Finance Minister Colm Imbert presented a $52.4 billion national budget for fiscal 2022 in the Parliament on Monday under the theme “Resilience in the Face of a Global Pandemic”.
Speaking for close to four hours, Imbert noted that the government was working to alleviate the woes caused by the pandemic as he urged members of the public to get vaccinated against COVID19.
Check out highlights from the 2022 budget below:
1. Utilities: Rebates on horizon for persons with electricity, water rates below $300
2. Property tax: Local gov’t to benefit from revenue stream
3. Trinidad and Tobago Revenue Authority: Gov’t pressing ahead with scrapping BIR, Customs
4. Agriculture: $300M stimulus package expected to boost farming industry
5. Tourism: Hotel sector to get 600 more rooms
6. Food prices: Food inflation to decline to pre-pandemic levels
7. International Monetary Fund: Gov’t rejects IMF austerity measures, will not seek loan
8. HDC: Restructuring expected next year, TTMF and Home Mortgage Bank to be merged
9. Taxation: 12.5% tax on oil, cereal, canned fish, curry etc from Nov 1 – list of basic food items underway to determine which foods can be exempt from import duty without affecting local manufacturers
10. Penalties for overweight trucks: Fines to raise from $750 to $8,000
The key figures are as follows:
Total revenue – $43.333 billion
Oil revenue – $12.614 billion
Non-oil revenge – $29.712 billion
Capital revenue – $1.006 billion
Total expenditure (net of capital repayments and sinking fund contribution) – $52.429 billion
Fiscal deficit – $9.096 billion
Education and training – $6.886 billion
Health – $6.395 billion
National Security – $5.664 billion
Works and Transport – $3.577 billion
Public Utilities – $2.671 billion
Rural Development and Local Government – $1.656 billion
Agriculture – $1.249 billion
Housing – $0.610 billion
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