THE TOBAGO Chamber of Industry & Commerce says the 2024/2025 budget does not address the debts owed by the Tobago House of Assembly (THA) to contractors who provided services to clean-up the February 7 oil spill, which affected several coastal communities along the island's south-western peninsula.

In a document titled, A Bitter Sweet Outlook, on October 1, chamber president Curtis Williams said the $59 billion package has sparked mixed feelings among Tobago's business community.

He said while there are some positive takeaways, 'unresolved issues have left a bitter taste for many.'

Williams recalled, in its pre-budget statement, the Tobago business sector urged central government to address the mounting debts owed by the THA to contractors, service providers and businesses, still awaiting compensation from the oil spill.

'Unfortunately, while the budget outlines various initiatives, no direct mention was made of resolving these critical debts,' he said.

But he said there are some positives.

'The government's commitment to settling outstanding VAT payments, either by cash or bonds, is a welcomed relief for many.

Additionally, the announcement of a tax amnesty on interest and penalties for businesses struggling to meet tax compliance will ease the financial burden on numerous business operators in Tobago.'

Williams said the strong focus on improving Tobago's tourism infrastructure was encouraging.

'The increased international airlift support, coupled with plans to construct two new branded hotels and a marina sends a strong signal of hope for the island's economic future. These developments could be pivotal in boosting tourism and by extension, the local economy.'

He said while these initiatives are appreciated, 'we cannot overlook the pressing need for the central government to ensure that the THA receives the necessary funds to pay off its long overdue bills.

'Tobago's business community remains hopeful that these payments will not be forgotten in the implementation of the new fiscal package.'

Williams said in order for true progress to take place, the island's financial obligations must be met to allow businesses to thrive and contribute meaningfully to the island's development.

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