The finance bill (2021) was adopted in the Senate by 23 votes and six abstentions yesterday
In closing his presentation, the Minister of Finance Colm Imbert assured that the budget will increase the household income of more than 250,000 families due to the adjustments of personal tax deductions
« The government is giving up 750 million dollars a year In total, 250,000 taxpayers will benefit from it This is a balancing act We hope this will stimulate and generate income and we will recover it from the consumption side And even if we don’t get it back, we provide a social safety net for 250,000 families, ”he said.
He noted that the multiplier effect of this decision would be well over $ 750 million
Imbert also said that apple and grape lovers need not fear as these fruits will be available all year round
Explaining the decision to increase taxes on fruit, Imbert said T&T was spending $ 55 million a year on importing apples and grapes, noting that previously unprocessed foods were exempt from VAT
« We did not feel the need to allow these items to enter T&T without any VAT The price of a kilo of grapes is $ 10 20 Or $ 4 65 per pound When VAT is added, we will increase the grapes for 58 cents That will not prevent the grape from entering the market, ”he said
He noted that the price of a pound of apples will increase by 43 cents
« I don’t think imposing VAT on apples and grapes will stop people from importing We won’t go back to the days when we only see these items at Christmas, » Imbert said
He also defended the government’s decision to set the budget at an oil price of US $ 45 and a gas price of $ 3 per MMBTU
« I would like to confirm that these metrics have not been wrenched out of thin air, but what we have done in the last six fiscal years is that we use projections from several important and recognized organizations that are in the oil price forecast sector and which will include the US Energy Administration, IMF and World Bank and another research entity outside of Europe Based on all the projections and our projections, we have calculated this award, ”said Imbert
He noted that prior to 2017 and 2018, T&T’s oil and gas pricing regime was based on a profit-driven model
« In 2015, bpTT told us, based on oil prices and investments then in effect, that they would not pay oil profit tax the table This means that regardless of the price of oil, we will have a 125 percent at all levels for oil and 125 percent for gas This means that we will have guaranteed an income stream for T&T ”, he said. he explains
Noting that some people wanted the government to budget without a deficit, Imbert said T&T’s revenue fell to $ 34 billion, which was a decrease of $ 13 billion from last year.
« We are running a deficit We have decided not to do what some have suggested, which is to spend the same amount as we earn This will crush the economy We have no choice but to run a deficit The big economies are doing the same Advanced economies have suffered, ”he added
« I have already removed taxes on tablets, laptops and laptops We will complete the removal of taxes on mobile phones Many use these phones for dual purposes We will remove taxes on software and accessories to motivate people to get involved in digitization and to move towards e-commerce and services We will encourage businesses by offering tax breaks to companies that create jobs in technology, ”added Imbert
« To encourage people to own first-time homes, we want to help by raising the stamp duty threshold from $ 15 million to $ 2 million This will save $ 28,000 in stamp duty This will benefit 1,000 families », He added
« We looked at the situation of importing cars We have 11 million vehicles in the country More than one for each driver We believe there are too many cars on the road We import every 25,000 vehicles year, two thirds of which are private vehicles; US $ 400 million per year escapes in importing cars when there is more than one car per registered driver in that country, so we have increased taxes on smaller cars to reduce imports, ” explained Imbert
Noting that tobacco continues to kill people and that treating a patient with lung cancer costs the Department of Health $ 500,000 a year, Imbert said that was the reason why taxes for this industry had been increased
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Colm Imbert, Finance, Government Budget, Raisin, Trinidad and Tobago
World News – AU – Imbert says apples and grapes will increase by pennies after tax
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SOURCE: https://www.w24news.com
