T&T Chamber’s Response

​The Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) is commending the Government on its 2024 National Budget presentation, which it says has outlined “significant strides in developing the non-energy sector.”

​In a Media Release following the Budget presentation on Monday (2nd October 2023), the Chamber said, “The Minister of Finance revealed a growth rate of 3% in 2023, primarily attributed to the non-energy sector. We are of the view that the time is right for much-needed emphasis to be placed on the agriculture sector, digital transformation, the orange economy, and micro, small, and medium-sized enterprises. In this regard, we identified some of the measures outlined in the National Budget as crucial steps toward fostering economic growth and diversification in Trinidad and Tobago. The focus on developing the non-energy sector aligns with the TTCIC's mandate to build resilient and diversified economies.”

The TTCIC said it continues to “advocate for our economy through our committees — the Nova Committee, the Orange Economy Committee, and the Food and Security Committee, among others-to ensure we support our members and the national community in critical matters in the interest of our success. There are, however, some concerns that need to be addressed urgently, such as the timely access to foreign exchange and the effective implementation of the property tax system.”

The Chamber added, “Timely access to forex is vital for businesses and the economy as a whole, as it impacts international trade and the stability of the local currency. Collaboration with the private sector and the Central Bank to optimize forex utilization is essential for economic stability. In this vain, we are heartened to hear the Minister state that he is reviewing the recommendation made by the TTCIC to aid SMEs in their access to foreign exchange. Implementing an effective property tax system will require careful planning and execution to ensure fairness and compliance.”

The TTCIC said it also understands the need for an increase in minimum wage as a “necessary adjustment for the workforce given the current state of inflation. The increase also calls on employers and employees to focus on efficiency, productivity, and output. As crime continues to deter investments, impacting the well-being of citizens, it also increases the cost of business operations and business opportunities. We do believe that the proposed increase recruitment of Police Officers and allocations towards National Security will aid in this battle against criminal elements. However, we reiterate the need for collaboration with other stakeholders inclusive of private sector and civil society organization.

​The Chamber continued, “Some other positive outcomes from the Budget are the initiatives for WASA to monitor and manage water consumption, school grants, tourism upgrade initiative, new energy projects, support for smaller manufacturers through the exemption of export in the less than 30% tax bracket and cyber security investment tax allowance up to TT $500,000, which must be certified by iGovTT. It is imperative that the incentives are properly implemented and are easily accessible in an efficient manner to have a meaningful effect on the economy.”

The Media Release concluded by saying, “The T&T Chamber looks forward to working with the Government, stakeholders, and the business community for the continued development of Trinidad and Tobago.”

​AMCHAM T&T’s Response

Meanwhile, AMCHAM Trinidad & Tobago has also responded to the Budget presentation. In a Media Release on Monday, AMCHAM said, “We listened intently to the Budget presentation of the Honourable Minister of Finance. The Budget was delivered against the backdrop of a series of positive announcements in the upstream energy sector over the past month. As is usually the case, there were a number of initiatives that were designed to achieve growth in the non-energy sector. We appreciate that Budget presentations always require the Minister to balance several competing interests and concerns. Overall, we acknowledge a number of initiatives — new and existing, that are geared toward stimulating the non-energy sector. We wait to see the impact of these measures.”

​AMCHAM added, “We have seen a consistent philosophy and attempt to protect the most vulnerable in his Budgets over the past several years. We agree with this philosophy and the focus on the priority areas of education, health, and crime reduction, as per usual. As we said last year, and in years previous, the end result of this spending has to be carefully measured and reported on to determine how successful we have been. The attempts to provide more incentives to the upstream energy sector and incentivize small pool development are welcome. A re-focus on technical vocational training, digitization, and enhancing FinTech adoption are all extremely important.”

AMCHAM continued, “There are some areas in which we have concerns. Specifically, we heard about the implementation of the National Statistical Institute (NSI) without a firm timeline. We look forward to the establishment of the NSI this year as it has been featured in previous Budgets but is yet to come to fruition. The establishment and operationalization of the NSI is necessary if the Government is serious about using data to effectively design and implement policy. We welcome the Minister's commitment to establishing a mutually acceptable transfer pricing regime. Indeed, AMCHAM T&T has been advocating for this for more than five (5) years. We trust that this will be done with appropriate and meaningful consultation so as not to have a negative impact on investment. We are also happy to see the national e-ID and data inter-operability framework remaining high on the Government's agenda. We know these are underway and look forward to a full roll-out this year.”

The Media Release concluded by saying, “We support the increase in the minimum wage. We look forward to more facilitation of business and reduction of bureaucracy to enable small and medium businesses in particular to grow and therefore be able to sustain the increase.”

