Trinidad & Tobago Budget Presentation 2020: Highlights October 7th 2019

[sMASH]

and apart from that, the business owner not getting the option to take the VAT rebate in cash. their monies are being appropriated into the bonds, whether they like it or not.
that is how they gangster the people money.

unless ur business generates 1.4% profit margin, that is a bogus deal.

[paid_influencer]

Wait Wait there are ppl actually agreeing and SUPPORTING the proposed VAT refund structure. It is seriously the dumbest idea I have ever heard.

Firstly, they offering 1.5% per annum rate on returns. The risk-free rate for 5-year bonds TT DENOMINATED is 3.56%, inflation annual is on average 2.0% per annum so the real rate is NEGATIVE 0.5%. Business owners losing purchasing power.

The bank deposit rate is 0.2% CONVERTED TO EAR is slightly above 2.4% per annum so you as a business owner getting more at the bank.

Secondly, in the VAT ACT, they state that arrears accumulate at a rate of 1% per cent PER MONTH AFTER A 6 MONTH PERIOD ( I have to check again to make sure). Convert that to an annual rate it is slightly above 12% per annum.

They effectively borrowing from business owners at 0% PER CENT. A cheap source of financing. You can sell it through factor invoicing but the bond will MOST DEF sell at below PAR VALUE.

If the VAT story is not on the front page, tomorrow you know who the media is working for.

That VAT bond is a major blow. Businesses that have been compliant, paying into VAT, are now having their funds taken away for 5 years.

[ProtonPowder]

i was expecting the PNM gollums to be gasping and frothing for not having the property tax instituted.

was leaving out the property tax a good ting or a bad ting? budget day light bulb crew, speak out!!

I was telling tuner it wont happen before election for the last 18 months.

It not going forward for 2 reasons:
1) Colm is correct in saying that only 15% of the properties have been assessed, even 15% is a damn stretch, is really closer to 11%.
2) Property tax wins and loses elections in TnT and he knows not to implement it even if it legally could have.

[matr1x]

This was the budget for shaq and shaniqua

[randolphinshan]

This was the budget for shaq and shaniqua

Shaniqua how u come up with the user name Matrix girl ?

[sMASH]

randolph is most upset that the property tax isnt onstream. gonna pound the pavement tomorrow to demand its roll out.

[pugboy]

So the big casinos get away for a fifth year running
Imps really fraid to tax their real earnings

[The_Honourable]

i was expecting the PNM gollums to be gasping and frothing for not having the property tax instituted.

was leaving out the property tax a good ting or a bad ting? budget day light bulb crew, speak out!!

I was telling tuner it wont happen before election for the last 18 months.

It not going forward for 2 reasons:
1) Colm is correct in saying that only 15% of the properties have been assessed, even 15% is a damn stretch, is really closer to 11%.
2) Property tax wins and loses elections in TnT and he knows not to implement it even if it legally could have.

You were right. Another person who i know at the Inland Revenue Division stated the same thing that this tax was not going to be implemented before 2020 and they FAR behind on assessments.

[eliteauto]

BUDGET HIGHLIGHTS

* No more need for life certificates to be presented by pensioners to Treasury.

* 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. 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 interest-bearing government bonds to registered VAT businesses to meet their VAT arrears. Tenure of 5 years and interest of 1.5% per annum.

* 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.

* Point Fortin highway scheduled to be completed at the end of 2020.

* Curepe Interchange to be commissioned by March 2020.

* New license plates for more security and to prevent fraud.

* Parking meters in Port-of-Spain and San Fernando.

* Traffic tickets to be paid through TTPost, freeing up the courts from the burden of ticket fines.

* Two new state-of-the-art fast ferries in 2020.

* Restoration of President's House is nearing completion and will soon be occupied by the president.

* Heritage Petroleum Limited already profitable. Revenue of $3.287B in first three quarters resulting in net profit of $543.5M.

* bpTT made payment of $1B in 2019 and Shell US$282M or $1.9B as settlement of arrears and legacy payments.

* Replacement of all incandescent bulbs to more energy-efficient ones to households free of charge across Trinidad and Tobago - 400,000.

* 6,000 new houses by December 2020 and 3,000 per annum thereafter.

