House approves Finance legislation

THE HOUSE of Represent-atives passed the Finance Bill 2004 without amendments and approved its Finance Committee’s First Report for the 2003/2004 session on Proposals for the Supplementation and Variation of the 2003 Appropriation on Friday night.

The former now amends Section 18 of the Income Tax Act to grant personal allowances of $40,000 to both 60-year-old resident and non-resident individuals. Junior Finance Minister Conrad Enill gave the assurance that the Central Tenders Audit of the Finance Ministry would ensure greater transparency of the increased allowances now available to individuals and groups under the legislation. The Finance Bill 2004 also prohibits the importation of armoured, armour-plated and armoured combat vehicles into Trinidad and Tobago “except with the written permission” of the Minister of National Security.