While it looks forward with “cautious optimism” to the upcoming 2018 /2019 budget presentation, the Greater San Fernando Chamber of Commerce (GSFCC) has recommended that incentives and tax rebates be introduced to stimulate growth in the economy.
“We believe that financial incentives and rebates should be more actively integrated into our financial tax codes to replicate the success in countries that are considered part of the Global North. Rebates and incentives have been proven to promote positive, long lasting changes over the medium and long term as opposed to knee jerk reactions to which we have sadly become accustomed.”
The chamber said rebates could be applied to businesses and organisations who actively “participate in recycling programmes as well as environmentally positive actions and green technology.”
In a statement yesterday, chamber president Kiran Singh said they were in the process of preparing a pre-budget position paper to be presented to the Minister of Finance.
He said the paper would outline the major issues and solutions that could be applied to San Fernando as well as other business centres across TT including the introduction of the property tax as a more “transparent approach is required regarding the levying of these taxes and their reasoning needs to be implemented.”
Singh said the business sector had to re-evaluate its future growth perspectives in light of the cyclical nature of the oil and gas industry which included TT’s declining reserves and the nation’s position as a “small player” in the global energy sector.