After a successful 37-year run in downtown Port of Spain, D’ Bocas, a popular restaurant, recently shut its doors. The reasons behind the closure were cited as declining sales, rising taxes, and pressures due to the pandemic. This incident sheds light on the harsh realities of doing business in Trinidad and Tobago. The country’s invisible business tax, which includes additional expenses not listed in the budget, is being blamed for driving businesses away. This includes costs related to security, power uncertainty, paperwork, and foreign exchange stress among others. The cost of doing business increases with surcharges and fees disguised as ‘adjustments’ in the government’s finance bill. This, coupled with post-pandemic sales decline, is forcing many businesses to close, relocate, or downsize. This situation calls for an honest conversation about the true cost of doing business in Trinidad and Tobago.
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