/raid1/www/Hosts/bankrupt/TCRLA_Public/211014.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Thursday, October 14, 2021, Vol. 22, No. 200

                           Headlines



A R G E N T I N A

MERCADOLIBRE INC: Egan-Jones Keeps BB- Senior Unsecured Ratings


B R A Z I L

EMBRAER SA: Egan-Jones Keeps B Senior Unsecured Ratings
PRUMO PARTICIPACOES: Fitch Rates USD350MM Notes 'BB', Outlook Neg.


C A Y M A N   I S L A N D S

SUNTECH POWER: To Declare Second Interim Dividend on Nov. 8


C H I L E

CHILE: Bill to Allow for Pension Withdrawal Advances in Congress


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: To Grow Economy 9.1%, World Bank Says


P E R U

PERU: Gets $20MM IDB Loan to Foster Amazon's Sustainable Growth


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Economic Structure Remains in Place


X X X X X X X X

LATAM: 3 Countries Removed From EU's "Non-Cooperative" List

                           - - - - -


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A R G E N T I N A
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MERCADOLIBRE INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 30, 2021, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by MercadoLibre Inc.

Headquartered in Buenos Aires, Argentina, MercadoLibre Inc.
operates an online trading site for the Latin American markets.




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B R A Z I L
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EMBRAER SA: Egan-Jones Keeps B Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on September 30, 2021, maintained its
'B' foreign currency and local currency senior unsecured ratings on
debt issued by Embraer SA.

Headquartered in Sao Jose dos Campos, State of São Paulo, Brazil,
Embraer SA manufactures and markets commercial, corporate, and
defense aircraft.


PRUMO PARTICIPACOES: Fitch Rates USD350MM Notes 'BB', Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating of the fixed-rate USD
350 million senior secured notes issued by Prumo Participacoes e
Investimentos S.A. (Prumopar). The Rating Outlook is Negative.

RATING RATIONALE

The rating reflects Prumopar's stable cash flow, derived from
distributions from Ferroport Logistica Comercial Exportadora S.A.
(Ferroport). Ferroport benefits from a long term take-or-pay (ToP)
agreement with a creditworthy counterparty and is a strategic asset
for Anglo American plc as the sole export terminal for the iron ore
produced by its Brazilian subsidiary's mines in Minas Gerais state.
Revenues as well as the debt service are linked to U.S. dollars
(USD), while operational expenses are linked to Brazilian Reais
(BRL), exposing the transaction to BRL appreciation.

The notes have fixed rate and include a balloon payment at maturity
in 2031. In Fitch's scenarios, the refinancing risk is partially
mitigated by cash sweep mechanism that reduces the balloon payment
to 23% of total debt (USD 81 million), as well as the eight years
ToP tail in Fitch's Rating Case. Under the rating case the minimum
Project Life Coverage Ratio (PLCR) is 1.3x in 2022 and by the time
of the refinance in 2031 the projected PLCR is 1.9x, which
demonstrates that the company has the ability to refinance its
obligation. Peak leverage, measured by Net Debt over Cash Flow
Available for Debt Service (CFADS), is 7.1x in 2023. Despite the
metrics being commensurate with higher rating categories, the
rating is constrained, by Brazil's country ceiling, Ferroport's
short track record of operations without disruption, and by a
residual exposure to foreign exchange risk.

The Negative Outlook reflects the corresponding Negative Outlook on
Brazil's 'BB-' Long-Term Foreign-Currency Issuer Default Rating (LT
FC IDR).

KEY RATING DRIVERS

Dedicated Terminal [Revenue Risk: Volume - Midrange]:

Ferroport has operated since 2014 and benefits from a long-term ToP
agreement with Anglo American Minerio de Ferro Brasil S.A. (AAMFB),
subsidiary of Anglo American plc (BBB/Stable). It is a small port
of call, built to suit Anglo's Minas-Rio iron-ore project and
handles a specialized type of cargo, with its inbound market access
highly dependent on the slurry pipeline from the mine into the
port.

