(Trinidad Guardian) MovieTowne, the cinema complex owned by businessman Derek Chin, owes the Board of Inland Revenue (BIR) TT$93 million in unpaid taxes and penalties.
It spans a period of 20 years. MovieTowne, located at Invaders Bay, Mucurapo, is 21 years old.
Guardian Media understands that some of MovieTowne’s accounts were garnished by the State.
Chin yesterday confirmed the amount owed to the State and said that the matter was in negotiations.
“A payment plan was put in place,” Chin told Guardian Media.
It is now understood that the action by the BIR is part of a nationwide drive to recover some $15 billion in taxes owed by various entities.
MovieTowne has three cineplexes in Trinidad – in Port-of-Spain, San Fernando and Tobago – and one in Guyana. Apart from the cinemas, the MovieTowne complexes feature retail shops, food franchises and even casinos.
Chin is also looking to expand into Jamaica with the MovieTowne brand.
“Recently, we have been in talks with some people who are interested in us going to Jamaica. We would like to become the equivalent of Sandals. So hopefully, we will go into Jamaica later this year,” he had told the Business Guardian in an interview last November.
He had said that the COVID-19 pandemic negatively impacted businesses such as cinemas. In his interview, he had lamented the difficulties of doing business in T&T.
“We just created a beautiful dinosaur park, something that many countries would want to have. We gave Trinidad the first one in the Caribbean. The Customs and Excise Division decided to classify these moving gigantic exhibits as toys despite telling them they are not toys and are educational exhibits highlighting the Jurassic era. They continued to classify them as toys while any kindergarten kid will tell you otherwise,” he had said.