The Ministry of Health has launched its TTMoves app, which aims to support the Ministry's overall goal of reducing the incidence of Non-Communicable Diseases (NCDs) in Trinidad and Tobago. The Moves app has a built in pedometer feature, which allows users the ability to track their fitness journey, while achieving their overal wellness goals.

Minister of Health, the Honourable Terrence Deyalsingh, launched the TTMoves app at the Ministry's Wellness Walk and Run, which was held on Saturday 30th September 2023 at the Queen’s Park Savannah.

The Ministry notes that increased physical activity contributes to preventing and managing Non-Communicable Diseases such as cardiovascular diseases, cancer and diabetes. It also improves overall well-being.

The Moves app counts the user's steps and has the ability to reset the progress when necessary. It also calculates the calories users have burned and the distance they've covered, providing a comprehensive overview of the fitness activity. There is a built-in pause feature, that allows the user to temporarily halt the step counter while keeping the goal intact, making this app a versatile fitness tool. The app is currently available on the Android platform and will be available on iOS soon.

The Wellness Walk and Run culminated with the North West Regional Health Authority's Health and Wellness Festival. Members of the public are encouraged to download the TTMoves app to begin their wellness journey.
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Download the TTMoves app: https://play.google.com/store/apps/details?id=com.moh.ttmoves&hl=en_GB&pli=1.

According to the app’s description: “The Trinidad and Tobago Moves (TT Moves) campaign was launched in 2018 and encourages a movement for lifestyle change in direct response to the prevalence of Non-Communicable Diseases in Trinidad and Tobago. The TTMoves pedometer app can help you determine the number of steps you take throughout the day. The app counts steps for any activity that involves step-like movements such as walking, running, climbing stairs and even movement as you go about your daily chores.”

Minister of Finance, Colm Imbert, announced at the 2024 Budget presentation this afternoon (Monday 2nd October 2023) that the minimum wage will be increasing by 17%, or $3.00 per hour, from $17.50 to $20.50 per hour — effective from 1st January 2024.

Minister Imbert notes that this measure will benefit approximately 190,000 persons in the workforce and will require an amendment to the Minimum Wages Act, Chapter 88:04 via a Minimum Wage Order.

​This is a developing story - refresh this page for updates.

Minister of Finance, Colm Imbert, presented the 2024 Budget in Parliament this afternoon (Monday 2nd October 2023).

Below are the key points discussed today by Minister Imbert:

• Total revenue: $54.012 billion; Total expenditure: $59.209 billion; Fiscal deficit: $5.197 billion. The oil price is estimated at US $85 per barrel, and natural gas at US $5 per MMBtu.
• Education and Training gets the largest allocation of the Budget with $8.022 billion. Health: $7.409 billion; National Security: $6.912 billion; Works and Transport: $3.394 billion; Public Utilities: $3.018 billion; Rural Development and Local Government: $1.825 billion; Agriculture: $1.442 billion; Housing: $1.165 billion.
• ​2,400 laptops are to be distributed to students in need as well as a book grant of $1,000.
• The minimum wage has been increased by 17%, or $3.00 per hour, from $17.50 to $20.50 per hour. This measure will benefit approximately 190,000 persons in the workforce and will require an amendment to the Minimum Wages Act, Chapter 88:04 via a Minimum Wage Order. This measure will take effect from 1st January 2024.
• $1 billion in back-pay will go out by Christmas for 37,000 public sector workers who accepted the 4% wage increase offered by Government.
• The Commissioner of Police will be ordered to triple the annual intake of new recruits from 300 to 1,000 for 2024.
• The Trinidad and Tobago Police Service (TTPS) will be given an additional $80 million for new vehicles and equipment to increase their presence in communities.
• The fuel subsidy may reach $1 billion in 2024. There will be no hike in prices at this time.
• Property taxes will be collected in 2024.
• The Government has determined that an increase in the retirement age from sixty (60) to sixty-five (65) years will support pension adequacy and the system's sustainability.
• The Government plans to tackle the foreign-exchange crunch.
• The unemployment rate declined to 3.7% between April and June 2023, down from 4.9% from January to March 2023.
• There will be no increase in existing taxes to citizens.

If you missed the 2024 Budget presentation, you can watch it here in its entirety.

​This is a developing story - refresh this page for updates.

[Source: Newsday]

Minister of Finance, Colm Imbert, announced at the 2024 Budget presentation this afternoon (Monday 2nd October 2023) that the Government has determined that an increase in the retirement age from sixty (60) to sixty-five (65) years will support pension adequacy and the system's sustainability. The Government is now in the process of completing consultations with stakeholders on the retirement age increase.

