The San Juan Business Association (SJBA) has described the 2022 Budget as “good” and issued a score rating of eight out of ten noting it was very comprehensive and detailed.
In a release on Monday, SJBA said, “The budget outlined good details on diversification which are welcoming to all stakeholders in the country and we believe that it will be well received by the business community and citizens as a whole.”
The association outlined some key points:
- Board of Inland Revenue SME contribution deferral;
- Accelerated Vat reimbursements;
- Tax reduction for exporters, digital and tech players, and the construction sector;
- New companies being taxed 50% of chargeable income;
- Business loans access and interest absorption;
- Incentives for foreign investments;
- Renewed efforts for export focus through the proposed merger on Invest TT and Export TT;
- An online marketplace for arts and craft and cottage industries; and
- Agriculture & food security as well as zero rating some imported basic food items and the development and restoration of access roads.
SJBA stated, “We would have liked to see a bigger part of the national budget allocated to agriculture, as $1.29 billion was allocated, however this may not be enough to cover plant, equipment and chemicals. More emphasis could have been paid to animal husbandry (sheep, beef, and goat) to boost food security.”
The association added, “We also wanted to see a little more focus and detail on sports tourism and tourism as a whole. For instance, how are we going to create a common strategy and execute on a united front with strategy implementation from various state agencies?”
