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Thursday 13 August, 2020

TTMA’s budget wish list: Remove VAT from imported raw materials

The Trinidad and Tobago Manufacturers’ Association (TTMA) has signaled to the Government, through its budget recommendations for 2018/19, the need for the expansion and growth of non-energy manufacturing sector as a priority area for moving T&T forward.

In a statement on Wednesday, the Association President said the TTMA has listened to the concerns of its members and have shortlisted and prioritized the areas it believes that can have the most gains for manufacturing to grow.

“Manufacturers must be able to become more competitive in order to compete on the global scale and grow exports, this takes an environment of productivity which is greatly impacted by government and labour,” the Trinidad and Tobago’s Manufacturer’s Association said.

In the first instance, the TTMA is calling for the removal of VAT on imported raw materials.

The Association said the VAT payment issue must be addressed as a matter of priority.

It says not only the outstanding payment needs to be addressed, but measures to be put in place that would prevent the build-up of VAT refunds to manufacturers.

"The TTMA has made recommendations to the Government in this regard, namely, removal of Vat on imported raw material for manufacturing and recognition of the VAT debt to start.”

The Association also requested in its submission to the Government that with regard to Property Tax, that consideration should be given to remove discussions on the introduction of such a tax on plant and machinery.




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