Trinidad 2020 Budget Highlights
(Trinidad Guardian) Finance Minister Colm Imbert read the 2020 Budget in the House of Representatives yesterday.
The theme of the 2020 Budget was ‘Stability, Strength and Growth’.
The Minister announced an estimated revenue of $47.749 billion and total expenditure of $53.036 billion, resulting in a fiscal deficit of $5.287 billion.
The budget was based on a projected oil price of US$60 and a gas price of US$3 per MMBtu.
The highest allocation went to Education and Training, amounting to $7.5 billion, with National Security getting $6.044 billion and Health being allocated $6.084 billion.
The Tobago House of Assembly was allocated $2.283B. This included $2.033B for recurrent expenditure, $231.6M for capital expenditure and $18M for the URP Tobago.
Here are some highlights of the minister address.
BUDGET HIGHLIGHTS
* No more need for life certificates to be presented to the Treasury by pensioners who possess computerised birth certificates.
* Elimination of arrival forms at airports.
* Removal of all taxes and duties on LED bulbs for five years.
* Increase investment tax credit for energy companies from 20% to 25% to stimulate exploration and development investment from Jan 1, 2020.
* On-the-job-training increase stipends by 10% and increase intake for the programme to 8000 trainees from December 1, 2019
* Increase of minimum wage from $15 to $17.50 per hour from December 1, 2019, to benefit 194,000 persons
* Increase in personal goods that can be imported without incurring Custom duties from $3,000 to $5,000 from December 1, 2019.
* Increase in tax allowance from $3M to $6M for corporate sponsorship of nationals in sporting activities, culture, arts, culture, audiovisual production, the local fashion industry.
* To amend Corporative Societies Act to increase the limit of $5,000 to transfer of shares to another person on death of a member, to $50,000.
* Increase wages of CEPEP workers by 15% and increase fees paid to CEPEP workers by 15% from December 1, 2019.
* Increase wages of URP workers by 15% from December 1, 2019.
* Daily-paid workers in Public Service be eligible for minimum Public Service pension of $3,500/month. This will be a contributory pension plan. It will take effect in 2020.
* Ban importation of styrofoam in the food industry and to terminate use of plastic water bottles in government offices from January 1, 2020.
* Removal of all taxes and duties on all inputs for farmers. Farming to become a tax-free industry.
* $3 billion in interestbearing government bonds to registered VAT businesses to meet their VAT arrears. Tenure of 5 years and interest of 1.5% per annum.
CEPEP Coastal Clean Up at Carat Shed Beach
* New operator for the Magdelena Grand in Tobago. Hotel to be rebranded under the new operator.
* 25 buses will be on roads by December 2019 powered by CNG.
* T&T Revenue Authority will become operational in fiscal 2020.