Long Term Take-or-Pay Agreement [Revenue Risk: Price - Stronger]:

The ToP agreement sets forth annual tariffs readjustments that
follow two-thirds of U.S. inflation, measured by Producer Price
Index (PPI) for Industrial Commodities, and it has been readjusted
in a timely manner since the port began operations. Fitch's cases
do not include interruptions similar to the suspension of payments
under the ToP agreement that occurred in 2018 concurrent with leaks
in the slurry pipeline. The revenues and debt are U.S.
dollar-denominated, but operational costs and expenses are
denominated in BRL, exposing the transaction to Brazilian Real
appreciation scenarios when margin EBITDA is reduced due to higher
USD equivalent operational costs and expenses. Ferroport is also
entitled to collect fees, modest in Fitch's Rating Case, based on
the number of vessels berthing, oil transshipment volume and
berthing time.

Adequate Infrastructure [Infrastructure Development & Renewal -
Midrange]:

Ferroport's facilities are new, and key equipment should have long
useful lives. No replacement requirements are foreseen throughout
the life of the transaction. Planned investments comprise
predominantly channel dredging, increase of stacking capacity and
maintenance works to preserve operational efficiency and
environmental compliance. The ToP establishes the potential for
expansion, and Ferroport has the option to agree to expand; if it
does, the contract establishes an additional tariff for this
incremental volume, calculated in order to assure an Internal Rate
of Return (IRR) of 15%. Otherwise, AAMFB has the option to make
required the capex itself. However, as per the transaction
documents, capex in excess of USD 20 million requires bondholder
approval.

Refinance Risk Partially Mitigated by Cash Sweep [Debt Structure -
Midrange]:

Rated debt is senior at Prumopar's level but structurally
subordinated to Ferroport. Cash flows to service debt will come
from the payment of intercompany loans and dividend distributions.
Ferroport does not hold financial debt; its capex was funded
through intercompany loans from Prumopar and Anglo American.
Additional indebtedness is limited to USD 50 million, according to
Ferroport's Shareholders Agreement (SHA), which also requires the
distribution of all cash available at Ferroport.

The rating reflects the clause of the SHA, which may result in the
suspension of Prumopar's voting rights at Ferroport if the
bankruptcy of any member of Prumopar's shareholder group is not
enforceable under Brazilian law, assuring Prumopar's voting power
against new indebtedness at the operational company, as per the
transaction's documents. This view is supported by a legal opinion
on the subject requested by Fitch.

The debt has a fixed interest rate and its legal amortization
comprises a balloon payment of up to 55.1% (USD 177 million) in
2031. The debt structure also contemplates a target amortization
schedule, set to allow for the debt to be fully amortized in 12
years, under the Issuer's case, through a cash sweep mechanism. In
Fitch's Rating Case, the balloon payment is for 23% (USD 81
million) of the initial debt quantum. The debt structure also
counts with a six-month offshore DSRA and lock up provisions that
require, among others, compliance with target debt balance coupled
in order for Prumopar to be allowed to distribute dividends.

Financial Profile

Under Fitch's Base and Rating cases, a balloon payment is due in
2031, indicating a Loan Life Coverage Ratio (LLCR) below 1.0x.
Refinancing risk is mitigated by a PLCR, which considers the cash
flows available for debt service until the end of ToP agreement, of
1.9x in 2031 in Fitch's Rating Case. Prumopar's Net Debt-to-CFADS
peak is 7.1x in 2023 and reduces to 2.2x in 2031, under Fitch's
Rating Case, a comfortable level in light of the eight-year ToP
tail. Credit metrics are somewhat strong for the assigned rating,
which is constrained by Brazil's country ceiling, the history of
some operational disruptions and a residual exposure to foreign
exchange risk.

