2012 Budget

shake d livin wake d dead · Postby **shake d livin wake d dead** » October 13th, 2011, 7:40 am

IMO, there was not much of a change in this budget from the last,also the most important sector which should be given top priority was at the bottom of the list (agriculture) and next 2-3 wks and coming closer to xmas,you will hear people bawling oh,the food prices high,steupse.

TriP · Postby **TriP** » October 13th, 2011, 7:34 pm

Pandey says:"the language of the budget was very vague,it was badly delivered,the minister of finance spoke as though he was in the opposition...if u look at the language of the budget...it keep saying what ought to be done...what he should be saying what will be done"

:lol:

Dizzy28 · Postby **Dizzy28** » October 14th, 2011, 10:04 am

Rowley's reply starting now. Coming on radio for those that interested.

Dizzy28 · Postby **Dizzy28** » October 14th, 2011, 12:59 pm

Summary of Rowley's contribution thus far.

Keith Rowley wrote:
Energy Sector

Rowley condemned the government's handling of the energy sector.

"NGC is one of the most profitable energy company in the3 Caribbean with revenue of 2.1b, 2.9b, and 3b in 2006, 2007, and 2008, respectively.

"T&T's Energy Model is one of the best and it is recognised internationally. Yet, where are we today?

Rowley added that T&T has lost out on billion of dollars in potential energy revenue due to the governments cancellation and abandonment of several energy projects, some with downstream potential. He identified the cancellation of the ALUTRINT as one such project and added that under this government the energy industry has gone into decline.

Payment to Contractors

Rowley said the Finance Minister erroneously stated that his government made a two billion dollar payment to contractors and later said it was a mistake when challenged by the opposition.

"There are many contractors with overdue certified claims to which payments are not forthcoming.

"The government is simply not paying its bills and then they wonder why the economy is in a decline."

Rowley addresses Land and Building Tax

He stated that the government inadvertently abolished the Land and Building Tax.

"The only issue with the Property Tax is what level it would be pitched at. This government promised to repeal the Property tax and revert to the Land and Building Tax at the old rates.

"It has been two years and no tax. The country has foregone half-a-billion of desperately needed revenue. They have placed themselves in political corner.

"Mr Speaker, critising the tax is one thing, demonising the principle is another.

IMF Warning

"The IMF stated that the world economy has entered a dangerous phase. The Minister acknowledged the warning but failed to heed it by running another deficit budget.

"Where is the Minister of Finance taking us?

"Last year the budget theme was stabilisation, this year - transformation, next year I predict it will be trepidation."

Rowley critises Dookeran

Rowley was critical of the efforts of Finance Minister Winston Dookeran.

"The Minister of Finance did not stabilised anything, he met it stable in May 2010. He has turned the economy around from growth to recession. The government has failed."

He added that the government ingeniously took credit for the country's credit rating but evidence would show that the country always had a good A- rating by Standard and Poors before they came into office, and that rating eventually was upgraded to AAA, which was something they inherited.

The Opposition Leader said that when the government came into office Trinidad and Tobago's macroeconomic indices were all strong. He listed the following statistics to support his argument:

Unemployment - 4.8% (the lowest in the Caribbean)
Foreign Reserves - US$ 9 billion
Heritage and Stabilisation Fund - US$ 3 billion
Public Debt to GDP - 38.5% (way below its critical point and the one of the lowest in the world.

Rowley said that the Government delivered the largest budget ($54 billion) in the country's history but did not state how they intend to deal with the deficit ($7.6b).

Dizzy28 · Postby **Dizzy28** » October 19th, 2011, 8:48 am

The budget was passed in the Lower House, with 29 for and all 12 Opposition MPs against.

pioneer · Postby **pioneer** » February 16th, 2012, 8:02 pm

So i thought NIS payments were supposed to go up to $3000 this month?

It hasn't.

What's happening?

gt4tified · Postby **gt4tified** » February 17th, 2012, 12:16 am

pios, the Finance Bill was passed in the Senate with amendments. The House therefore has to consider these amendments tomorrow and if agreed to, the Bill will then be passed, and thenceforth the Act should be proclaimed sometime over the weekend; all resulting changes will take effect upon Presidential proclamation.