Finance Minister Colm Imbert has presented the budget for fiscal 2020 in the Parliament. The Minister assured that efforts are underway to address the deficit of $5.2 billion or 3.1 percent of the country’s GDP.
The Minister proposed a number of incentives covering the labour, social services, crime, and the environment sectors. These incentives signify the that the economy is moving one step further to recovery from the historical deficit budgets.
The major items our Firm considered mentioning for this Year’s Budget:
The Government’s commitment and stated goal of placing the environment at the centre of national development. The move of eliminate the use of Styrofoam and single-use plastics within the national economy is one step further in this direction. Government offices will switch out their plastic water bottles for water coolers, to reduce plastic usage as a signal of immediate implementation of policy this is expected to take effect in January 2020.
Citizens of the Republic of Trinidad & Tobago will no longer have to worry about filling out arrival forms on re-entry to the country. The move international best practice and the ever-changing world of technology is most welcome policy move. The new system is said to rely on advance passenger information using machine-readable passports and other appropriate technology and is set to significantly reduce the lengthy lines at our airports This new policy will take effect in 2020
The Governments is proposing an accelerated Housing Programme 6,000 housing units by December 2020 and thereafter 3000 units per annum. This measure will give an increase boost to the overall economy of Trinidad & Tobago while increasing the Entrepreneurship sprite of the nation. Small & Medium size business owners now has an opportunity to help deal with the Housing Shortages of the Republic.
The Government would have collected $2.382 billion during the Trinidad & Tobago 2019 Tax Amnesty, being the largest ever in the history of Trinidad and Tobago almost five times the original estimate of $500 million.
The Finance Minister would have stated the Trinidad and Tobago Revenue Authority-Tax Gap is approximately TT$5.0 Billion (10% of GDP). Bill will be re-laid in Parliament soon and has been reviewed by a JSC. More News within this area of Taxation will help us to support our Clients within the area of Compliance moving forward.
The understated Highlights has been provided courtesy the Ministry of Finance of the Republic of Trinidad & Tobago as measure of the overall budget of 2019/2020. Hope that you enjoy the information.
ROBLEY BAYNES TAX & ACCOUNTING SERVICES,
TRINIDAD AND TOBAGO
8 OCTOBER 2019