PEER GROUP

Prumopar's closest peer is North Queensland Export Terminal Pty Ltd
(NQXT) (senior secured notes; BB+/ROS). Both are single-purpose
mineral export terminals, comprise medium- to long-term ToP
contracts and present refinance risk. NQXT's Negative Outlook
reflects the terminal's large refinancing requirements in 2022 amid
limited market access. The NQXT's rating, one notch above
Prumopar's, reflects a better set of metrics (leverage, DSCR and
PLCR). Additionaly, Prumopar's rating is constrained by Brazil's
country ceiling, Ferroport's short track record of operations
without disruption, and by a residual exposure to foreign exchange
risk.

Prumopar presents leverage comparable to EP BCo S.A. (EP, IDR
BB-/Negative), the financial vehicle and sole shareholder of
Euroports Holdings Sarl (Euroports). Euroports is a large, deep-sea
port terminal operator in Europe and China that presents a
peak-leverage in Fitch's Rating case of 6.0x, while Prumopar's is
7.1x. The Negative Outlook on EP reflects the continued uncertainty
around Euroports' expected deleveraging path following the around
EUR40 million of additional debt. Although EP has lower leverage,
Prumopar has a ToP agreement that provides more resilience in
revenues and Prumopar's debt is fixed-rate, while EP's presents
exposure to floating rates, which explains Prumopar's rating one
notch above Europort's.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Operational disruption negatively impacting the cash flows;

-- A negative rating action on Brazil's sovereign rating.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Achievement of the target amortization schedule in a sustained
    basis;

-- Favorable track record of operations without disruption;

-- A positive rating action on Brazil's sovereign rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

TRANSACTION SUMMARY

Prumopar is a wholly-owned subsidiary of Prumo Logistica S.A. that
holds a 50% share of Ferroport, a joint venture between Prumopar
and Anglo American Investimentos Minerio de Ferro Ltda., a
subsidiary of Anglo American plc. Ferroport is the exclusive export
terminal for iron ore produced by Anglo's Minas-Rio project located
in Minas Gerais.

Ferroport is the owner of an area of 300 hectares in the Acu Port,
where iron ore is processed, handled and stored. The facilities
include an offshore structure comprising an access bridge, access
canal, breakwater and two berths for iron ore loading. Ferroport
benefits from a 25-year ToP with AAMFB, until 2039, for 26.6
million wet metric tons per year.

Ferroport was also responsible for the construction of the T1 port
terminal and signed a Port Access Agreement with AAMFB and Acu
Petroleo S.A. (owner of the oil transshipment terminal in the T1 of
Acu Port), also valid until 2039, which establishes that Ferroport
is responsible for the maintenance of T1 offshore infrastructure,
including the dredging of access channel and breakwater, and will
charge port fees based on the number of vessels berthing, oil
transshipment volume and berthing time.

Ferroport is the last line in the logistics chain and an integral
part of Anglo's Minas-Rio iron-ore project, which comprises 5.3
billion tons of mineral resources. The Minas-Rio project is located
in the States of Minas Gerais and Rio de Janeiro. It is 100% owned
by Anglo American plc, and it is composed of integrated systems of
open pit mines, a beneficiation plant, a 529 km slurry pipeline and
lastly, Ferroport.

CREDIT UPDATE

Anglo American's ToP provides for resilient revenues regardless the
volume handled, therefore, Prumopar wasn't affected by the
coronavirus outbreak. Ferroport handled 23.8 and 11.5 million tons
of iron ore in 2020 and in the first half of 2021, respectively.

Ferroport's adjusted EBITDA of 2020 has increased 22%, which, in
addition to the USD 60 million from the Settlement Agreement with
AAMFB received in April 2020, has enabled Ferroport to distribute
to Prumopar and Anglo-American BRL 737.5 million in intercompany
loan. For the first half of 2021, EBITDA increased 8% in relation
to the same period of the previous year.

