Friday 3 April, 2020

Budget 2020: No more arrivals forms, airport allowance increased

Trinbagonians will no longer have to worry about filling out arrival forms on re-entry to the country.

Speaking during the 2020 National Budget presentation, Finance Minister Colm Imbert added that the personal allowance for returning citizens would be increased from $3,000 to $5,000.

"In an effort to keep up with international best practice and the ever-changing world of technology, I propose to eliminate arrival forms at our airports. The new system will rely on advance passenger information using machine-readable passports and other appropriate technology. This initiative will significantly reduce the lengthy lines at our airports as it is aimed to improve the efficiency of Immigration and Customs. This new policy will take effect in 2020."

"I propose to increase the value of personal goods that can be imported without incurring customs duties from $3,000 which was set in 2005 to $5,000. This measure will take effect from January 1, 2020," he said. 

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Here's an overview of the 2020 Budget Presentation:

1. Total Revenue $47.749 B (Based on US $60 per barrel, $3 MMBTU Oil Price), total expenditure of $53.036 billion.

2. Minimum wage increased from $15 to $17.50; URP, CEPEP workers and contractors to receive 15% increase.

3. No taxes on agricultural supplies/processing costs.

4. Projected oil revenue of $11.004 B, non-oil revenue: $35.795 B, capital Revenue: $0.95 B.

5. THA to receive overall allocation of $2.283 billion, $300M financing from government for local projects in historic first.

6. Tax removal on LED bulbs, 100% tax removal on solar water heating equipment.

7. Ban on styrofoam food containers from January 1, 2019 (removal of plastic water bottles in government buildings).

8. OJT stipends increased by 10 percent, number of OJT workers increased to 8,000

9. Tax allowance for creative industry increased from from $3.0 million to $6.0 million.

10. Pension for eligible daily paid workers at minimum of $3,500. 

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