new investments, job creation
and foreign exchange in Trinidad & Tobago.
WE ARE CURRENTLY SEEKING SUITABLY QUALIFIED
CANDIDATES FOR THE FOLLOWING POSITIONS:
BUSINESS DEVELOPMENT MANAGER
Job Summary: Responsible for managing, implementing and deploying new business processes
and partnerships. To ensure that strategies are developed to enable the Company to achieve its
objectives and continuously improve performance in the context of the overall corporate aims.
Qualifications: Minimum Graduate degree with 1-2 years' experience.
MARKETING & RESEARCH MANAGER
Job Summary: To coordinate all marketing, media, and networking activities of the Company.
Primary contact re: public relations, media houses, advertising agencies and other business
development faculties to promote the objectives of the Company. Qualifications: Graduate
degree in Marketing or Business Management, 1-2 years' experience.
SENIOR ACCOUNTS OFFICER
Job Summary: Responsible for the efficient and effective functioning of the day to day financial
and accounting operations of the Organisation. The oversight includes day to day record
maintenance, monthly, quarterly and annual reporting of the financial reporting function,
treasury management and tax preparation. Qualifications: ACCA Level II minimum or
equivalent in years' experience.
Job Summary: Responsible for the efficient and effective performance of Courier duties as well
as administrative support services to other members of staff. Qualifications: Minimum school
Consideration will be given to any equivalent combination of qualifications, training and
experience. Competitive compensation packages are offered. In the first instance successful
candidates will be awarded consultancy contracts.
Only shortlisted candidates will be contacted.
Applications should be addressed to:
Trinidad & Tobago Free Zones Company Limited
Albion Court, 2nd Floor West
61 Dundonald Street
Port of Spain
Contributions to the
Heritage and Stabilisa-
tion Fund (HSF), T&T s
US$5 billion sovereign
wealth fund, have
plummeted over the
past three years,
according to reports
issued by the fund.
Contributions to the
fund have been falling
steadily, from US$451
million in 2011, to
US$207 million last year,
then to the current figure of US$42
Ministry of Finance officials, Minister
of Energy and Energy Affairs Kevin Ram-
narine and officials of the Central Bank
of T&T were asked why. Ministry of
Finance and Central Bank officials point-
ed to declining oil revenue, while Ram-
narine pointed to the Ministry of Finance
and the Economy for an answer.
Following a request for a comment
from Finance Minister Larry Howai, who
was in Washington attending meetings
of the International Monetary Fund (IMF)
and the World Bank, a ministry
spokesperson e-mailed a response.
"The Government is required by law
to deposit 60 per cent of the surplus of
actual oil revenue over projected oil rev-
enue. In each of the years referred to,
the Government deposited at least 60
per cent of the surplus as required by
law. It is, therefore, not a conscious deci-
sion by the Government to reduce
deposits. It is just that the surplus revenue
has been reducing pro-
Under the HSF Act
No 6 of 2007, Section 13
(2), the Government has
until the end of October
to make another cash
contribution. Asked if it
would be making anoth-
er contribution before
the end of the month,
Howai said: "There will
be no further deposits
for the 2013 fiscal year.
The next evaluation will
be made in January 2014,
and if a surplus occurs, the Government
will deposit as required by law."
The Central Bank said: "The size of
deposits into the Heritage and Stabili-
sation Fund by the Ministry of Finance
broadly depends on how much actual
energy prices exceed budgeted projections
of these prices. At the start of each fiscal
year, in estimating revenue from taxes
on the energy sector, the Government
makes its projections of energy prices
(as well as volume of production, etc).
"In general, the larger actual energy
prices turn out to be relative to the pro-
jection, the greater would be the deposit
to the Heritage and Stabilisation Fund.
Deposits are normally made within one
month after the quarter, so if a deposit
is due for the July to September 2013
quarter---this would be determined by
the Ministry of Finance---then the deposit
could be made by the end of October."
Ramnarine said in an e-mail: "I think
Finance is best placed to answer this
Energy input in Heritage Fund decreases
The minister had no further
response when told both the Finance
Ministry and the Central Bank
pointed to oil revenue.
The purpose of the HSF is to save
and invest surplus petroleum rev-
enues derived from production busi-
ness to cushion the impact on or
sustain public expenditure capacity
during periods of revenue downturn
whether caused by a fall in prices
of crude oil or natural gas.
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