See New Measures in 2025 Budget

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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.

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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;
  • 5% wage increase offer to public servants;
  • 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. 

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