T&T Chamber lauds ‘promising outlook for business’

Entornointeligente.com /

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.

LINK ORIGINAL: The Trinidad Guardian