TT Chamber: Effective implementation of budget critical

THE Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) believes while the 2025 budget seems positive, effective implementation would be critical to its success.

In a release shortly after Minister of Finance Colm Imbert's five-hour presentation, the TTCIC said it was pleased with the government's measures to reduce food import dependency and boost the agricultural sector.

It said this included the introduction of the food security and prices committee, the introduction of renewable energy and climate-smart technologies to reduce water wastage and increase crop yields and the rehabilitation of arable lands to target high-value growth sub-sectors.

It said it was also heartened by the minister’s promise of a forthcoming review to clearly define the process for accessing agricultural tax exemptions. "We have proposed that a clear strategy be executed to address issues pertaining to land tenure and praedial larceny; and a policy to extend employment tax incentives to hire youths for the agriculture sector."

The chamber said it was elated that VAT refunds will be issued to small and medium businesses by December 31 and interest-bearing bonds up to $3 billion would be issued by January 2025.

"This is an issue for which we have been consistently advocating."

The chamber also supported moves like implementing an online payment option for property tax and other user-friendly services the Trinidad and Tobago Revenue Authority is expected to bring.

"Our hope is that this implementation will eliminate the current efficiency limitations that currently exist in processing both Customs and Excise and Inland Revenue Division transactions, insofar as it currently impacts on the regional and international competitiveness of the business community."

During his presentation, Imbert listed several moves to integrate technology into government services, emphasise cybersecurity and even build literacy among the population.

"We view the thrust toward a digital economy as a critical node in our overall economic development. The measures outlined by the Honourable Minister, through the Trinidad and Tobago International Financial Centre (TTIFC), to fully digitise key government services is commendable. The issues of cybersecurity and overall national safety have received significant attention from the Trinidad and Tobago Chamber, given the impact on both the investment climate and the operations of the national business community."

It also supported the proposal to mandate that all international energy companies remit tax payments in US dollars to boost foreign-exchange revenue generation and mitigate shortages.

The chamber, however, was not all praises as it said more was needed on the crime front.

"The fiscal allocation toward combating crime in Trinidad and Tobago has been high and rising and our country’s crime situation remains alarming. We are calling for more collaboration with private sector to effectively arrest the crime situation."

Of the $59.741 billion proposed expenditure for the upcoming fiscal year, $6.113 billion was allocated to national security. Revenue was projected at $54.224 billion. Health received the largest piece of the pie with $7.571 billion followed by education with $7.512 billion and then national security. The budget is based on an oil price of US$77.80 per barrel, and a natural gas price US$3.59 per mmbtu.

"While the overall outlook seems positive, the efficient implementation of the measures to achieve the desired results is critical. There are external factors of which we must be mindful as we face the year ahead. The Trinidad and Tobago Chamber continues to be ready and willing to work with the government and all other stakeholders for the betterment of Trinidad and Tobago."