Wednesday 11 December, 2019

TTCSI welcomes 2020 Budget incentives for export businesses

Government's prioritisation of the expansion of exports has found favour with the Trinidad and Tobago Coalition of Services Industries (TTCSI).

In a reaction to the 2020 Budget presented in the Parliament on Monday, the TTCSI said of the initiatives put forward it anticipates the measures directly impacting its membership. These include increased tax allowance for creative industries, removal of taxes and duties on inputs, and resources for registered farmers.

The TTCSI said it hopes to see additional details on these initiatives in the coming days.   

The organisation said it also expects to see more details on Government's proposed $3 billion in bonds for all eligible VAT registered businesses, to meet arrears to treat with the delays in accessing VAT refunds. 

Below is the full statement from the Trinidad and Tobago Coalition of Services Industries (TTCSI):

The Trinidad and Tobago Coalition of Services Industries was optimistic when Minister Colm Imbert began his presentation by stating his top priority for fiscal 2020 was the expansion of exports. 

Of particular interest to the TTCSI was the prioritization of MICE tourism as an area of focus for revenue generation. TTCSI has been in talks with officials about development of the MICE cluster in Trinidad and is confident that this sector has tremendous potential.   

A number of initiatives mentioned, including increased tax allowance for creative industries, removal of taxes and duties on inputs, and resources for registered farmers will directly impact the TTCSI’s growing membership and we look forward to additional details on these initiatives in the coming days.   

We welcome additional detail from the Minister of Finance with regards to the proposed three billion dollars of Interest Bearing-Government Bonds for all eligible VAT registered businesses, to meet arrears as the delays accessing VAT refunds has had an adverse impact on many local businesses, including the TTCSI. 

We acknowledge that the economic climate is very uncertain and that a fine line has to be walked between fiscal responsibility and the need for economic stimulus and social spending. However, we do recommend that clear timelines be set for a return to a balanced national budget.  

The TTCSI and its 47 member associations, representing more than 75% of the local services sector, stands ready to work with the Government on sustainable and inclusive plans for economic growth, national diversification and export development.

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