FINANCIAL ANALYSIS

The main assumptions of Fitch's Base Case include:

-- US PPI: 4.4% in 2021, 2.7% in 2022, 2.5% in 2023 and 2.0% from
    2024 onwards;

-- Foreign Exchange Rate (BLR/USD): 5.20 in 2021, 5.20 in 2022,
    5.10 in 2023, 5.13 in 2024 and depreciation according with the
    IPCA (Brazilian CPI) and PPI variation from 2025 onwards;

-- Volume: minimum guarantee throughput of 26.6 million tons per
    year;

-- Tariffs: adjusted according ToP agreement (67% of US PPI);

-- Operational and Capital expenses: 5% higher than sponsor's
    case;

-- Transshipment volume: 25 services per year;

-- Post Balloon interest rate (after 2031): 11.5%.

The same assumptions were used in the rating scenario, with the
exception of:

-- Foreign Exchange Rate (BLR/USD): 5.20 in 2021, 5.20 in 2022,
    5.10 in 2023, 5.13 in 2024 and depreciation according with 50%
    of the IPCA (Brazilian CPI) and PPI variation from 2025
    onwards;

-- Operational and Capital expenses: 10% higher than sponsor's
    case;

-- Transshipment volume: 13 services per year.

In Fitch's Base Case, minimum PLCR is 1.3x, considering the ToP
tenor. Maximum leverage (net debt/CFADS) is 6.8x in 2021,
deleveraging to 1.3x in 2031. In 2031, the PLCR is 2.5x and the
debt's balloon is 15.3%. In Fitch's Rating Case, minimum PLCR is
1.3x, also considering the ToP tenor. Maximum leverage (net
debt/CFADS) is 7.1x in 2021, deleveraging to 2.2x in 2031. In 2031,
the PLCR is 1.9x and the debt's balloon is 23.3%.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




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C A Y M A N   I S L A N D S
===========================

SUNTECH POWER: To Declare Second Interim Dividend on Nov. 8
-----------------------------------------------------------
Suntech Power Holdings Co., Ltd. intends to declare second interim
dividend on November 8, 2021.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Sarah Moxam
         c/o PwC Corporate Finance & Recovery (Cayman) Limited
         18 Forum Lane
         Camana Bay
         Grand Cayman KY1-1104
         Cayman Islands




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C H I L E
=========

CHILE: Bill to Allow for Pension Withdrawal Advances in Congress
----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Chile's lower
congressional chamber approved a bill that would allow citizens to
make a fourth withdrawal from their pension funds, and sent it to
the Senate for a vote, despite opposition from the government.

The initiative passed with 94 votes in favor, just one more than
the minimum needed, while 39 lawmakers voted against and 9
abstained, according to globalinsolvency.com.

Chile's government and the Central Bank have warned that passing
the bill would negatively affect the economy, as Chileans further
deplete funds meant for retirement, the report notes.

Before the pandemic, Chileans were not allowed to tap into their
pension funds until their actual retirement. But the economic
damage done by the coronavirus pandemic since March 2020 led
Chile's opposition to push for the withdrawals in order to get cash
into the hands of citizens, the report relays.

In total, Chileans have withdrawn some $50 billion from their
pension funds since the first law was passed, the report discloses.


"The funds belong to the workers, it's them who will decide over a
period of two years if they exercise this right (to withdrawal),"
said Matias Walker, a lawmaker from the Christian Democratic party,
the report relays.  

Since July 2020, Congress has allowed for three withdrawals, each
allowing citizens to cash in 10% of their pension fund, the report
notes.  This fourth withdrawal would also allow for an additional
10%, the report adds.




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D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: To Grow Economy 9.1%, World Bank Says
---------------------------------------------------------
Dominican Today reports that after 2020 in which the local economy
fell -6.7%, the World Bank projects that the Dominican Republic
will grow 9.1% this year.

However, its chief economist for Latin America and the Caribbean,
William Maloney, warns that the government of Luis Abinader has to
pay attention to the deficit and the total debt of the country that
the pandemic has caused, according to Dominican Today.

