TTMA IN THE NEWS
Business groups praise VAT refunds
It was music to the ears of the business community when Finance Minister Colm Imbert announced that $1.6 billion of the Government’s additional expenditure will go to the payment of VAT refunds for the period April to September 2022. The announcement was made during the mid-year review by Imbert in the House of Representatives yesterday afternoon. The Trinidad and Tobago Chamber of Industry and Commerce in a statement yesterday said the chamber has been advocating for several years for the outstanding refunds to be paid to business owners. Read more here
NEWS
TTFA thanks Caribbean Airlines for support during pandemic
The Trinidad and Tobago Football Association (TTFA) normalisation committee chairman Robert Hadad has thanked Caribbean Airlines for their continuous support and professionalism shown to the national teams throughout the pandemic. During the men’s team qualification campaign for the 2022 FIFA World Cup, between March and June 2021, the airline has been facilitating travel arrangements for the team, and offering its best group rates and other facilities, to ensure that the squad make it to their scheduled games. Read more here
Business owners call for deferral of property tax
Business owners say while they welcome the Government’s plan to make $1.6 billion available for Value Added Tax (VAT) refunds, they believe there should be a deferral of property tax this year, as many entrepreneurs are struggling to pay their bills. Speaking to Guardian Media shortly after Finance Minister Colm Imbert presented the Mid-Year Budget Review in Parliament on Monday, Greater San Fernando Chamber of Industry and Commerce president Kiran Singh said the reimbursement of VAT refunds was welcome news. However, he said issues of inflation, the rising cost of living and a deferral of property tax should have been addressed. Read more here
POLITICS
Persad-Bissessar: PNM using 'spreadsheet economics' to manage finances
Opposition Leader Kamla Persad-Bissessar dismissed the "good news" presented by Finance Minister Colm Imbert about the economy's improved performance from 2021 to the early part of this year. She did so when she contributed to debate in the House of Representatives to debate a motion to approve its Standing Finance Committee's Report and the Finance (Supplementation and Variation of Appropriation) (Financial Year 2022) Bill, 2022 on Monday. Read more here
Minister: Govt to use surplus income for budget deficit, social programmes
Finance Minister Colm Imbert said yesterday that in the 2022 budget, the Government had initially projected a fiscal deficit of an overall $9.095 billion. He said for the period October 1, 2021, to March 1, 2022, an overall deficit of $4. 754 billion was projected but instead, the Government recorded a surplus. In fact, the increased global energy prices mean the Government will be making a significant deposit into the Heritage and Stabilisation Fund. He said the Government also reduced the overdraft level to 50 per cent, which Imbert said he “had not seen for years.” Read more here
BUSINESS
Sabga: ANSA McAL Group’s financial position is strong
The ANSA McAL group of companies recorded revenue of $1.445 billion for the three months ended March 31, 2022. This was an increase of $42 million or three per cent compared to the same period last year. “With the lifting of restrictions in all markets and the return to pre-pandemic activities, most of the group’s substantive operations are doing well,” the group’s executive chairman A Norman Sabga stated. “Revenue in our beverage sector is trending toward pre-pandemic levels and our manufacturing, construction and distribution businesses are all exhibiting positive performance,” Sabga stated. Read more here
Preferred bidder for refinery selected
A preferred bidder for the Guaracara refinery has been selected, Prime Minister Dr Keith Rowley revealed yesterday during Prime Minister’s question time in Parliament. Responding to a question from Opposition Member of Parliament, David Lee, which drew reference to the recent statement of Energy Minister Stuart Young that the four bidders had been given until April to submit revised proposals, the Prime Minister said: “Further proposals from the bidders were received and evaluated. After evaluation, TPHL has identified a preferred bidder and is currently pursuing discussions with this equity. The process is ongoing.” Read more here
REGIONAL
Gov’t to distribute $1B in fertilisers to farmers
The government will be purchasing and distributing, free of cost, $1 billion in fertilisers to farmers all across Guyana as a means of absorbing the rising global costs for the commodity and to prevent the costs being passed on to consumers at the market. The $1 billion will be drawn from the $5 billion the government had set aside in the 2022 national budget to implement measures to ease the cost of living to citizens, which is caused by the external economic shocks from the COVID-19 pandemic and the war between Russia and Ukraine. This latest government welfare measure was one of four announced by President, Dr Irfaan Ali, on Monday in a video message aired on his official Facebook page. Read more here
INTERNATIONAL
Turkey threatens to block Finland and Sweden Nato bids
Turkey's president has restated his opposition to Finland and Sweden joining Nato - just hours after they said they would seek membership. Recep Tayyip Erdogan said the two Nordic nations should not bother sending delegations to convince Turkey, a key Nato member, of their bids. He is angered by what he sees as their willingness to host Kurdish militants. Without the support of all Nato members, Sweden and Finland cannot join the military alliance. On Monday, Sweden said Europe was living in a dangerous new reality, referring to Russia's invasion of Ukraine. Read more here
17th May 2022