​Minister Imbert said, “ The gap between benefit spending and contribution revenue has widened an aging population and generous benefits. In the context of evolving worldwide standards, we consider a higher retirement age would be appropriate. Through actuarial assessment, we have determined that an increase in the retirement age by five (5) years, from sixty (60) to sixty-five (65) years, will support pension adequacy and the system's sustainability. We are now in the process of completing consultations with major stakeholders on the increase in the retirement age.”

​Watch the live stream of the ongoing 2024 Budget presentation here.

​This is a developing story - refresh this page for updates.

Minister of Finance, Colm Imbert, announced at the 2024 Budget presentation this afternoon (Monday 2nd October 2023) that property taxes will be collected in 2024. Minister Imbert said, “I wish to advise that the collection of property taxes will be effective in the financial year 2024. On proclamation and operationalization of the relevant sections of the Local Government legislation, residential taxes will be collected by the two cities, five boroughs, and seven corporations, to benefit our citizens within the 14 municipalities.”

The Minister said he received the Residential Property Valuation Roll, which will be sent to the Inland Revenue Division which will set the procedural framework for the collection of residential property tax.

According to Minister Imbert, property owners and occupiers will soon begin to receive notices stating the amount of property tax they are required to pay. He noted that when they see the actual rates for themselves, this will bring the charade perpetrated by those opposite, to an end.

Minister Imbert said the property tax calculation is based on the Annual Rental Value (ARV). “The Board of Inland Revenue will calculate the property taxes based on the Annual Rental Values, discounted by 10%, with an application of 3% of the discounted ARV. For example, with an Annual Rental Value of $24,000, the property tax will be $54 per month. Based on progress in the compilation of the Valuation Roll, I expect that at least 50% of all residential properties and quite likely more than 50%, will pay property taxes somewhere between $540 and $1,080 annually,” he added.

The Minister also announced that payment of taxes will be facilitated online. He said, “We're developing an online payment ecosystem for collecting taxes as a key component in our drive to create a digital economy. We have engaged the Development Bank of Latin America to provide technical consultancy services to undertake the project. We anticipate the project with comprehensive recommendations, will be completed and implemented by March 2024.”

Watch the live stream of the ongoing 2024 Budget presentation here.

​This is a developing story - refresh this page for updates.

During the period July - August 2023, the Ministry of Education (MOE) said it collaborated with the Ministry of Health (MOH) to have the Regional Health Authorities (RHAs) undertake a mass medicals exercise.

According to a Media Release from the MOE on Saturday (30th September 2023), 3,319 teachers were listed for assessment, and to date, 2,055 have been completed.

Minister of Education, Dr. Nyan Gadsby-Dolly, said, “This step demonstrates how critical it is for Government agencies and statutory authorities to collaborate on transformative measures to the benefit of our stakeholders.”

The MOE said that through the support of the MOH, and the various RHAs, these teachers, who have already worked the mandatory two (2) years of continuous service, are now eligible to receive their Certificate of Fitness, based on this medical assessment and a favourable staff report.
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The MOE notes that it has already begun the next phase of preparing the relevant documentation for the Teaching Service Commission (TSC) to facilitate confirmation of appointment for these teachers.

Minister of Finance, Colm Imbert, will present the National Budget for fiscal 2024 at today's sitting of the House of Representatives at 1:30 PM this afternoon (Monday 2nd October 2023), in the Parliament Chamber at the Red House in Port-of-Spain. This will be Minister Imbert’s ninth consecutive National Budget presentation.

Individuals who earn over $1 million a year will likely have to pay more in taxes from January 2024. An increase from 30% to 35% is expected to be announced today for this tax bracket for high-income earners, aimed at raising an additional $90 million in tax revenue for the country.

Apart from imposing this increased tax, the Minister is also expected to announce an increase in the country’s minimum wage from $17.50/hour to $19.50/hour, in order to assist those on the other end of the wage spectrum. The increase in the minimum wage is expected to benefit approximately 193,590 persons. Meanwhile, the Joint Trade Union Movement (JTUM) has suggested that the wage be increased to $30/hour while Opposition Leader Kamla Persad-Bissessar has called for it to be raised to at least $25/hour.