He told Diario Libre during the virtual presentation of a recent
regional report of the agency, that the Dominican Republic is an
example of good investment in the purchase of anticovid vaccines,
despite its weight in the budget, the report notes.

"Obviously it cost a lot (the country) to buy vaccines, the deficit
has increased because of that.  However, the returns on this
investment are very profitable.  Obviously, at point we have to
watch what is happening with the deficits and with the total debt,
but this was clearly a good investment," the report relays.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).




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P E R U
=======

PERU: Gets $20MM IDB Loan to Foster Amazon's Sustainable Growth
---------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $20
million loan and $2 million in nonreimbursable investment financing
from the France-IDB Natural Capital Lab Trust Fund (NCL) to
increase biobusiness investments in the Amazon region of Peru and
contribute to sustainable use of natural capital.

The program will help meet the target market's diverse needs by
offering a menu of innovative financial products for private
investment in biobusinesses engaged in the restoration and
conservation of the region's natural heritage.

To this end, the Corporación Financiera de Desarrollo (Development
Financial Corporation, COFIDE) will establish and manage a trust
that will be capitalized by the Environment Ministry as trustor.
This trust will finance eligible projects both directly and through
financial institutions that have completed an accreditation
process.

To ensure diversification among the beneficiaries, the program will
mostly target micro-, small- and medium-sized enterprises (MSMEs).
Larger firms will also be eligible in some subsectors and will act
as anchor companies in specific value chains.

In addition, the program will receive a $3 million as technical
cooperation in the form of nonreimbursable NCL resources to help
the Peruvian Amazon region's biobusiness ecosystem actors such as
producers, financial intermediaries, and development banks.  

The program will directly benefit nearly 6,500 private
biobusinesses. Its indirect beneficiaries include all value chain
participants through better coordination and distribution of
benefits, and the region's communities as a whole, thanks to the
implementation of practices that promote biodiversity conservation
and services promoting sustainable use of the ecosystem.

The operation is aligned with the Bank's Vision 2025  goals of
promoting economic recovery and inclusive growth in Latin America
and the Caribbean founded on three key pillars: Support for small-
and medium-sized enterprises, fostering gender equality, and
fighting climate change.

The IDB's $20 million loan is for a 10-year term, with a 6-year
grace period and interest rate based on LIBOR.

                             About us

The Inter-American Development Bank is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social and institutional development in
Latin America and the Caribbean. The IDB also conducts cutting-edge
research and provides policy advice, technical assistance and
training to public and private sector clients throughout the
region.




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T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Economic Structure Remains in Place
------------------------------------------------------
Wade George and Gregory Hannays at Trinidad Express report that
a national budget is, in one sense, no more than a snapshot in time
of the fiscal condition of a country and a near term forecast of
the future. It can also be viewed as an opportunity for national
reflection on longer-term trends and a focal point for discourse
about what it would entail to shape a better future.

From an economic perspective, certain structural issues remain a
perennial feature of Trinidad & Tobago's landscape, namely:

* It continues to depend on the energy sector;

* It is spending more than it is earning;

* Its national debt is increasing;

* It is depleting its reserves of foreign currency (excluding
external borrowing and the US$644 million from the IMF's general
allocation of Special Drawing Rights in late August);

* Its global competitiveness is deteriorating.

Given the macro-economic shock of Covid-19 and mandated business
closures, counter-cyclical targeted State intervention resulting in
a fiscal-deficit of $9.096 billion for fiscal 21/22 was not
unexpected, according to Trinidad Express.

This is especially important in the service of the most vulnerable
in society, as well as businesses at the epicentre of the crisis.
In many cases, these individuals and organizations have faced
abrupt, continued curtailment of their livelihoods and are simply
victims of circumstance, the report notes.

Minister of Finance, Colm Imbert, attempted to demonstrate
Government's empathy to small businesses and individuals by
introducing a plethora of fiscal measures, the report relays.

For businesses, these included incentivising exporters of local
goods and SMEs involved in technology solutions, digitization, and
construction, the report discloses.