* New housing loan initiative where low-interest loans will be made available with Govt guarantees up to $300,000 to people who want to build their own homes.

* New Sangre Grande hospital due in November 2021.

* $60M Roxborough hospital with commissioning scheduled for 2021.

* Daycare centres to cater for children under three years old for female-headed households who meet necessary criteria.

* Homeless females displaced by conflict, violent crimes etc - proposed centres to be established by the HDC with support of the business community in specific geographical areas, to provide temporary relief to women who are homeless.

* 200 tablets for police vehicles for immediate referencing of traffic offenders, 50 dashboard cameras, 300 body cameras, surveillance drones, polygraph equipment & drug-testing equipment for police officers.

* Approval to THA to utilise bond financing up to $300M to finance critical projects based on credit-worthiness of THA.

[De Dragon]

So the big casinos get away for a fifth year running
Imps really fraid to tax their real earnings

Afraid, or getting "donations" to hush he kant?

[zoom rader]

A well presented, splendid budget by our finance minister as always. T&T on the correct road to recovery from 2010-2015.

Truer words have not been typed. Well done Colm and the PNM. After saving us from bankruptcy during the 2010-2015 bandit regime Colm has worked another miracle.Tax free agriculture, increased minimum wage, more money for OJT like dedragon and Zoom, no new taxes, modernizing of the police service, new hospitals soon and the list goes on

You two beat back dumb and dumber

[zoom rader]

BUDGET HIGHLIGHTS

* No more need for life certificates to be presented by pensioners to Treasury.

* 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. 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 interest-bearing government bonds to registered VAT businesses to meet their VAT arrears. Tenure of 5 years and interest of 1.5% per annum.

* 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.

* Point Fortin highway scheduled to be completed at the end of 2020.

* Curepe Interchange to be commissioned by March 2020.

* New license plates for more security and to prevent fraud.

* Parking meters in Port-of-Spain and San Fernando.

* Traffic tickets to be paid through TTPost, freeing up the courts from the burden of ticket fines.

* Two new state-of-the-art fast ferries in 2020.

* Restoration of President's House is nearing completion and will soon be occupied by the president.

* Heritage Petroleum Limited already profitable. Revenue of $3.287B in first three quarters resulting in net profit of $543.5M.

* bpTT made payment of $1B in 2019 and Shell US$282M or $1.9B as settlement of arrears and legacy payments.

* Replacement of all incandescent bulbs to more energy-efficient ones to households free of charge across Trinidad and Tobago - 400,000.

* 6,000 new houses by December 2020 and 3,000 per annum thereafter.

* New housing loan initiative where low-interest loans will be made available with Govt guarantees up to $300,000 to people who want to build their own homes.

* New Sangre Grande hospital due in November 2021.

* $60M Roxborough hospital with commissioning scheduled for 2021.

* Daycare centres to cater for children under three years old for female-headed households who meet necessary criteria.

* Homeless females displaced by conflict, violent crimes etc - proposed centres to be established by the HDC with support of the business community in specific geographical areas, to provide temporary relief to women who are homeless.

* 200 tablets for police vehicles for immediate referencing of traffic offenders, 50 dashboard cameras, 300 body cameras, surveillance drones, polygraph equipment & drug-testing equipment for police officers.

* Approval to THA to utilise bond financing up to $300M to finance critical projects based on credit-worthiness of THA.

No neee to repost, your PNM crew will steal another elections with the many stupid people that vote for them.

Create doom and gloom and bam PNM saves the day with a fake recession.

[redmanjp]

So the tax on LED bulbs comes back in 5 years?

[screwbash]

So the tax on LED bulbs comes back in 5 years?

so ah still hadda buy d fixture for the led bulps? or when ah replace meh incadecent bulp the led bulp go wuk in the dame fixture ?

[adnj]

So the tax on LED bulbs comes back in 5 years?

so ah still hadda buy d fixture for the led bulps? or when ah replace meh incadecent bulp the led bulp go wuk in the dame fixture ?

I have no idea what will be handed out but dimmable LED medium base bulbs are widely available in Trinidad currently.

