The National Budget 2016/2017

Naturally, the TT Chamber also maintains a special interest in the national fiscal package.

We endorse an approach of committing to further initiatives which will rein in fiscal expenditure, bringing it in line with the reduced revenues; as well as energy sector reform and greater efficiency in revenue collection.

The Chamber acknowledges the tremendous task that falls squarely at the feet of any incumbent Minister of Finance during an economic recession, more so as TT citizens have become accustomed to reaping the gains from a high level of expenditure. But stringent measures have become necessary.

For far too long TT has been registering unsustainable budget deficits, the financing of which will ultimately have to be honoured by future generations. As such, the current economic climate represents a prime opportunity for us, as a nation, to determine what are our needs - as distinct from our wants – and evaluate our spending patterns and priorities.

Firstly, we at the Chamber would like to see more stringent efforts to return to a balanced budget by 2018.

Achieving this would require, inter alia, the continued rationalisation of government expenditure on transfer payments and subsidies, ensuring that CEPEP, URP, GATE and similar programmes revert to their original intent and deliver value; diversifying our revenue base and reducing waste in the public sector.

Secondly, there needs to be a timely and well-thought out review of the current model for the Supplemental Petroleum Tax.

Finally, there needs to be urgent consultation with all relevant stakeholders on the long-awaited TT Revenue Authority so that this may be established expeditiously.

In its current form, there are many handicaps which do not allow the Board of Inland Revenue to fulfill its mandate of being “the principal tax-collecting agency in Trinidad and Tobago.” We strongly advocate for the merger of the BIR and Customs and Excise, and for full scale use of modern technology in the administration of our tax regime.

Inefficiencies and needless bureaucracy within the system increase the cost of doing business, leads to tax evasion tactics and eventual loss of revenue.

To address these and other key emerging issues from the National Budget presentation, the TT Chamber will host its annual Post-Budget Analysis Meeting on Monday October 3 at the Hyatt Regency in Port-of-Spain.

At that highly informative session, members of the business community and other interested parties will have the opportunity to hear first-hand from the Honourable Minister of Finance on how the Government proposes to navigate the country through the coming year.

Additionally, a distinguished panel of experts will a wealth of experience will present their views on the budget package.

Be sure to sign up by calling the TT Chamber at 637-6966 extension 1252.