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Sean Douglas
An Hour AgoFinance Minister Colm Imbert
FINANCE Minister Colm Imbert said he wants TT to have as many e-money issuers (EMI) and e-payment service providers as possible, as he announced incentives to new entrants in this field as he piloted the Finance (Number 2) Bill 2022 in the House of Representatives on Friday.
He wants a multiplicity of providers, not any monopoly.
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.
“The tax credit will be in respect of expenditure incurred in income year 2023, for inter alia, the acquisition of equipment, intellectual property related to software outsourcing and creation, product development or web development,” the notes said.
Imbert said, “Payment service providers (PSPs) are companies registered as such by the Central Bank which facilitate the transfer of money or the discharge of obligations between or among entities, other than banks. These are entities completely different to banks.
“We have quite an emerging group of such companies in TT. We haven’t quite got to the full case of mobile wallets and so on but we are getting there.”
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.
Imbert said e-money or electronic money is defined under the Financial Institutions Act as monetary value stored on an electronic device which is accepted by different parties, but is not a deposit.
“With the existence of e-money issuers in the financial system, it is expected there will be growth in the domestic payment systems as these issues would aid in fostering competition and encouraging greater use and efficiency of electronic payments and e-commerce, reduce the use of cash and cheque payments, and…
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