No tax increases for Trinidad & Tobago

Finance Minister Colm Imbert makes a point during his presentation of the 2018/2019 Budget in Parliament on Monday.

(TRINIDAD EXPRESS) The country can breathe a sigh of relief since Finance Minister Colm Imbert has assured that there will be no increases in taxes for the remainder of government’s term in office.

Imbert gave the assurance while speaking at the Trinidad and Tobago Chamber of Industry and Commerce’s post-budget forum.

He said no increases in taxes were announced in the 2019 budget despite advice from the IMF that taxes should be increased on alcohol and tobacco.

He said this decision was taken as increased tax on these items has not led to an increase in revenue for the government.

The Finance Minister said the government feels it has increased taxes to a stable level and no further increases will be made for the next two years.

This includes Income Tax, Corporation Tax, Value Added Tax etc.

However he noted that the price of super gasoline has been increased from $3.97 to $4.97 per litre as the government moves to reduce the fuel subsidy and redistribute revenue in other areas.

Imbert said he believes the public understands the measures announced in Monday’s budget presentation.

“I am quite pleased that the population has understood what we have done,” he said.

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