TTMA cautious about VAT plan

THE TT Manufacturers’ Association (TTMA) is expressing concern over the Minister of Finance’s plan to address the VAT issue by proposing an initial $3 billion interest-bearing bond facility. The association said in a media release on Monday, while it is a good initiative it may not be enough to offset the cost of doing business.

“Small to medium entrepreneurs stand to be the most hard-hit, and we are concerned about their survivability in the near-to-medium term.”

The association said the existing housing bond of 4.5 per cent is more attractive to potential financial institutions. It said it would continue to lobby for a VAT net facilitation for entrepreneurs who would need a different solution.