Finance Minister, Colm Imbert says that billions of dollars are being held up in the Tax Appeal Board.
Speaking to members of the media Friday morning, Minister Imbert expressed his hope that the three-month tax amnesty, starting from mid-June, would push persons to withdraw their matters from the Tax Appeal Board and pay their taxes.
The Minister explained that the government wants a clean slate when the Trinidad and Tobago Revenue Authority (TTRA) comes on board hence, its decision to implement a tax amnesty.
The fate of T&T’s continued economic growth could be partially hinged on the success of BPTT and Atlantic finding a solution to the shortfall in gas supply that is projected in 2020/2021, as failure could hurt the country’s revenue stream.
Asked about the worst-case scenario following BPTT’s recent disappointing drilling at two infill wells yesterday, Energy Chamber CEO Dr Thackwray Driver told Guardian Media that it could lead to Atlantic’s Train 1 being mothballed.
President of the T&T Automotive Dealers Association Visham Babwah says increased vehicle sales is not an indication of a robust economy but highlights the failures of public transportation.
He was responding to statements from Minister of Finance Colm Imbert that vehicle sales were averaging over 25,000 per year and the total number of vehicles registered in T&T was well over the one million mark.
Economist Dr Ronald Ramkissoon says from a short-term perspective, Finance Minister Colm Imbert did a fair job with the country’s economy. He, however, noted that for citizens to experience the benefits from any economic growth more needs to be done.
“To the extent that there is growth – it is positive and I think we have to recognise that. Unless we come up with the strategy to grow by upwards of three, four per cent – some would say five per cent – we not going to make any fundamental change to the lives of people.”
The economy has gone from being on life support to totally dead under the People’s National Movement.
This was how Opposition Leader Kamla Persad-Bissessar summed up Finance Minister Colm Imbert’s presentation on the Mid-Year Budget Review yesterday in Parliament, adding he did not put forward any policy or plans in place for the country’s real development.
There are over one million cars on the roads of Trinidad and Tobago and that's increasing by over 2,000 every single month.
This was among the revelations of Finance Minister Colm Imbert, as he sought to show how the economy of Trinidad and Tobago has been progressing.
"Vehicle sales continue to charge along at an average rate of over 25,000 new registrations per year, with the total number of vehicles now well over the one million mark," Minister Imbert said.
The population of Trinidad and Tobago is 1.3 million.
Within a matter of hours Finance Minister Colm Imbert will take to his feet and present his 2018/2019 mid-year budget review and it is unlikely that there will be any demons or tightening of belt in the presentation.
In fact, based on all that the minister has said and done recently it is fairly reasonable to expected an expansionary approach when he delivers his speech this afternoon.