[IMG]https://images.homedepot-static.com/productImages/bc4c61fc-b2d4-49cb-869a-5c2d203060ee/svn/cree-led-bulbs-ta21-16027mdfh25-12de26-1-11-64_1000.jpg
[/IMG]

[De Dragon]

A well presented, splendid budget by our finance minister as always. T&T on the correct road to recovery from 2010-2015.

Truer words have not been typed. Well done Colm and the PNM. After saving us from bankruptcy during the 2010-2015 bandit regime Colm has worked another miracle.Tax free agriculture, increased minimum wage, more money for OJT like dedragon and Zoom, no new taxes, modernizing of the police service, new hospitals soon and the list goes on

You two beat back dumb and dumber

Naw, dem is the local version, dotish, and dotisher............

[shake d livin wake d dead]

Bigger picture is who getting the contract to supply the bulbs

[nemisis]

Available yes but ot exactly cheap either

So the tax on LED bulbs comes back in 5 years?

so ah still hadda buy d fixture for the led bulps? or when ah replace meh incadecent bulp the led bulp go wuk in the dame fixture ?

I have no idea what will be handed out but dimmable LED medium base bulbs are widely available in Trinidad currently.

[IMG]https://images.homedepot-static.com/productImages/bc4c61fc-b2d4-49cb-869a-5c2d203060ee/svn/cree-led-bulbs-ta21-16027mdfh25-12de26-1-11-64_1000.jpg
[/IMG]

[sMASH]

So the tax on LED bulbs comes back in 5 years?

eat bulb now!!!

[Slartibartfast]

I always wondered, what do countries without deposits of oil base their budget on?

Agriculture my friend

Hmmmm, remind me, what sector got the lowest budget allocation this year again?

[Syberfraggle]

Bigger picture is who getting the contract to supply the bulbs

Trademarking it now.. BulbGate.

[AlliDr]

"The government will also continue to distribute energy saving light bulbs throughout the country. Maduro noted that the government has replaced nearly 56 million light bulbs in the last three years and three million since September 2015."

https://venezuelanalysis.com/news/11920

[aaron17]

"The government will also continue to distribute energy saving light bulbs throughout the country. Maduro noted that the government has replaced nearly 56 million light bulbs in the last three years and three million since September 2015."

https://venezuelanalysis.com/news/11920

Oh we heading in that direction.

[rspann]

Yaaaaaaaay!


Lightbulbs.

[adnj]

A 60 watt incandescent bulb is ~$8. The equivalent CFL (14w) is ~$13. The equivalent LED (10w) is ~$16.

The lifetime of an LED bulb is 5 times the life of CFL and 60 times the life of incandescent. LED bulbs will survive drops and impacts where the other bulbs will shatter.

When compared to incandescent, an LED bulb will pay for itself in less two years.

Available yes but ot exactly cheap either

So the tax on LED bulbs comes back in 5 years?

so ah still hadda buy d fixture for the led bulps? or when ah replace meh incadecent bulp the led bulp go wuk in the dame fixture ?

I have no idea what will be handed out but dimmable LED medium base bulbs are widely available in Trinidad currently.

[IMG]https://images.homedepot-static.com/productImages/bc4c61fc-b2d4-49cb-869a-5c2d203060ee/svn/cree-led-bulbs-ta21-16027mdfh25-12de26-1-11-64_1000.jpg
[/IMG]

[Redman]

Wait Wait there are ppl actually agreeing and SUPPORTING the proposed VAT refund structure. It is seriously the dumbest idea I have ever heard.

Firstly, they offering 1.5% per annum rate on returns. The risk-free rate for 5-year bonds TT DENOMINATED is 3.56%, inflation annual is on average 2.0% per annum so the real rate is NEGATIVE 0.5%. Business owners losing purchasing power.

The bank deposit rate is 0.2% CONVERTED TO EAR is slightly above 2.4% per annum so you as a business owner getting more at the bank.

Secondly, in the VAT ACT, they state that arrears accumulate at a rate of 1% per cent PER MONTH AFTER A 6 MONTH PERIOD ( I have to check again to make sure). Convert that to an annual rate it is slightly above 12% per annum.

They effectively borrowing from business owners at 0% PER CENT. A cheap source of financing. You can sell it through factor invoicing but the bond will MOST DEF sell at below PAR VALUE.

