The St. Lucia-based investment company is the sister firm of First Citizens Investment Services (Barbados) Ltd., and of First Citizens Bank, which opened its doors in Barbados in 2012.
The shareholder governments have complained that the Port-of-Spain subsidy to CAL is a violation of the Revised Treaty of Charguaramas that governs the regional integration movement.
Caribbean Airlines, which began operations in 2007, acquired Air Jamaica in 2011. The Jamaican Government has a 16 per cent stake in the Trinidadian air carrier.
The study argues that taxation is largely viewed in the region as a means of generating income to pay governments’ bills, rather than as a valuable instrument to achieve important development goals.
Prime Minister Dr. Kenny Anthony told legislators that the budget, which he described as “realistic” and meeting the socio-economic challenges of the country “head on.”
Industry, Investment and Commerce Minister Anthony Hylton told parliament the scheme was brought to the attention of the Portia Simpson Miller administration by the private sector.
Gonsalves has in the past said he wants to engage in discussions, not a fight with Trinidad and Tobago over the fuel subsidy Port-of-Spain provides to CAL.