Despite a delay in Property Tax implementation, Finance Minister Colm Imbert says the data-gathering process is ongoing.
“We intend to have a fully implemented Property Tax system in 2018,” Imbert said during yesterday Budget presentation.
Noting that T&TEC commands an annual $750 million subsidy and WASA also has a high transfer level, Imbert added, “The Regulated Industries Commission has signalled intention to do a rate determination exercise for T&TEC and WASA to be completed in 2018. The last rate reviews for both were in 1993 and 2006. We look forward to early RIC completion of the rate review so appropriate decision can be made.”
Warning of further “review and adjustment” to the GATE programme, Imbert said, “A reasoned argument was made that wealthy individuals shouldn’t benefit from any subsidy on tertiary education at all.”
Imbert said delays in collecting $15 billion owed by CL Financial - from Government’s 2009 bailout - caused the 2017 Budget’s $6 billion deficit to double.
He said major CLF assets - as they become available from liquidators - will be diverted via public offering on the Stock Exchange or through placement in a new National Mutual Fund. Assets will be available for purchase by the public, pension funds, NIB, or Unit Trust in units paying dividends.
“All CLF companies won’t be sold to the highest bidder, but instead various companies, as considered appropriate, will be continued as going concerns,” Imbert said.
“Preparation for the National Mutual Fund has started with transfer to the Corporation Sole of 29.9 per cent of Angostura shares and 16 per cent of Home Construction shares—all worth $1.4 billion.”
During Imbert’s three hour and 28 minute delivery, House Speaker Bridgid Annisette-George called for silence several times, once asking UNC MP Barry Padarath to “take a walk.”
Debate continues Friday with Opposition Leader Kamla Persad- Bissessar’s reply from 10 am.
MINISTRY ALLOCATIONS
n Education: $7.2B
n National Security: $6.2B
n Health: $6.02B
n Public Utilities: $3.5B
n Works & Transport: $3.0B
n Rural Development: $1.8B
n Housing: $1.0B
n Agriculture: $0.5B