The Chamber of Industry and Commerce says the Budget did not seem to aggressively address expenditure as it had hoped, nor did it address the mismatch between supply and demand for foreign exchange.
This formed part of the Chamber's assessment of the 2018 Budget presentation:
"The Trinidad and Tobago Chamber of Industry and Commerce is pleased that the Honourable Minister of Finance has recognised the urgent need for fundamental transformation at this critical time, when it can no longer be business as usual.
The Trinidad and Tobago Manufacturing Association (TTMA) says it is pleased with some measures of the budget but is expressing concern about the attempt to harmonise Corporation Tax at a rate of 30%.
The TTMA says this could have some impact on the development of small and medium businesses.
The TTMA issued the following statement after the budget:
While the 2018 Budget focused on several revenue-raising measures, there were several incentives offered as well.
The following are some of the beneficial measures announced in the 2018 Budget.
INCENTIVES TO PRIVATE HOUSING DEVELOPERS
- Cash payment of $100,000/house to private developers who construct houses according to designs, specifications be Govt -
MEASURES TO DEVELOP TOURISM SECTOR
Finance Minister Colm Imbert has read the 2018 Budget and has announced several new tax measures.
The Budget will see increases in costs for the average man as well as for businesses and corporations.
So here are some of the new tax measures and increased costs introduced today.
YOU WILL PAY MORE FOR FUEL IN YOUR CAR
- Adjustment to subsidy will increase super from $3.58 to $3.97 per litre. $2.30 to $3.41 diesel. -
The Chamber of Industry and Commerce is recommending that the Government broaden the tax net via the establishment of the Trinidad and Tobago Revenue Authority, as a form of increasing revenue.
It is recommending this option as opposed to the continued application of higher taxes to those who are already compliant.
The Chamber released its recommendations for the 2018 Budget today: