Guardian ( Trinidad and Tobago )
12 May 2023 ( Page 15 )
T&T Chamber concerned at extra $3.85B in spending
The Trinidad and Tobago Chamber of Industry and Commerce is concerned
about the large increase in expenditure requested in the mid year budget
review given the shortfall of revenue for the first six months of fiscal 2023.
In a statement responding to Finance Minister Colm Imbert’s presentation in
the Parliament on Wednesday, the T&T Chamber said, “The Minister also
provided valuable insights into the oil and gas revenue over the six-month
period.
“We note that there was no disclosure of information on oil and gas
production for the previous six months or what is projected for the
remaining fiscal year, and how this will impact forecast revenue. Oil prices
fell below budgeted for four out of the last six months, and similarly two out
of six months for gas.”
The Chamber continued, “The Government’s rationale for requesting an
additional $3.8 billion funding for the remaining fiscal was noted.
It is concerning that in such a short space of time between reading the
budget last September and now, such a large increase in expenditure has
been identified for 2023.”
The $3.85 billion in the supplementary appropriation for the 2023 budget is
6.67 per cent of the original budget estimate of $57.68 billion that Finance
Minister announced when he delivered the 2023 budget.
The supplementary appropriation for 2022 was $3.08 billion, which was 5.87
per cent of the original budget expenditure of $52.42 billion.
The Chamber, however, hailed the Minister of Finance’s commitment to
support the small and medium enterprise (SME) sector by the settlement of
the long-overdue VAT refunds.
The Chamber however felt too little information was revealed in the
presentation, stating, “We anticipated updates on major initiatives identified
in previous budgets, such as the implementation of the T&T Revenue
Authority and the Property Tax, however this information was not provided.
We look forward to the Minister addressing these soon.”
The Chamber closed, “We welcome continued collaboration with the
Government and stakeholders with the objective of moving forward on
issues that affect the economy and national community.”