“Are we willing to take the risk to do something not only for our businesses but for our country?” Wade George, executive chairman of EY Caribbean, questioned at the TT Chamber’s Post-Budget Analysis Meeting, held on September 27.
The 2023 budget, titled Tenacity and Stability in the Face of Global Challenges, was presented by the Minister of Finance on September 26. Many of the budget’s measures were anticipated, such as the increase in fuel prices (premium gas now costing the public $7.75/litre).
However, an increase in the personal income tax allowance from $84,000 to $90,000 a year was an unexpected measure and would appear to be an effort to offset the future costs incurred by the average citizen at the pump.
The Special Economic Zones Authority, not unexpected but a fairly recent development, was also discussed and the minister advised that it is expected to be fully operational by 2023. George commended this initiative at the meeting, stating that, “Special economic zones have a powerful role to play in revitalising business in TT.”
In his budget speech, the minister went on to state that a renewable-energy policy was being developed to ensure TT is on track to utilise 30 per cent renewable energy by 2030.
While this is encouraging, Mark Loquan, president of the National Gas Company, reminded the audience at the meeting, “When we make decisions on energy today, we see results five years later.”
The budget’s expenditure was forecast at $57.685 billion, the highest in six years, with a deficit of $1.51 billion.
While agriculture saw a 6.5 per cent increase for 2023, Dr Lorraine Waldropt-Ferguson, agricultural specialist, noted at the meeting that the sector has been “underutilised” and called for improved support from the business community. She went on to advocate for the importance of an energy transition, as “climate change is a threat to agriculture.”
John Hadad, co-CEO of Hadco, echoed the words of his fellow speakers, and called for a more participatory response from the private sector in order to address the issues being faced by the country.
In support of these comments, Leslie Ann Wills-Caton of FilmTT encouraged the business community to use the power of film to make a persuasive case for investment.
While not addressed at the meeting, it was unfortunate that on the very date of the announcement of the budget, many of us received false information about a ten per cent increase in electricity and water or increased taxation on certain food items, among other things. On examination of the budget, these claims are easily disproven.
The proliferation of false information is an unfortunate fallout of the digital transformation of modern society, but digitisation should not be discounted based solely on such pitfalls. As the minister stated during the budget presentation, “Technology affects almost every aspect of our 21st century life.” Hence there is a continued support for the implementation of a host of measures to ensure a smooth transition to a digital world; but no set schedu
