Friday 30 October, 2020

'VAT removal on tech will help companies', says WiPay CEO

WiPay CEO Aldwyn Wayne believes measures announced in the 2021 Budget are fantastic steps to creating and realising a digital economy.

At the American Chamber of Commerce’s (AMCHAM T&T) Post Budget Forum on Wednesday, Wayne commended the Government, saying he was heartened to see focus placed on technology.

He pointed to measures like the increase in the personal income allowance from $72,000 to $84,000 a year as beneficial to start-up tech companies. He said this would allow them to retain additional revenue or hire more staff.

Wayne also highlighted the removal of Value Added Tax (VAT) on technology items as one of the measures that would help these companies drive revenue.

“Those things are critical for the good of the space of every tech company or every online company or digital-focused company starts with a PC and starts with tools around computerisation. The focus of removing VAT on these items, it’s a good incentive.”

He said the focus on moving toward an e-identity and e-governance is also promising, adding that it’s a natural step when talking about the digital economy.

“If you’re consuming services online, you need to be identified online.”

He said this is a step in the right direction especially where ease of business is concerned.

Wayne said he’s highly encouraged and hopes to see these measures implemented as he believes this will assist in diversifying the economy.

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