economy

Growing call for anti-Budget protest outside Parliament on Friday

Citizens are being called to protest the measures announced in the 2018 budget presentation by Minister of Finance Colm Imbert.

A video making the rounds on Whatsapp, calls on people to gather in front of the Parliament building on Friday.

The video says citizens will gather to take a stand against the Budget measures, and highlights "extreme taxation, high tuition fees, high food prices and high gas prices".

The advertisement calls for patriotic and concerned citizens to "wake up" and says that "doing nothing is not an option."

Hike in fuel prices will save government $550 million

Monday’s cut in the fuel subsidy will see government saving $550 million.

This was revealed by Finance Minister Colm Imbert following the T&T Chamber of Industry and Commerce’s annual post-budget analysis meeting with the business community.

With the price of super gasoline moving from $3.58 to $3.97 per litre and diesel increasing from $2.30 to $3.41per litre at the pumps with immediate effect, Imbert was asked how much money government expected to save having steadily removed the subsidy over continuous budgets.

SWMCOL welcomes $20 tax on imported tyres

The Trinidad and Tobago Solid Waste Management Company Limited (SWMCOL) is welcoming Government's proposal to implement an environmental tax of $20 per tyre on all imported tyres to be put towards the cost of their proper disposal.

Some casinos announce decision to close down following Budget taxation measures

President of the Trinidad and Tobago Members Club Association (TTMCA), Sherry Persad has announced that some casinos have decided to immediately close their doors as a result of the new tax measures introduced in the 2018 Budget.

Persad said the decision came at a meeting held at 1pm today to discuss the measures.

They are also calling on the Opposition to withhold support for the Gambling Bill.

Persad issued the following statement after today's meeting:

ECA: Budget was fairly balanced

The Employers Consultative Association of Trinidad and Tobago (ECA) says its initial assessment of the Budget is that it is balanced.

The ECA is pleased with measures directed towards the strengthening of small businesses and measures to encourage more tripartite consultation.

The ECA issued the following reaction to the Budget presentation: 

Ramnarine: Minister's statements on energy sector taxes 'false and misleading'

Former Energy Minister Kevin Ramnarine says statements by Finance Minister Colm Imbert regarding the fiscal incentives of 2014 and the tax revenue from the energy sector are totally wrong and misleading.

Ramnarine says the minister’s statements and his tone will erode investor confidence in T&T’s energy sector.

The former People Partnership minister says claims that the previous administration is responsible for T&T not getting corporation tax from oil and gas companies for the next seven years are false.

Gaming Industry says tax increase is act of bad faith

The Trinidad and Tobago Members Club Association (TTMCA) is describing the increases in taxation in the sector as an act of bad faith.

The association says the government appears to have singled out the gaming industry as one of the few areas of the national economy to bear the burden of the nation’s economic challenges.

The group says in the last 18 months the gaming industry has suffered a tremendous down-turn and casinos have begun to reduce not only staff but also overall expenditure.

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