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Tobago Business Chamber president Martin George. –

The Tobago Business Chamber has described the 2023 budget presentation as “bereft of ideas and innovation and shows no clear growth path for Tobago’s fiscal independence and long-term economic stability.”

On Monday, Finance Minister Colm Imbert delivered the budget in the Red House, Port of Spain, announcing that the Tobago House of Assembly (THA) will receive an allocation of $2.521 billion.

This, he said represents 4.3 per cent of the budget. Of that sum, Imbert said $194 million will be allocated for recurrent expenditure, $300 million for development and $9.2 million for CEPEP.

In a WhatsApp video sent to Newsday immediately after the budget, chairman Martin George expressed concern over the recurrent figure.

“We have continuously advocated that this is way too much of your budgetary allocation to be on recurrent expenditure. This represents 87.2 per cent of your budgetary allocation. Last year, it was 88 per cent.

“So these figures are way too high for this to be on recurrent expenditure.”

He said recurrent expenditure simply means spending money to stay afloat.

“This is not anything that you are building, any capital development or any infrastructural development or any capital-intensive programmes. No, this is simply money to stay afloat. You’re paying your expenses, your bills, your rents, your leases – you’re just spending money basically to stay in the same position.”

He said that does not represent the type of growth or development the chamber would like to see for the island.

He said also the chamber has not seen any indication of a comprehensive long-term plan for the island to begin its financial sustainability and economic independence, as well as the repeal of the Foreign Investment Act.

“We keep making the point that TT is in a foreign-exchange crisis. Why would the government not repeal this legislation, which is a direct block and bar to foreign investment in Tobago?

“We have several persons who have approached us and they wish to make huge investments in Tobago. but once they see the requirements of that Foreign Investment Act and all the red tape that is involved, they immediately abandon the idea and they go to the other islands, where it is much easier to make that investment.”

He said he would also have liked to see his suggestion implemented on the removal of VAT, making Tobago a VAT-free or duty-free zone.

“We keep making the point to the Minister of Finance. in the hope that one day, these suggestions would bear fruit.”

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File photo: Tobago Chamber of Industry and Commerce president Diane Hadad – Photo by David Reid

TOBAGO Chamber of Industry and Commerce president Diane Hadad has described as “neutral,” her feeling about the government’s decision to increase fares on the sea and air bridge, effective January 1, 2023.

Delivering the 2022-2023 fiscal package in the Parliament on Monday, Finance Minister Colm Imbert announced a $50 increase in airfare (one way) for passengers travelling between Trinidad and Tobago. The fare is currently $150.

Standard fares on the sea bridge also have been increased from $50 to $75 (one way) while those in premium class have moved from $100 to $150. People above age 60 who currently travel for free on the ferries will now have to pay $25.

Hadad said she has always felt that the $50 fare on the sea bridge was too low.

“And I agree with the 60-and-over people now having to pay. But I don’t know why they are still paying only $25. That should have never been done. They need to be paying the fare. I don’t understand what is that concession about. I never did,” she told Newsday.

Noting that airfare has gone from $150 to $200, Hadad wondered if the increase will result in greater efficiency.

“I would like to know what we would be getting differently for that. Is it that we are going to have constant on-time flights? Is it that the airline is going to be operating at full and more capacity so that the island can benefit from it? Or is it just a punitive measure because nothing has changed from the Tobago side.”

Hadad said if the increase in airfare is being regarded as a measure to ensure greater efficiency and consistency, then it is likely that many people may choose to vacation in Tobago as opposed to travelling overseas.

But she said the decision to increase the fares, particularly on the sea bridge, could bring hardship for Tobagonians who do business in Trinidad fairly regularly.

“There is still the element of the Tobagonian feeling the brunt of that having to come for goods and services on the island of Trinidad. That, to me, clearly would be for the people on the island to decide how much of that are they going to tolerate in terms of what is our administration going to say about that.”

Hadad said the budget was a rehash of things she had grown accustomed to hearing.

“He (Imbert) said so much to say so little. The budget is the same, cut-and-paste, report and repeat.”

For example, she noted $300 million has again been allocated for development initiatives, $18 million for URP and $9.2 million for CEPEP.

“So the more things change, the more that remain the same.”

Hadad also observed that Imbert accused the Opposition of hindering the passage of the ‘autonomy’ bills.

“There was blame on the Opposition for the bill not passing to give Tobago more autonomy. That is just an excuse. But the bill was not in its right form to allow for any proper management.”

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Cars lined up at the St Christopher’s Gas Station on Wrightson Road, Port of Spain on Monday. – Photo by Ayanna Kinsale

While the Trinidad and Tobago Chamber of Industry and Commerce described the 2022-2023 budget as an optimistic one, it expressed concern over the effect the increase in fuel prices would have on the economy.

