Imbert: Private sector will benefit from tax breaks for housing, commercial activities

FINANCE Minister Colm Imbert said  on Friday the private sector will benefit from measures in a Finance Bill which will be brought to Parliament in April.

In a video posted on the ministry's Twitter page, Imbert said tax breaks he previously spoke about are now being finalised.

He explained that this "will allow the private sector the edge that they need to put their capital at risk and to get involved in development, buying equipment, buying machinery, building commercial buildings, building warehouses, building industrial plants and so on.

"That is going to occur in the finance bill next month."

He also said, "In addition to the Government's housing programme, we are also providing incentives to the private sector to get involved in housing and commercial and business activities through tax concessions."

In his 2020/2021 budget presentation last October, Imbert said Government estimated that construction activity in the housing sector will generate 20,000 jobs per annum.

"We will make it easier for the private sector to access tax incentives for private building and housing development."

He explained that DevelopTT will be directed to reduce the time for the buildings' approval process to be reduced to six months or less, with the relevant government agencies being mandated to reduce the time for housing and construction incentives to three months or less.

In his presentation, Imbert also spoke about removing VAT on imported building materials for approved housing, commercial and industrial development projects. He added the exception would be "for certain items such as road paving and aggregate material.

The ministry defined the video as Imbert discussing the "double whammy with the effects of the covid19 pandemic and the collapse of oil and gas prices before the covid19 pandemic" and providing details on the way forward.

In response to a motion on the adjournment in the Senate on March 9, Imbert said devaluation, retrenchment and recession will not help Trinidad and Tobago find its way out of the economic challenges posed by the covid19 pandemic.

Responding to a private motion in the Senate on March 23, Imbert said, "This Government has allocated and will provide any funding whatsoever requires for vaccines as and when they become available. That is a commitment that we have made in the Ministry of Finance

The video was posted ahead of debate on a no-confidence motion against Imbert in the House of Representatives also on Friday. The motion was filed by Oropouche West MP Dave Tancoo and is the third no-confidence motion brought against a government minister in the House in the last three months.

The UNC brought unsuccessful no-confidence motions against National Security Minister Stuart Young and Energy Minister Franklin Khan on January 27 and February 26 respectively.