Displaying items by tag: Trinidad & Tobago

Trinidad & Tobago: Trinidad Cement has appointed Edgar Campos Piedra as Group Finance Manager. He succeeds Luis Ali Moya. Campos Piedra has been employed with Cemex, the owner of Trinidad Cement, and its subsidiaries for over 14 years in a variety of different positions. Ali Moya has held the position of TCL Group Finance Manager since 2016. He has been promoted to a new role within the Cemex Group.

Trinidad & Tobago: The Caribbean Court of Justice (CCJ) has ruled that cement sold by Rock Hard Cement can be classified as ‘Other hydraulic cement.’ As such it is subject to a tariff of up to 5% under Common External Tariff (CET). Rock Hard Cement’s competitor Trinidad Cement and its subsidiaries had been arguing that the company’s products be classified as ‘Building cement (grey)’ and be charged a Caribbean Community (CARICOM) tax of 15% when imported into the region, according to the Barbados Today newspaper. The decision by the court is the latest in a series of legal cases between Rock Hard Cement and Trinidad Cement

However, the CCJ also said that recent developments in the cement industry made it appropriate for a study to be performed by the CARICOM Council for Trade and Economic Development (COTED) to assess whether the tariff rate for imported ‘Other hydraulic cement’ ought to be increased to give additional protection to regional cement manufacturers so that these manufacturers might obtain an appropriate level of protection. It also recommended greater collaboration between regional cement producers in undertaking global trade commitments.

Trinidad & Tobago: The Caribbean Court of Justice (CCJ) is continuing to hear arguments about whether Rock Hard Cement should be exempt from higher taxes applicable to third party goods. Both the Caribbean Community (CARICOM) Council for Trade and Economic Development (COTED) and the World Customs Organisation (WCO) previously ruled that Rock Hard Cement imports from Turkey and Portugal were correctly classified as ‘other hydraulic cement,’ according to Barbados Today. However, lawyers on behalf of Trinidad and Tobago and Trinidad Cement have dismissed this classification of the imports, insisting that the classification of the World Customs Organization (WCO) and COTED were ‘unsafe, unreliable and incorrect.’ As such the imports should be classified as ‘building cement grey’ and liable to a tariff of 15% instead of 5%. The case continues.

Trinidad & Tobago: The Caribbean Court of Justice (CCJ) has ruled that Rock Hard Cement does not have to pay more than a 5% tariff on imported cement. The regional court was ruling on the duty liable for ‘other hydraulic cement,’ according to the Jamaica Gleaner newspaper. Rock Hard Cement’s competitor Trinidad Cement and its subsidiaries had argued that such imports be liable to a 60% import rate that the importer had previously paid due to Barbados’ exemption from the region’s Common External Tariff (CET) in 2001 and its subsequent re-entry in 2015.

Trinidad & Tobago: Trinidad Cement has asked the Caribbean Court of Justice (CCJ) to make its competitor Rock Hard Cement pay more than a 5% tariff on imports. It follows a ruling by the council of trade ministers in the Caribbean Community (CARICOM) in March 2019 that agreed to a classification of Rock Hard Cement’s products in Trinidad leading to duties of up to 5%, according to the Nation newspaper. The case has been referred to the CCJ for final arbitration in June 2019.

Trinidad & Tobago: The council of trade ministers in the Caribbean Community (CARICOM) has agreed to the classification of Rock Hard Cement’s products in Trinidad. Rock Hard Cement has faced legal action from its competitor Arawak Cement about the designation of its products and the tariffs they incur, according to the Barbados Today newspaper. The matter will be referred to the Caribbean Court of Justice (CCJ) in June 2019 for final arbitration.

Trinidad Cement, the owner of Arawak Cement, took legal action against Rock Hard Cement in the CCJ alleging that the cement importer was misclassifying its products as ‘other hydraulic cement’ instead of ‘Portland cement-building cement grey’ leading to a lower import duty. However, the World Customs Organisation and CARICOM’s Council for Trade and Economic Development (COTED) have both ruled in favour of Rock Hard Cement. As such it only incurs a tariff of up to 5%. Rock Hard Cement said that it expects the CCJ to uphold COTED’s ruling in June 2019.

Trinidad & Tobago: Trinidad Cement has appointed Claudia Emmanuel as a director of the company to fill a casual vacancy. Emmanuel will hold the position until the company’s next annual general meeting, whereupon she will be eligible for re-election.

Trinidad & Tobago: Union members from the Trinidad Cement branch of the Oilfields Workers Trade Union have protested at the Port of Chaguaramas over cement imports from Turkey. A union member claimed that a batch of imported cement had no import duties paid, according to the Trinidad Guardian newspaper. Trinidad Cement has taken legal action in the Caribbean Court of Justice against Turkey’s Sonmez Cimento for breaking local tariff rules. In 2016 Trinidad Cement made an official complaint to Caricom, the Caribbean Community organisation, about tax concerns for a cement import from Turkey.

Trinidad & Tobago: Storms and a poor market in Trinidad and Tobago have reduced Trinidad Cement’s sales in 2017. Its sales revenue fell by 9% year-on-year to US$254m in 2017 from US$280m in 2016. It made a loss of US$37.8m in 2017 compared to a profit of US$7.77m in 2016. However, the group reported that Jamaica was an exception and that it continued to display ‘robust’ economic growth that partly offset the group’s falling sales.

Jamaica: The government has granted Caribbean Cement permission to import cement from Trinidad & Tobago in order to resolve local supply issues. The cement producer will procure cement from its subsidiary Trinidad Cement, according to the Jamaica Observer newspaper. Caribbean Cement has reported technical issues with its packing plant which have led to it being unable to support the local retail market. It has also suspended all exports.