Wednesday 13 November, 2019

5 things T&T Chamber wants government to address in budget

The Trinidad and Tobago Chamber of Industry and Commerce is calling on government to address several areas in the upcoming 2018/2019 budget presentation on Monday.

The President of the T&T Chamber Ronald Hinds has outlined several of these areas including the foreign exchange issue and stabilization of the economy.

 

Foreign exchange issue

The T&T Chamber of Industry and Commerce notes that there is a marginal improvement, stating that citizens have adjusted to a great extent. However, it says there is still a significant imbalance. The Chamber is therefore calling for active management of the exchange rate.

 

Stabilization of economy

The business group says government must deal with the drop in revenue especially in the energy sector and the foreign exchange issue. The T&T Chamber says this includes a combination of cutting expenditure and increasing revenue, to restore economic balance.

 

Initiatives to empower the private sector

The T&T Chamber of Industry and Commerce notes that the with the closure of Petrotrin’s refinery, the need for more jobs arises. The group says the economy needs to be producing more sustainable jobs. It notes that for this to occur, private businesses must be empowered.

 

Improvements in delivery of public services

The business group says it expects to see improvements in the transformation in the delivery of public services. It says this is significant for both business and the public, as it can result in improvements in the crime situation and improvements in healthcare.

 

Better revenue collection

The T&T Chamber of Industry and Commerce says it hopes to see initiatives in the budget to encourage improvement in revenue collection. It says it supports the Revenue Authority has it sees it as a step in the right direction to ensure proper revenue collection.

 

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