Bill gives financial benefits and national security

SIGNIFICANT MONETARY increases and tighter security at Trinidad and Tobago’s borders are two important features of the Finance Bill 2004 which will be debated in the House of Representatives today at 1.30 pm. The Bill is the most encompassing piece of legislation which the Government has brought before Parliament for 2004 as it seeks to amend the Central Tenders Board Ordinance (CBTO), Income Tax Act, Corporation Tax Act, Petroleum Taxes Act, Customs Act, Finance Act 1987, Miscellaneous Taxes Act, Stamp Duty Act and Value Added Tax Act. Section 3(a) of the Bill amends Section 19(1) of the CBTO by increasing the financial limits of a committee which acts for the Board from $100,000 to $500,000, while Section 3(b) amends the CBTO to allow the Board to consider quality and ensure that “Government receives the best value for its money.” Under Section 3(c)(ii), Section 27B(2)(b) of the CBTO will be amended to increase the monies payable to consultants appointed by a tenders committee from $25,000 to $1 million.

The Bill amends Section 18 of the Income Tax Act “to increase the personal allowance of resident individuals who have attained the age of 60 years from $30,000 to $40,000 and include individuals who are not resident in Trinidad and Tobago and have attained the age of 60 years to a personal allowance of $40,000 in determining their chargeable income.” However the most interesting part of the Bill is clause nine which amends Section 45(1) of the Customs Act, Chap. 78:01 “to prohibit the importation of armoured, armour-related and armoured combat vehicles except with the written permission of the minister to whom responsibility for national security is assigned.” The Bill also amends Sections 45(2) and 45 (4) of the Customs Act so that only a returning national, age 18 years and over could import a left-hand drive vehicle into TT. Clause five amends the Corporation Tax Act to increase from $450,000 to $1 million the maximum allowance which can be claimed by companies which contribute financially toward the promotion of sporting and local entertainment events. Clause six amends the Petroleum Taxes Act to confer tax incentives within the petroleum sector which sponsor art, culture, sports and audio/video production.