Business chambers want more covid19 incentives

The Confederation of Regional Business Chambers (CRBC) is appealing for further incentives. In addition to measures already announced by the government and which the body says it supports, the CRBC wants the State to defer corporation tax, payment of VAT, and the Green Fund tax.

CRBC’s coordinator Jai Leladharsingh in a media statement, on Thursday, said, “Many of the micro, small and medium-sized businesses do not have the capital base to weather the storm and need additional support if they are going to be around in the next three months.”

Government’s stay-home policy, coupled with zero-tolerance on assembling of people in numbers beyond ten, he added, has begun to impact on private businesses’ sales. Maintaining cash flows and employment levels which have resulted in lack of sales, Leladharsingh said, has business owners concerned if TT has to battle covid19 for the next three months.

CRBC comprise 15 business chambers from Cunupia to Siparia.

Leladharsingh said, “Such measures are critical for the survivability of the small business sector. However, some form of further assistance needs to be provided to the small and medium enterprise sector. The confederation is making a plea for a tax deferral for corporation tax, VAT, business levy and Green Fund to assist the micro, small and medium-sized businesses, as many of them do not have the capital base to weather this storm and therefore, need additional support if they are going to be around in one, two or three months.”

Pointing out that the small business sector is the bedrock of private enterprise, Leladharsingh said that sales are declining and if covid-19 restrictions are to continue in the next two or three months, “It is hoped that the small business sector will be given critical importance by the government, as they will be the most vulnerable to cash flows, maintaining employment levels and declining levels of sales within the next two to three months.”

On Thursday, Government announced non-essential businesses must close after Sunday.