T&T has been removed by the OECD from the list of countries with harmful tax practices.

According to the Finance Ministry, the OECD has been conducting reviews of preferential tax regimes for the last 25 years.

Due to the operation of Free Trade Zones with duty-free and tax-free regimes, T&T was found to be non-compliant with standards.

However, the Ministry says it has worked to make legislative changes, replacing Free Trade Zones with Special Economic Zones and repealing the Free Trade Zone Act.