Finance Bill passed in Senate

The Finance (Supplementary Appropriation) (Financial Year 2019) Bill, 2019 was read a third time and passed in the Senate after a 13-hour debate ended late on Wednesday night. Debate began at 10am on Tuesday.During her contribution Minister in the Ministry of Finance Allyson West said the upcoming three-month tax amnesty is being introduced as a “precursor” to the introduction of the TT Revenue Authority (TTRA).She said the tax amnesty would give taxpayers who have not filed or paid their outstanding taxes a chance to have their records brought up to date without any penalties or fines.“During that three-month period you can file any outstanding returns, pay any outstanding taxes, and any penalty or interest that would otherwise been imposed is fully waived.”“We are giving you a chance to come up to date – and after that don’t ask for any relief. We are going to ensure that under the TTRA (people) have all the taxpayers' assistance that is required to help people with compliance, but we are not going to be shirking our responsibility that all taxpayers pay their taxes, file their returns and are accurate in their declarations.”She said her focus was not on how much revenue would be generated but on assisting citizens to fulfil their obligations to the State.She also expressed confidence that TT’s gas production would remain stable for the rest of 2019, saying production is on the increase, as production levels had risen from 3.36 bcf in 2017 to 3.6 bcf in 2018. “In 2019 so far it is 3.8 and we anticipate at least a sustaining of that 3.8 bcf. Natural gas production is the backbone on which our economy is built and which the prices for which are reasonable at this point so this augurs well for TT.”On oil production, she said this is expected to improve in 2019: current production is 60,000 barrels and by 2020, it is expected to be 80,000 barrels per day. She said TT oil is being sold at prices higher than that of West Texas Intermediate, (WTI).“This is good news for TT, Heritage is doing their job, they are ramping up exploration. We expect to have a positive result in our oil production.”

According to Bloomberg, WTI is priced at US $63.07 per barrel.West also took Opposition senator Khadijah Ameen to task over TT’s unemployment figures, saying the unemployment rate currently stood at 4.9 per cent despite the present economic realities.“Even in these very difficult times, where we have had a significant drop in revenue, our unemployment rate is reasonable in the circumstances.”She then compared TT’s figures to other Caribbean territories, using statistics from the Central Bank, the IMF economic outlook and World Bank data.She said TT's unemployment figure was 4.8 per cent in 2017 and rose to 4.9 per cent in 2018, while Barbados’s unemployment figure was 9.88 per cent in 2017 and rose to 10.12 per cent in 2018.Guyana’s unemployment figures also rose from 12.12 per cent in 2017 to 12.15 per cent in 2018, while Jamaica’s figure decreased slightly, from 12.2 per cent in 2017 to 11.6 per cent in 2018.

The Senate was adjourned to May 21, at 1.30 p.m. Leader of Government Business Franklin Khan said debate on the Liquor Licence Act and the Evidence Act were expected to be continued.

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