MINISTER of Finance Colm Imbert announces a $59.7 billion 2024/2025 Budget.
In his tenth budget presentation on Monday in the Lower House, Imbert took five hours and 15 minutes to deliver it.
The House adjourned to Friday morning when Opposition Leader Kamla Persad-Bissessar will give her response.
Below are some of the measures announced by Imbert:
- The minimum wage stays at $20.20, but;
- Public Servants minimum wage increased to $22.50;
- Three bidders shortlisted for Pointe-a-Pierre refinery – a local consortium, a company from the US and one from Nigeria;
- Government to tender out for a five-star hotel in Bucco, Tobago;
- Magdalena to be sold or leased;
- Government to sell its stake in CLICO.
- 2,000 new cars for the Police Service over next three years;
- No increases in social grants;
- All sport equipment, except clothing, exempt from tax.
- Small and medium businesses owed VAT refunds will be paid cash by December 2024;
- Larger refunds will be subject to VAT bonds;
- Another deep water bid round before end of 2024;
- 100 road paving projects at an estimated cost of $210 million;
- E-passports and digital departure, arrival cards to be implemented;
- Immigration to introduce fingerprinting system;
- 12 new vessels for the Coast Guard by 2027;
- Electronic health records by 2025;
- Government to settle UWI arrears by 2025;
- E textbooks by 2025;
- Tax and NIS amnesty until December 31, 2024, before T&T Revenue Authority becomes fully operational;
- All taxes on equipment for electric vehicles will to be removed by January 2025.
- No increases in electricity or water rates;
- CAL to acquire more aircraft;
- More revenues from Atlantic LNG restructuring from October 1.
