With the 2017 budget due to be delivered, I would like to see the minister peg the oil price at US$42 per barrel and 2.25 per mmbtu for gas.
The minister should be looking to spend around $55 billion with the prospect of raising $48 to $50 billion in revenue.
This should be our last year in which we run a deficit budget.
On the expenditure side, I think Agriculture should be given two billion with the prospect of having another $500 million if more lands can be cultivated by June 2017. Education, Health & Works should get a reduction in its allocations. The Ministry of National Security should not get an increase but maintain the same allocation as last fiscal year. All transfers and subsides should be reduced across the board.
On the revenue side, corporation tax should increase from 25 to 28 per cent, however, allowing corporations to write-off each newly employed person from January 2017 for a three-year period. The online shopping tax should be introduced at a rate of 12.5 per cent. Individuals earning more than $125,000 would pay taxes at 28 per cent. Corporations that have been delinquent in paying back taxes should be penalised at the rate of 35 per cent from the last seven years. Health Surcharge should increase from $8.25 to $10 per week. A measure can be introduced allowing withdrawals from a registered annuities for up to 50 per cent to allow for housing purchase without the penalty, however, it would have to be included in your income.
Andrew Morris
Chaguanas