It said it understood the need to limit the fuel subsidy, but was “concerned about the impact that this will have on inflation and the population at this time.”

The finance minister announced a cap in the fuel subsidy, which resulted in a $1-per-litre increase in the price of super and premium gasoline and a 50-cent increase in diesel. The new prices for fuel are now $7.75 a litre for premium gasoline, $6.97 a litre for super gasoline, and $4.41 a litre for diesel.

The chamber highlighted some positives coming out of the budget, including a reduction in the deficit from $9 billion in 2022 to $2 billion at the start of financial year 2023. The reduction came out of a windfall due to an increase in prices in petrochemicals and hydrocarbons because of the Russia-Ukraine war.

It also welcomed the investment in agriculture, but questioned what exactly would be done for the sector.

The chamber also lauded the government for reiterating its intention to support SMEs.

“This is critical for the growth of the economy, as MSMEs account for a major portion of the private sector and the chamber welcomes the new long-term loan guarantee programme.”

The chamber also said it looks forward to the full operationalisation of the TT Revenue Authority, saying it would allow for fair and efficient revenue collection.

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La presidenta del Colegio de Peritos Electricistas, Frances Berrios, dijo en el programa de Damaris Suárez de Radio Isla que dichos profesionales no están siendo considerados para restaurar el sistema eléctrico del País.

“Siguen llegando compañías externas y yo tengo peritos electricistas aquí, que también son celadores, que pueden cooperar en todo esto, no solamente con los municipios, también con las compañías que vienen”.

“Tienen que entender de que han hecho una inversión . Para entrar dentro de este registro de licitadores , tu tienes que tener licencias al día, certificaciones y cada uno de los equipos tiene que estar certificado. Sus empleados tienen que tener estas certificaciones de CPR, entre otras. Estamos hablando de que equipos de camiones, equipos de seguridad. Ellos tienen una inversión que han hecho, para estar dentro de ese registro”, concluyó.

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Finance Minister Colm Imbert with Energy Minister Stuart Young and Communications Minister Symon de Nobriga leave parliament after the budget reading on Monday. Photo by Sureash Cholai

On Monday, Finance Minister Colm Imbert read the 2023 budget in Parliament.

Here are some of the main takeaways:

Fuel prices to increase

NEW PRICES

Diesel – $4.41 per litre

Super – $6.97 per litre

Premium – $ 7.75 per litre

Kerosene – $4.41 per litre

No wage negotiations for public-sector workers 

Imbert said the proposed four per cent increase in wages recently offered to public sector workers is the best the government can do.

“The government stands ready to make good on our offer as soon as it is accepted.”

Airfare, ferry fares to increase

One-way flights to/from Tobago will cost $200

Senior citizens can no longer travel free on inter-island ferries and will pay $25 for a one-way ticket

Standard ferry tickets will now cost $50 one way and premium will now cost $150 one way

One-time transport grant

Given the increase in fuel prices, airfare and the inter-island ferry fares, all recipients of social grants will get a one-time transport grant of $1,000.

Personal income tax exemption limit increases

Those earning $7,500 or less a month will no longer have to pay income tax

20,000 healthcare workers to get extra $$

A total of $210 million will be distributed to over 20,000 healthcare workers.

Changes to GATE again

$50 million will be spent on expanding the GATE programme, as well as a structured remedial education programme to help students affected by covid19.

GATE will be available to students, in good standing, enrolled in institutions and accredited programmes if they have completed an initial programme of study including a diploma or associate degree or the N1 level at UWI, and wish to upgrade to a bachelor’s degree.

Technical vocational education and training (TVET) students who have already accessed GATE for lower level TVET qualifications will now qualify for GATE for level four and level five programmes that lead to an advanced diploma or bachelor’s degree.

HDC to benefit from loans, restructure further  

A total of $1.5 billion will be provided to allow the corporation to “refocus on its mandate to construct affordable housing.”

Imbert said $500 million will be used to complete stalled or existing projects, another $500 million to pay debts owed to contractors and suppliers, and $500 million for constructing new housing units.

The HDC will be split into three entities: TT HDC Construction Company, the TT HDC Facilities Management Company Ltd and the TT HDC Asset Management Company Ltd

Tobago gets more $$

Last year, Tobago was allocated $2.357 billion.

This year, it will receive $2.521 billion.

Government to assist reopening of tourism, creative sector

Government will reimburse innovators and entrepreneurs in the sectors with 50 per cent of their investment, up to a maximum of $50,000.

Government has invested $600 million in the hotel industry, with three new hotel brands that will add over 300 rooms to the stock: Comfort Inn and Suites at Orange Hill, Tobago, The Brix Hotel by Marriott and Radisson Blu in Port of Spain, which will open in the second quarter of 2023.

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