Panel From Left to Right: Jason Roach (President of the SJBA), Conrad Enill (Panelist), Dr. Bhoendradatt Tewarie (Panelist), Abrahim Ali (Secretary). Via Zoom: Dr. Roger Hosein
“We commended the Government for their diversification plans, and look forward to implementation.”
SJBA RATES THE BUDGET 8 OUT OF 10
The San Juan Business Association Rates the 2022 Budget an 8 out of 10, and we hope what was communicated is implemented, as it is welcoming to all stakeholders. Things we liked from the budget are:
1. Board of Inland Revenue SME contribution deferral.
2. Accelerated VAT reimbursements.
3. Tax reduction for exporters, digital and tech players, and the construction sector.
4. New companies being taxed 50% of chargeable income.
5. Business loans access and interest absorption (300 Million).
6. Incentives for foreign investments.
7. Renewed efforts for export focus through the proposed merger on Invest TT and Export TT.
8. An online marketplace for arts and craft and cottage industries.
9. Agriculture and food security as well as zero-rating some imported basic food items and the development and restoration of access roads.
Post Budget: Message From Our President
October 4th, 2021
SAN JUAN BUSINESS ASSOCIATION – POST BUDGET FORUM – 2021
Great evening to all of our members and distinguished speakers. Members of Parliament: The Honorable Dr. Nyan Gadsby Dolly The Honorable Mr. Terrance Dyalsingh Mr. Saddam Hosein Mr. Adrian Leonce Speakers: Dr. Bhoendradatt Tewari Mr. Conrad Enil And Dr. Roger Hosein The Executive of SJBA Vice President – Ms Michele Campo Secretary – Mr. Abraham Ali Treasurer – Mr. Michael Maharaj, Members of the board of directors Members, members of the media, all stakeholders It is my pleasure, to welcome you SJBA annual POST BUDGET FORM 2021. Our initial understanding and articulation of the budget gave the Minister of Finance a score of 8 out of 10 for 2021. The budget was well received and comprehensive. It seemed to outline a fair perspective on diversification which we believe will be welcomed by all of the stakeholders in San Juan. I would also like to take this opportunity to know that we have stepped up our service coverage within San Juan by allocating directors to specific districts. We have also re-launched our San Juan Speaks initiative that will bolster the Association’s communication to its membership and all stakeholders. With that said, we are very eager to dive into some of the details from the budget; and this would be very insightful as we have a highly experienced and qualified panel. Gentlemen, please spear no detail in breaking the budget elements down. Just to note, we would like to gain an understanding of what it means for the everyday constituent of San Juan. We would also like to get a greater understanding of what it means for our business community at large, across varying industries. Particular attention must be paid to elements highlighted in the budget, especially the Minister of Finance projection to arrive at a balanced position by the end of 2023. The budget presented yesterday represented roughly a $9 Billion budget deficit. Special notes must be mentioned on some key points.
They include;
1. Government guaranteed loans to SMEs, with a moratorium of up to 7 years, with an application qualification of up to 7 years.
2. Board of Inland Revenue SME deferral.
3. Accelerated Vat reimbursements.
4. Tax reduction for exporters, digital and tech players, and the construction sector.
5. Tax on 50% of chargeable income for start-up SMEs.
6. Incentives for foreign direct investments.
7. Renewed efforts to bolster exports. focus through the proposed merger on Invest TT and Export TT.
8. An online marketplace for arts and craft and cottage industries.
9. Agriculture & Food Security with the zero-rating some imported basic food items. In addition the development and restoration of access roads up to the tune of 75 Million.
Some of the areas we would have liked to see greater allocations and clarity would have been:
1. A larger allocation for the Ministry of Agriculture, making considerations for acquiring plant, machinery, and equipment, and well as chemicals.
2. Greater emphasis could have also been paid to tourism that can be created across ministries to train persons in this market.
3. Clarification on Hybrid vehicles as it pertains to the removal of tax on electric vehicles. Does this include hybrids that use both electricity and gas? At this time, I would like to digress to our expert panelists for their take on what has been presented as well as any recommendations to be tabled to the government.
