Musings ~ September 16, 2016

Imagine the power of emoticons, now  or also called emoji's!!!
See the following links for additional information on each concept... https://en.wikipedia.org/wiki/Emoticon https://en.wikipedia.org/wiki/Emoji

I wonder when the name changed and what was the reason ...

Something as simple as :) to express something....

As simple and sweet as a smile...

Something that I use in emails, on the net....

Almost, like the PDF feature in Republic Bank's (Limited) option to print the transaction detail slip in online banking... Some smart alec probably suggested it...

Probably on a morning when a person says "PDF it" and it clicks!!!

For no apparent reason than you use Adobe as a programme and the end result is a PDF file, if not some other type of file.

Now, the reason you try not to buy/pay for certain products online, make that services* may be  because of the inherent risks of:

• withholding tax being applicable and may not be deducted and 
• the possibility of transfer pricing occurring..

And you try to resist..

You come off (that is you stop),  paying for coins on FaceBook games and you resist because:

In local parlance, "there is a fine line" between the concepts and ideas used in the online games and the games in the casino and:

• The art work in the game such as: the icons or images used, the sounds or music in the game, the animation of the character(s)
• The skills of the programmers, the original and the current
• The skill of the designer of the play of the game, such as the plays per lines, the second screen game, the bonus element, the number of ways the game can "pay"
• The service element embedded in it all

And you wait patiently!!!!

*(marketing MBA, you purchase a good for the service which is provided, its intrinsic value)
© copyright Jennifer N Bailey jennifernbailey24d@gmail.com...
P.S. The source of the copyright symbol was  Wikipedia  https://en.wikipedia.org/wiki/Copyright_symbol

Originally posted on Facebook as "Financial Planning Tip - Sept 2015 - 001 - Use vouchers to reduce your grocery bill"

"Massy Stores has a card system which allows you to earn points when you purchase groceries at their locations!

On Wednesdays you can earn double points on your purchases. Today I discovered that right now you can redeem the points for vouchers which can be used to purchase groceries or school items.

Even better the vouchers come in as small a size as $20.00 So the next time you redeem points, consider using some of the vouchers in the following ways:

Saving a $20 voucher for the supplies which your child needs in the middle of "your most cash strapped time"

Use the vouchers at the start of the month (especially on a Wednesday) so that you reduce your use of cash or you can reduce the debt on your credit card. If you can save the cash which you have not used, then it can become part of your emergency fund, that is those funds which you put in another account such as a Unit Trust Money Market Fund Account from the UTC (this part applies to us Trinis.)

PS I buy what is economical and practical for me to buy at Massy Stores

Originally posted on Facebook as "Financial Planning Tip - Sept 2015 - 002 "

Consider eating out your existing supplies of groceries over the next few months and save the funds which you would have spent on groceries. Christmas is coming in a few months and for some of us there is cupboard cleaning and discarding.

Therefore, right now if you can get creative with the menu based on what is in the cupboard and the need to keep your family healthy, At the end of this time,  you may have a nest egg for the new year or enough to make a payment to your tax savings plans in this year. 

Also consider your cash flow planning and your level of comfort when contributing to your "committed funds" as in Trinidad and Tobago there are implications for early withdrawals from your tax savings plans. So what might be good for me at a point in time may not be good for you at this time and vice versa!

Originally posted on Facebook as "Financial Planning Tip Nov 17, 2015 - 002 Easy Money!"

"I've been trying to grow ginger, garlic (sprouts) and tumeric on a small scale! At this time, I am considering transplanting the plants into the ground so that they can spread! To reap any benefit on this action may take months and I may end up using the harvest in the home!

On the other hand, I can try to get the garlic, turmeric and ginger to sprout, sell them as gifts or use them as ornaments on my desk!

The second skill may mean record and book keeping, another set of learning and a skill which is portable being developed!

However due to my lack of certification in this area, I may not be able to list this area on my application for a Certificate from the Caricom Single Market Economy!"

Originally posted on Facebook as "Financial Planning Tip November 17, 2015 -003 Withholding Tax"

"Here is an extract on withholding tax and those to whom that tax applies and the process which is used to assess whether you are required to pay the tax:

"Individuals and companies are required to register with the Inland Revenue Division (IRD) and obtain a Board of Inland Revenue (BIR) file number before taking up employment or star...ting operations in Trinidad and Tobago.

Nonresidents must visit the International Tax Unit of the IRD for evaluation and to determine their tax liability in Trinidad and Tobago.

A non-resident is a person who is employed or a company that is operating in T&T for a period of less than 183 days in any year.

Non-residents are subject to tax on their total income unless they qualify under a specific legal exemption. Non-residents are not entitled to tax deductions." 

Here is a link to view the information which has been provided above and additional information on the topic :http://www.ird.gov.tt/withholding-tax

Originally posted on Facebopok as "Financial Planning Tip November 17, 2015 - 004 Availability of Acts of Parliament"

"Just a bit of reminiscing! In the old days, to obtain a copy of an Act of Parliament, one would visit the Government Printery which was located at Victoria Avenue and Tragarete Road, Port of Spain and purchase a printed version of the Act.

With the change in location of the Govt Printery and the availability of the ...Acts online, the individual bears the cost of printing the Act!. Other pieces of legislation are also available online! 

Here is a link to the Board of Inland Revenue site, where one can access the (17) Treaties on Withholding Tax. These are treaties which were signed between Governments of different countries and which offer relief from double taxation. 

The earliest treaties were signed in 1969 and were between Denmark & Trinidad and Tobago and Trinidad and Tobago and Norway. In 1971 there were treaties signed between Trinidad and Tobago and Italy and between T&T and the United States of America.

Understanding and applying the concepts which are covered in the treaties, takes the relief which is offered under the treaties to another level. Here is the link to the page with the treaties: http://www.ird.gov.tt/double_taxation_treaties"

Originally posted on Facebook as "Financial Planning Tip November 17, 2015 - 005 Information Technology Literacy"

"Every so often, something which you learn in one area can assist you in another. Here is an example of advanced knowledge of Excel benefiting someone!

On the BIR site, there is an EXCEL spreadsheet which can be used as a learning tool, in that you can enter the country to which the payment is made and the type of payment and then the rate of withholding tax appears!

So that if I have to or my funds in Trinidad and Tobago are used to pay alimony to someone in Anguilla, up jumps the rate of withholding tax of 15%. Here is the link to the website: http://www.ird.gov.tt/withholding-tax/bulk_upload.

If I had conceptualized such a spreadsheet, I would consider copyrighting same,  accepting royalties and I may choose to pay withholding tax should I transfer my money abroad or use some of funds received as an expense which was allowable for tax purposes. LOL!"