AMCHAM T&T Responds To National Budget 2022-2023 Presentation

MEDIA RELEASE
26/09/2022

It is clear that the Minister of Finance attempted to balance several considerations in the 2023 budget. We also think it prudent that an attempt is being made to contain expenditure. In our opinion, the budgeted gas price is reasonable in the current climate.

We welcome reductions in the tax rates designed to stimulate upstream oil and gas production. In addition, the reduction in taxes for FinTechs and the Financial Services hub are laudable initiatives. AMCHAM T&T looks forward to the operationalization of the SEZ legislation as a means of encouraging additional investment. We eagerly await the rollout of the Developers’ Hub and applaud the effort to develop software as a service for the Government sector. This software also has the potential to be exported and the Hub could incubate smaller technology companies. The identification of specific initiatives to support the transition to a cashless society and to remove the friction of transacting business with the Government are also likely to have a positive impact.

We are also anxious to see the results of the implementation of the restructuring of operations in the water and sewerage sector. Apprenticeships and vocational training as well as support for remediation in early high school life of students as we prepare our young people for the new economy are important and we support these measures.

AMCHAM T&T also welcomes the announcement that the National Statistical Institute legislation will be brought to Parliament and we encourage bi-partisan collaboration as accurate and timely data is necessary for effective planning for national development.

AMCHAM T&T is also pleased that the Government would be implementing feed-in tariffs and is moving towards implementing a renewable energy policy - we believe this would not only reduce demands for the scarce natural gas to generate electricity, but the renewable energy policy would assist us in reaching our Paris agreement targets. We would like to hear concrete timelines for these during the budget debate.

We are however disappointed by the lack of broad transformative initiatives. We expected the Minister to report on the outcomes of previous announcements and give clearer timelines for the implementation of new and repeated announcements such as the data interoperability framework, open data implementation and unique national identifier. We hope that there will be more specific announcements by line Ministers during the debate.

The outlook for increased production in the Energy sector in the short term is still uncertain. The stabilization of the economy remains precarious. Cross-cutting measures to improve the ease of doing business require further articulation. In particular, we are disappointed that there was no emphasis on Customs reform and digitization of the trade facilitation process.

AMCHAM T&T stands ready and able to collaborate with all stakeholders on matters of national development.

For further questions or comments please contact: 
Nirad Tewarie, CEO AMCHAM T&T at niradtewarie@amchamtt.com