Business chambers welcome budget presentation

Following announced developments in the business sector in the 2025/2026 budget presentation, president of the TT Coalition of Services Industries (TTCSI) Dianne Joseph, said the government needs to focus on implementation, not only promises.

Although welcoming the budget’s announced VAT removal on basic food items and the $1 billion National Investment Fund Holding Company Ltd, Joseph said, "Substantive governments would have had challenges of implementation and while the budget is a very good one, it is one of promise.

"We believe that if the government does not have the right teams to focus on implementation then we will have a challenge like those for the past couple of years."

She said if the proper teams are not strategically placed, then the goals of the budget may not be realised.

Joseph called on the government to have the right implementation strategy and the right team.

She said promised initiatives like online business registration have been made before, "yet we have been hearing our members going up and down to get things done, while you can file a simple form online, we still have to go to the licensing office.

"It makes the processing of simple transactions very complicated. So they are identifying very key things, it's admirable but if you do not put the right people and strategy in place and hold people accountable for failures we will be going around in a circle."

The American Chamber of Commerce of TT (Amcham TT), TT Manufacturers' Association (TTMA), San Fernando Chamber of Commerce and Tunapuna Chamber of Commerce also welcomed many aspects of the presentation.

Amcham TT especially noted the Finance Minister's announcements of an enhanced Customs and Excise Division through increased staff and an upgraded ASYCUDA system.

"These measures, alongside risk-based auditing, improved digital payments and standardised procedures, are expected to enhance efficiency, reduce clearance times and improve the ease of doing business." Amcham TT said in a statement on October 13.

Amcham TT said for these measures to have a lasting impact, they will need to be supported by consistent inter-agency co-ordination.

"We repeat our call that these changes should be underpinned by the establishment of an Internal Affairs and Professional Standards Bureau within the Customs and Excise Division so that the few bad actors can be weeded out."

Amcham TT also welcomed Tancoo’s review of the Value Added Tax (VAT) system that could possibly be replaced by the sales tax model.

"We welcome potential alternatives to what appears to be a broken VAT system, which has negatively affected many businesses’ cash flows.

"We urge the government to address outstanding liabilities to businesses whilst it considers a potential new system."

Amcham TT also welcomed the continued initiatives in digitisation, which include the establishment of a National Digital Electronic Payment System.

San Fernando Chamber of Commerce President Kiran Singh said the reduced price of super gas is good news for the business community, especially the Micro Small and Medium Enterprise (MSME) sector.

"The reduction in price of Super gas by $1 is good news for the business community, especially those that comprise the MSME Sector, and of course, the entire country.

"Transport is a major expense item. Many small businesses use their personal vehicles for transportation services. This measure will assist in keeping inflationary pressures down and further encourage competitiveness from this sector," he said.

Singh also praised higher penalties for those violating the Gambling and Betting Act.

Tancoo said, for example, the penalty under section 19 the fine will be increased to $250,000 and imprisonment of three years or a fine of $3 million and seven year imprisonment in case of conviction on indictment.

However, he noted the proposed Rental Tax for residential and commercial properties will attract additional costs that need to be shared between landlord and tenant.

He also said the $0.05 electrical surcharge on commercial and industrial properties will have an increased cost to landlords, placing the burden on owners and customers.

He also noted the lack of any statement on the Waterfront development. He said chamber members would want to hear about the prospects for this project.

"We also expected to get an update or report on the status of the refinery. The budget debate should speak to the future of this substantive asset."

In a statement sent to Newsday, the TT Chamber of Industry and Commerce announced measures like investment in agriculture, food production, support for the creative and marine industries and the establishment of an Export Academy to boost non-energy exports, aligns with the Chamber’s recommendations.