Don’t disadvantage the poor and middle class.
That was the Opposition’s appeal to Government yesterday on the eve of today’s 2017 budget delivery.
There have also been calls from one business group for Government to reduce the fuel subsidy —which would hike the public’s gas prices—as well as hopes from the T&T Association of Retired Persons (T&TARP) that Government will heed its recommendations for a host of concessions for seniors and the disabled. This, in view of T&T’s growing aging population.
Citizens have been bracing for the 2017 package, especially anticipating another fuel hike —possibly in the cost of diesel where the fuel subsidy is highest—following two in the last budget and April 2016 mid-year review.
This was in line with Government’s announcement in its first budget to remove incrementally the fuel subsidy.
Today’s presentation —the ruling PNM’s second budget—is expected to be within the range of approximately $52 billion to $55 billion following the Prime Minister’s hints it will be less than $60 billion. The one-year-old PNM administration had presented a $63 billion package last year.
Sources have hinted revenue streams would be based on a mixture of taxes, moderate subsidy cuts and borrowings and would incorporate statements on the local economy and T&T’s direction used in Government’s recent US roadshow to obtain a US$1 billion bond.
PNM officials have said it would put into action Government’s plans after a first year of “getting organised and restructured.”
Funding for payments to a number of sectors and groups—from police to contractors—will be included among budget finances.
Priority allocations are expected in national security, health, education and other areas.
There’s also been speculation about proposed rationalisation of several State entities following the PM’s recent statements.
The budget is expected to be based on an oil price of approximately (US)$40-$45 in the face of low oil prices.
Prime Minister Keith Rowley has also hinted at new taxes—expected to include the property tax, online shopping taxes and casino/gaming taxes—announced but not implemented in the 2016 budget.
Government’s thrust in housing, infrastructure, tourism, health will also be outlined.
Following what is expected to be a three-hour delivery by Finance Minister Colm Imbert, debate continues next Thursday with Opposition Leader Kamla Persad-Bissessar’s reply.
Both Government and Opposition Leaders will comment on the budget immediately after today’s presentation.
The Opposition, which has accused Government of lacking both plan and economic direction for T&T, is hoping budget revenue collection does not disadvantage the middle class and working poor.
Opposition MP Suruj Rambachan listed other Opposition priorities, including national security and crime control, higher quality public health care and a more responsive system, a stronger social safety net to cater to rising unemployment, construction and housing initiatives and food security plans.
CHAMBER: FUEL PRICES MAY RISE
T&T Chamber of Industry and Commerce CEO Catherine Kumar said the chamber, which called for the fuel subsidy to be removed, has acknowledged fuel prices may rise.
It is also hoping Government restructures social programmes for those who really need then, as opposed to party-affiliated people only.
The chamber wants diversification emphasis plus a special team of representatives from various ministries to handle this as well as a similar team to handle national security plans.
T&TARP is looking forward to prioritised property tax relief, discounted Tobago airfares, discussion on the national retirement age, provision of bathroom facilities at all public institutions and getting an extension of the water taxi service.
It also wants the NIS pension to be on par with the Senior Citizens Grant and rethinking of the withdrawal of Gate facilities for seniors. TTARP is mounting a public stand against the policy and ageism tomorrow.
T&TARP also wants introduction of tax allowances for those financially supporting elderly dependent relatives and wants Government to regulate bank service fees. The organisation also suggested that C-DAP pharmaceuticals include Alzheimer’s medications and establishment of a National Geriatric Hospital urgently.
Also proposed is increased security, transport plans for seniors and a walkover at the St Vincent Street Tobago ferry terminal.