To be effective, these measures assume profitability, which is far
from certain during the post-Covid recovery period and will likely
not be direct and forceful enough to salvage failing enterprises in
the most heavily impacted sectors, the report says.

For such enterprises, more immediately accessible and direct
government assistance should be reconsidered. For individuals, the
Government has proposed the zero rating of basic food items, and
further incentivizing new home ownership and retirement savings,
the report relays.

                         Key Fiscal Measures

* Computer Hardware, Software & Peripherals

Government had previously removed VAT, Customs Duties and Online
Purchase Tax on certain specified computer hardware, software, and
peripherals. The Minister announced that with effect from 1 January
2022 the removal of VAT, Customs Duties and Online Purchase Tax on
all remaining computer hardware, software and peripherals that are
not yet tax free.

* VAT on Basic Food Items

Effective November 1, 2021, the list of basic food items that are
zero-rated for VAT will be expanded to include items such as
biscuits, cooking oil, canned vegetables, cornflakes, canned fish,
canned meat, curry, juice, sausages, ham, ketchup, bottled water
and pigtail. The Minister indicated that an appropriate list of
zero-rated items would be published shortly. In last year's Budget
Statement, the Minister had indicated Government's intention to
subject to VAT certain luxury food items. This measure has now been
implemented via Legal Notice No. 246 of 2021 with effect from 4
October 2021.

* First Time Home-Owners Allowance

To assist citizens in the low and middle-income brackets, the
Minister has proposed increasing the first-time homeowners'
allowance from $25,000 to $30,000 per household.

Whilst the Minister refers to mortgage interest paid in the year of
income, it is important to note that the current allowance is not
linked to interest. This measure will apply to first-time
homeowners for five years from the date of acquisition and will
take effect from 1 January 2022.

* Contributions to Approved

Effective January 1, 2022, it is proposed that there will be an
increase in the relief granted from $50,000 to $60,000 for
contributions to any approved Retirement Benefit Scheme or Approved
Pension Fund Plan, Premiums paid under an Approved Annuity Plan,
Contributions by individuals (under the Retiring Allowance
(Legislative Service Act) and Contributions to the National
Insurance Scheme. This measure is expected to result in further tax
savings for individuals with contributions to said plans.

* Utility Rebates

The T&TEC Bill Rebate programme currently provides a 25 per cent
rebate to T&TEC residential customers on bills which are $300 or
lower. The Minister has proposed to increase the rebate from 25 to
35 per cent. This would impact 210,000 households at an additional
cost of $25m. This measure will take effect from January 1, 2022.

The Minister also proposed to appropriately offset the cost of
water to the same group of households benefiting from the T&TEC
rebate. However, details of the said rebate will be revealed in the
Finance Bill, 2021, the report notes.

The Minister further indicated that it is expected that
market-based rates for electricity and water will be introduced as
recommended by the Regulated Industries Commission, the report
discloses.  He stated that Government will initially provide
rebates to low-income and vulnerable groups and would eventually
introduce a Utility Cash Card for such persons to access subsidies
for electricity and water, the report adds.

Wade George is the executive chairman of EY Caribbean.

Gregory Hannays is partner of tax services at EY Caribbean.




===============
X X X X X X X X
===============

LATAM: 3 Countries Removed From EU's "Non-Cooperative" List
-----------------------------------------------------------
RJR News reports that the European Union has removed Anguilla,
Dominica and Seychelles from its list of non-cooperative
jurisdictions.

The countries had previously been placed on the list because they
did not meet the EU's tax transparency criteria of being ranked as
at least 'largely compliant' by the Organization for Economic
Co-operation and Development Global Forum regarding the exchange of
information on request, according to RJR News.

The EU said the delisting was preceded by the forum's decision to
grant these jurisdictions a supplementary review on this matter,
the report notes.

Nine jurisdictions, including Trinidad and Tobago and the United
States Virgin Islands, remain on the list of non-cooperative
jurisdictions, the report adds.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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.


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