Minister Imbert may once again increase prices at the gas pumps. When the People’s National Movement (PNM) administration, led by Keith Rowley, was elected into office in 2015, the price of super gasoline was $2.70 per litre and the price of diesel was $1.50 per litre. In his first Budget presentation on 5th October 2015, Imbert increased the price of super gasoline by 15% to $3.11 per litre and similarly the price of diesel by approximately 15% to $1.72 per litre. Following increases in subsequent Budget presentations, the price of super gasoline now stands at $6.97 per litre, while the price of diesel is $4.41 per litre. The price of premium gasoline, which was $5.75 in April 2022, was increased twice by Imbert during the past year and currently sits at $7.75 per litre.

There is also the looming possibility of an increase in the online tax, following Imbert’s announcement that this country’s forex challenges are being fueled in part by “an explosion in online shopping over the last several years.” In his Budget presentation on 30th September 2016, Imbert introduced a 7% tax on online purchases.

Watch the live stream below of the presentation of the National Budget for fiscal 2024, when it begins at 1:30 PM.

This is a developing story - refresh this page for updates.

[Source: Trinidad Express]

“Security Officers are performing crucial and often life-threatening roles, especially during this unrelenting violent crime crisis, and must be properly protected and paid. The Government must utilize the National Budget to announce immediate plans to regulate and standardize improved working conditions for private Security Officers.” This from opposition Leader Kamla Persad-Bissessar, SC, MP.

In a Media Release on Saturday (30th September 2023), Mrs. Persad-Bissessar said, “The recent murder of a Security Officer during a robbery at Cunupia and the previous slaying of a young Officer at La Romaine are further reminders that such personnel are also a first line of defence in the midst of the uncontrolled crime crisis taking over the country. In recent years, several hard-working Officers, most of whom had young families, lost their lives in the line of duty. The treatment of private Security Guards as second-class citizens must come to an end as the Officers deserve greater respect and appreciation for faithfully conducting their duties of protecting people and property.”

She added, “Stories of Officers having to share unsuitably-sized bulletproof vests, working in unsafe vehicles for the pick-up and delivery of money and sometimes being forced to work double and triple shifts for minimum wages are reasons to act to improve their working conditions. The current explosion of bloody violent crimes has made the jobs of Security Officers equally more critical and dangerous. I call on the Government to work with the Estate Police Association (EPA) and security companies to improve the working environment of these Officers. There must be adequate provision of training, safety measures, relevant equipment and other resources, and fair compensation with essential benefits. A review of wages, including provisions for mandatory overtime payments, should be a priority matter.”

The Opposition Leader continued, “Officers risking their lives on the job should be paid more than any minimum wage and be offered benefits such as medical, vacation and overtime increases, when working extra shifts. I support the proposal of the EPA for the removal of taxes on lifesaving equipment, e.g., bulletproof vests, to make them more reasonably priced for security companies. This tax break should also be expanded to the importation of bulletproof security vehicles. A fund should be established jointly with Government and registered security companies for the benefit of the families of Officers who lose their lives while on duty, similar to what is provided to the Police who also risk their lives in the line of duty. Defaulting employers must also be penalized for non-payment of National Insurance dues.

The Media Release concluded by saying, “Security Officers are undertaking crucial and often life-threatening jobs, especially during this unrelenting crime crisis, and must be properly protected and paid. Monday’s Budget speech should indicate the Government’s commitment to this vital matter.”

“In this year’s Budget, I call on the Government to reintroduce the laptop programme for all Form One students and the free student transport to schools in all areas. I also call for the reintroduction of an annual school grant fixed at $1,500 for primary school students and $2,000 for secondary school students, to be offered to any child in need of assistance.” This from Opposition Leader Kamla Persad-Bissessar, SC, MP.

In a Media Release on Thursday (12th September 2023), Mrs. Persad-Bissessar said, “With the Budget fast approaching, I make a renewed call to the Government to think of our children and the sacrifices of their hardworking parents. It is time for the Government to reintroduce an annual school grant, the laptop programme for all Form One students and the free student transport to schools in all areas throughout the country. Recently we saw that thousands of our children were lost from the school system during Covid, due to not having computers to access online learning. The Government sat idly by, relying on donations from the private sector to meet this need after cancelling the UNC’s laptop programme, which had previously ensured that every child had access to a computer at home and school.”

She added, “Hardworking parents continue to struggle to pay for uniforms, textbooks, photocopies, and stationary supplies and as such, I call on the Government to reintroduce the annual school grant. Many students are struggling to attend school because of the increased cost of transportation, triggered by the removal of the fuel subsidy. The free transport programme is therefore essential to ensure the attendance, safety, and security of our nation's children. The Government must act to ensure that no child is left behind. They are our nation’s future.”

The Opposition Leader also recently called on the Government to raise the minimum wage to at least $25 per hour and to couple this with a removal of VAT on all food items.