The T&T Chamber of Industry and Commerce says it is encouraged by The Finance (Supplementary Appropriation) Bill which was presented yesterday “as it would result in relief of financial pressure on businesses and provide for a stimulus to the T&T economy as a whole.”
The chamber said Finance Minister Colm Imbert’s request to Parliament for an increase in expenditure of $3.081 billion is financed by increased revenues derived from higher energy sector tax receipts, a spill over of amnesty tax payments from 2021 and higher withholding receipts.
“The chamber has been advocating for VAT refunds to be made current for several years and we are pleased that $1.6 billion of the additional expenditure will go to an increase in payment of VAT refunds for the period April to September 2022,” a release stated yesterday.
“We also note the minister’s intention to settle outstanding payments to suppliers and contractors, as well as the payment of arrears to utility companies, and outstanding gratuities to public sector contract workers. These payments are expected to result in a much-needed stimulus to the economy,” it stated.
The chamber stated that while T&T’s economy will benefit from the increased revenues in the immediate future it is advocating for continued “tight management of expenditure and a focus on diversification for future economic sustainability.”
“We underscore the need for close attention to be paid to the more vulnerable in society who would be affected by inflationary pressures brought on by current global circumstances,” the chamber stated.