TTMA: Exempt tax on plant, machinery

THE TT Manufacturers Association (TTMA) is hoping Finance Minister Colm Imbert will exempt plant and machinery used by non-energy sector manufacturers in the 2018/2019 Budget. TTMA CEO Dr Ramesh Ramdeen expressed this hope after the launch of the 2019 Trade and Investment Convention at the Five Star Convention Centre, Chaguanas on Wednesday

Imbert is expected to present the budget in the House of Representatives next month. The budget must be approved by the House and Senate before October 31.

Ramdeen told Newsday, “When he is addressing the issue of property tax, we are asking for the exemption of plant and machinery on property tax and specific classification for the non-energy manufacturing sector.”

Property tax is divided into residential, agricultural, commercial and industrial categories. Ramdeen also said the TTMA asked Imbert to look at incremental export allowance framework and Value Added Tax (VAT)

He indicated Imbert guaranteed the TTMA their proposals would find their way into the budget in some form or fashion. Ramdeen said he knew Imbert was looking into the issues the TTMA mentioned and hinted that funds from the National Investment Fund could be used to treat with its VAT concerns.

He also hoped the budget would deal with space for the growth and expansion of manufacturing as well, in terms of industrial parks or similar facilities.