On the 13th May 2019 the Minister of Finance of Trinidad and Tobago, Colm Imbert, presented his 2019 Mid-Year Budget Review. In this third blog entry we complete our analysis of the main contents of that presentation and the implications of the review for the citizens of Trinidad and Tobago.
A supplemental expenditure request was made for an additional TT$1.839 billion to cover 18 key areas. Those areas are:
The newly formed Office of Procurement Regulation (OPR) is nearly fully staffed and the software it will use is currently being installed. The software will allow for the establishment of a comprehensive database relating to all areas of procurement. The Procurement Depository is expected to be accessible within the next three months.
A revised version of the Procurement Regulations has received public comment and would be submitted to the Ministry of Finance and the Procurement Regulator shortly.
The new Procurement Regulations are expected to be in place within 9 months.
The Minister highlighted a number of factors to support the administrations contention that they have stabilised the economy and Trinidad and Tobago is on the road to economic recovery.
Those factors included:
Whether citizens agree with the government’s contention that things are “getting better” will ultimately only be tested and fully known at the next election.
In light of the intention to shortly establish the new Revenue Authority to replace the Board of Inland Revenue (BIR) and the need to allow that entity and taxpayers to start with a clean slate, a three-month tax amnesty will commence in mid-June 2019. This amnesty will extend to all forms of taxation and appropriate legislation to give effect to the amnesty will shortly be introduced into the House of Representatives.
The Minister warned that taxpayers should take advantage of the amnesty if they are in arrears with filings because once the new Revenue Authority takes over from the BIR further amnesties are unlikely.
What are you most hopeful about for the current and coming fiscal years? Do you see any opportunities you plan to leverage? Most importantly, are you ready to put your money to work? Madam. Sir. It is time for you to contact us. 628-1175 or firstname.lastname@example.org.
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