Many positive initiatives in the budget

THE EDITOR: After analysing budget 2022 presented by Finance Minister Colm Imbert, I believe most people would agree that it was designed to stimulate and provide growth to the economy. Most stakeholders, including the banking and business sectors, have already come out in support of the initiatives.

In the middle of all that is being said in the media, including on social media, how do we break down the budget presentation in simple terms? In other words, how would the average citizen benefit?

The removal of VAT (Value Added Tax) on most basic food items would most certainly see a reduction of the grocery bill.

The removal of customs duty and VAT on therapy equipment will assist people with disabilities and medical situations who will now be able to purchase crucial items to improve their living standard at a much lower cost.

Now that most classes and meetings have gone virtual, the removal of duties and taxes on all computer hardware, software and peripherals is a most welcomed initiative.

The reduction of taxes for the manufacturing sector and small and medium enterprises will definitely increase investment within these sectors, thereby increasing employment and generating foreign exchange.

Another very important initiative is the fuel rebate card. The utility rebate programme increased from 25-35 per cent on bills $300 and lower to assist the most vulnerable citizens.

Another section of citizens that would benefit would be first-time homeowners with the tax incentives. Housing is a key focus of the government as reiterated by the minister.

Education, digitisation, agriculture and tourism are all areas that will be stimulated in one form or the other.

The budget presented was certainly not what was expected given the strain on the economy due to the loss of revenue because of the covid19 pandemic.

These points that I highlighted are just a few of the many positive initiatives presented by the minister. It is a brilliant and welcomed budget to reignite productivity while enhancing the lives of all.

NIGEL SEENATHSINGH

San Fernando