THE American Chamber of Commerce Trinidad and Tobago (AMCHAM T&T) is optimistic about the 2020/2021 Budget read by Finance Minister Colm Imbert on Monday.
In a release issued, AMCHAM T&T stated, “Overall, we are optimistic that the budget statement outlines some initiatives that could set the platform for future growth.”
The organisation acknowledged Government’s efforts towards digital transformation and e-payment.
AMCHAM T&T stated, “We applaud the government’s efforts towards their commitment to digital transformation of the economy. The specific commitment to an e-payment gateway for government services, national e-identity and unique national identification number and the use of virtual courts can all be transformative for both individuals and businesses in all sectors.
“We trust that the Minister of Public Administration and Digital Transformation will give specific timelines for implementation, inclusive of appropriate and meaningful consultation with stakeholders.”
It is hoping that as a result Trinidad and Tobago will experience greater ease of doing business.
“We are keen to see both parties in the Parliament work together to pass legislation enabling more efficient tax collection, the full operationalisation of the public procurement legislation and overall improvement in the ease of doing business,” the business group stated.
AMCHAM T&T stated that once measures were implemented, there will likely be a boost of confidence that will stimulate private sector investment in the future and will generate jobs and create additional revenue for the country.
However, AMCHAM T&T is concerned about the Minister’s revenue projections.
“We only managed to raise $32.5 billion in fiscal 2020 and we are still being affected by the Covid-19 pandemic.
“Admittedly, without access to all of the information that the Minister used to calculate his revenue projection, we are somewhat worried that this target is overly ambitious and may force the government to undertake further borrowing or mid-year cuts that could undermine the attempts at modernisation.”