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CHTA President calls for “Dynamic Tax” to address high cost of air travel

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#CaymanIslands, September 26, 2022 – The President of the Caribbean Hotel and Tourism Association (CHTA) is recommending a tiered “dynamic taxation system” as a novel and potential solution to address ongoing concerns about the high cost of air travel within and to and from the region.

Calling for a flexible approach to levying airline taxes, CHTA’s President Nicola Madden-Greig said one of the major constraints facing Caribbean travel is the heavy burden of taxation, and governments could well consider successful revenue management tactics employed within the tourism and aviation sector.

Understanding that the full removal of taxes may be challenging, the CHTA president suggested a tax policy that is responsive to international travel demand seasonality. “For example, governments can affix a higher airline ticket tax in the peak winter season and lower taxes in the summer when demand is weak,” she said, adding that giving consumers better prices to drive visitation during the slow season could boost tourism, commerce and intra-regional VFR (Visiting Friends and Relatives) travel.

Speaking recently at IATA Caribbean Aviation Day in Grand Cayman, the successful Jamaican hotelier said the economics of such a variable policy may in fact result in a net gain in tax revenue to Caribbean governments. “As travel becomes more affordable and we stimulate more travel, this will result in more local spending, and consequently an increase in local tax collections,” she said, underscoring there will be an overall net benefit to the consumer thanks to lower ticket prices.

“I think it’s a concept that should be explored,” said Madden-Greig, who argued that a well-developed strategy could address diverse perspectives on taxation. “There’s a way to do it that allows for flexibility so you still have taxation on the front end, but when you need to drive demand, you can reduce those taxes and make up the difference on the tail end,” she said. The taxation details however must be transparent, she warned.

Madden-Greig, the Jamaica-based Group Director of Marketing & Sales at The Courtleigh Hospitality Group, said she hopes to explore the “dynamic taxation strategy” at the upcoming Caribbean Travel Forum, taking place at CHTA’s Caribbean Travel Marketplace in San Juan, Puerto Rico, October 3 to 5, 2022.

“This could definitely answer the call for reduction in taxes, but not a reduction necessarily all year-round,” the CHTA president explained, suggesting that policy makers could consider alternate tax regimes for regional and international flights in order to drive multi-destination and intra-regional travel.

She admitted that research is required on the technological options to implement the system: “It may not be an immediate solution, but it’s a solution we can work towards.”

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Caribbean News

Vessels sink with 900 barrels of fuel in Trinidad

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By Shanieka Smith

Staff Writer

 

#Trinidad, December 2, 2022 – The Ministry of Energy and Energy Resources in Trinidad reported on Wednesday that a ship carrying 900 barrels of diesel fuel had sunk in the Gulf of Paria. The six crew members on board were rescued and received medical assessment.

The statement revealed that the barge owned by Trinity Liftboat Services Limited was trying to demobilise Trinity Heritage Petroleum Company’s North Field when it capsized.

After receiving an SOS from a vessel in their North Field, Heritage sent out a response team. An investigation into the incident has started, however, the main focus is to redeem the barge without making any oil spills.

The owners of the sunken vessel said “there are no injuries recorded. (The vessel) now sits on the seafloor no longer posing a risk to any of Heritage Petroleum’s platforms or installations.” They said the captain made a good decision to abandon the ship so that the crew members could be rescued and transported back to base.

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Bahamas News

Digital coin created for Caribbean’s Dominica as island partners with Huobi

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By Shanieka Smith

Staff Writer

 

December 2, 2022 – The Commonwealth of Dominica has partnered with cryptocurrency exchange Huobi, to issue its own national cryptocurrencies, Dominica Coin (DMC), and Digital Identity Documents (DID), already reports indicate a surge for the Huobi token.

This new collaboration with Dominica will bring the Caribbean one step closer to being a global cryptocurrency exchange centre.  Huobi also announced its intention to move headquarters from Seychelles to the Caribbean.

It was explained, “The deal is noteworthy partly because of its connections to crypto billionaire Justin Sun, founder of the Tron blockchain where the Caribbean island’s new token will initially reside.”

Dominica Coin (DMC) and digital identity documents (DID) will be issued by Huobi Prime via the TRON network (a project dedicated to building the infrastructure for a truly decentralized Internet); both will serve as credentials for the future metaverse platform based in Dominica. DIDs can be used for cryptocurrency Know Your Customer verification, applying for loans, and opening bank accounts on the island.

The DMC is not yet ready for launch, but The HT token is up 15% over the last 24 hours to $7.12. It’s up 40% over the past seven days.

As one of the first Caribbean islands to adopt the citizenship-by-investment policy, the Dominican government is seeking to delve into the metaverse and Web3 technology as a means to boost the country’s development.

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Bahamas News

Imminent Worldwide Measles Threat; 25 Million CHILDREN miss First Dose

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By Dana Malcolm

Staff Writer

 

December 2, 2022 – Forty million children are at risk of Measles as what the World Health Organization is describing as an “imminent threat” takes shape. A joint report between the WHO and the U.S. Centres for Disease Control revealed that a record number of children missed their measles dose with 25 million children missing their first dose and 14.7 million children missing their second dose in 2021 alone.

Nine million cases of measles were recorded last year, twenty-two countries experienced large and disruptive outbreaks and 128,000 deaths occurred, the report says.

“The paradox of the pandemic is that while vaccines against COVID-19 were developed in record time and deployed in the largest vaccination campaign in history, routine immunization programmes were badly disrupted, and millions of kids missed out on life-saving vaccinations against deadly diseases like measles,” said Dr. Tedros Ghebreyesus, WHO Director-General.

Measles is easily one of the most contagious viruses in the world and while many people think itchy spots when they think of the disease it can cause pneumonia, seizures and brain damage in about 30 percent of infected individuals.

Herd immunity will not work with this disease, say experts, unless 95 per cent of people or more are vaccinated; only 71 per cent of children in 2022 are fully vaccinated.

“Measles anywhere is a threat everywhere” the report said, emphasizing that no WHO region has achieved and sustained measles elimination.

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