If the VAT story is not on the front page, tomorrow you know who the media is working for.

That VAT bond is a major blow. Businesses that have been compliant, paying into VAT, are now having their funds taken away for 5 years.

We have a shortage of instrument s to absorb the liquidity in the system.

Business will get par value and then would have to make a decision...hold sell or leverage.

Immediately the business will have an instrument that is at or close to the value of outstanding refunds.

That's my understanding.

Can you explain how you arrive at 'compliant business are now having their funds taken away for 5 years?

[maj. tom]

Are the old incandescent bulbs gone from stores as well? I know USA outlawed the manufacture and sale of common household incandescent (and other) bulbs that are not energy-efficient since 2007.

This is a good starter move. But we also need greener energy production in the future. Solar, wind, water dams, etc. must be put on the discussion table to face the challenges of Global Warming. And since we're developing so much new infrastructure like the Toco Port and modern equipped hospitals, we need to secure a greener energy supply. The move on Styrofoam and single-use plastic bottles is also good, but a mere token move because no discussion on recycling was put forth.

[teems1]

free water tank might be better than bulbs

I see the longterm strategy here.
Electricity is heavily subsidized.
Get everyone to switch to LED bulbs one year, then a couple years down the road, start adjusting the subsidy. First adjustment will bring the rate back up to your normal bill. Then small increases thereafter.

Imbert eh chupid inno.
That's a smart move.

Trinidad generates around 1100 megawatts. Of that around 900 goes to industry. Now that Mittal is closed I’m now sure if that value changed.

Either way the population who utilizes electricity for domestic use is a small fraction of the total generated.

[Ben_spanna]

Agriculture: All taxes and duties removed on all inputs for registered farmers. No taxes for registered farmers.

VAT - $4.5 billion in VAT arrears to be paid by gov't. $3 billion in gov't bonds to be offered to those who are due VAT refunds. Bonds for 5 years and I missed the interest rate.

watch and see- all of a sudden Everyone and they f'king grandpappy bringing in Prado and LUXURY Suvs and claim its for going onto the Estate and working the farm.

[Seeker]

BUDGET HIGHLIGHTS

* No more need for life certificates to be presented by pensioners to Treasury.

* 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. 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 interest-bearing government bonds to registered VAT businesses to meet their VAT arrears. Tenure of 5 years and interest of 1.5% per annum.

* 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.

* Point Fortin highway scheduled to be completed at the end of 2020.

* Curepe Interchange to be commissioned by March 2020.

* New license plates for more security and to prevent fraud.

* Parking meters in Port-of-Spain and San Fernando.

* Traffic tickets to be paid through TTPost, freeing up the courts from the burden of ticket fines.

* Two new state-of-the-art fast ferries in 2020.

* Restoration of President's House is nearing completion and will soon be occupied by the president.

* Heritage Petroleum Limited already profitable. Revenue of $3.287B in first three quarters resulting in net profit of $543.5M.

* bpTT made payment of $1B in 2019 and Shell US$282M or $1.9B as settlement of arrears and legacy payments.

* Replacement of all incandescent bulbs to more energy-efficient ones to households free of charge across Trinidad and Tobago - 400,000.

* 6,000 new houses by December 2020 and 3,000 per annum thereafter.

* New housing loan initiative where low-interest loans will be made available with Govt guarantees up to $300,000 to people who want to build their own homes.

* New Sangre Grande hospital due in November 2021.

* $60M Roxborough hospital with commissioning scheduled for 2021.

* Daycare centres to cater for children under three years old for female-headed households who meet necessary criteria.

* Homeless females displaced by conflict, violent crimes etc - proposed centres to be established by the HDC with support of the business community in specific geographical areas, to provide temporary relief to women who are homeless.

* 200 tablets for police vehicles for immediate referencing of traffic offenders, 50 dashboard cameras, 300 body cameras, surveillance drones, polygraph equipment & drug-testing equipment for police officers.

* Approval to THA to utilise bond financing up to $300M to finance critical projects based on credit-worthiness of THA.

No neee to repost, your PNM crew will steal another elections with the many stupid people that vote for them.

Create doom and gloom and bam PNM saves the day with a fake recession.

Zoom, you are very correct. Its a shame that the masses so blind smh