Amcham: Budget to re-inject confidence in Trinidad and Tobago economy

The American Chamber of Commerce TT (Amcham) commended Finance Minister Colm Imbert on the provisions in the 2021-2022 budget, which it said seemed to be an attempt to re-inject confidence in the TT economy.

“The tax incentives announced are clearly designed to encourage business activity,” Amcham CEO Nirad Tewarie said in a release. “These incentives must be complemented by other efforts to improve the ease of doing business. Together this will create more jobs and revenue for the country.”

The release said although 2022 will be another year of deficit financing, it is still possible that, with a commitment to executing the plans laid out in the budget, the country could return to a primary fiscal surplus in 2024 as the minister suggested.

Amcham applauded the minister's commitment to digital transformation of the economy and the re-commitment to several initiatives such as the transition of the National Statistical Institute, the introduction of a digital identity and the implementation of electronic funds transfers.

“We welcome this and look forward to the creation of the enabling legislative framework to facilitate the digital economy.”

It also applauded the SME tax incentives proposed, as well as the re-start of the national apprenticeship programme.

It expressed concern that not many details were forthcoming on the reduction of expenditure in the medium term, which would ensure more value for money.

It continued its advocacy for a high comission in Guyana, which would assist with setting up trade facilitation offices in overseas markets, also announced in the budget.

“We acknowledge the range of issues discussed in the budget and the links between our continued need to rely on the energy sector as we transition to other areas,” the release said.