Imbert pushes for e-payment providers
Summary
Notes to the bill said it would provide for a one-time tax credit of $50,000 for 2023, to a company registered as an e-money issuer under the E-Money Issuer Order 2020 or to a payment service provider (PSP) company registered by the Central Bank. He said he had made an e-money order under the Financial Institutions Act 2020 which sets out the legal framework for the licensing and operating of EMIs. "There have been efforts in TT, which we in finance resisted vigorously, for a monopoly situation with respect to payment service providers and e-money issuers. He believes tax-credit for EMIs and PSPs would incentivise expansion in the sector and encourage competition, thereby promoting value and quality. He explained the tax credit would cover "the acquisition of equipment, intellectual property related to software outsourcing and creation, product development, web development, security and maintenance, hosting, regulatory costs or bank settlement fees."