President of the T&T Manufacturers’ Association (TTMA) Tricia Coosal has commended the Government in ensuring the economy continues to stabilise and grow following the impact of COVID-19 and the ongoing Russia-Ukraine war.
Following yesterday’s budget presentation by Finance Minister Colm Imbert, Coosal noted the measures outlined saying, “The importance of ensuring the ease of doing business was once again stressed by the minister via the pledge of digitization though the strengthening of the Single Electronic Window and implementation of the electronic fund transfer framework to allow businesses to make payments to the Government by the business community…these are needed and welcomed initiatives.”
According to Coosal the TTMA also advocated for a more efficient tax collecting mechanism, stressing the importance of widening the tax net as opposed to further burdening the already compliant population of the country.
“The TTMA looks forward to operationalisation of the T&T Revenue Authority in 2023 and anticipates this facility would allow for greater efficiencies in tax collection,” Coosal explained.
Regarding other issues she said the TTMA looks forward to phase three of the “modern state-of-the-art” industrial Phoenix Park.
“The Government continues to signal the trust it places in the manufacturing sector to continue within a framework or public-private partnership to lead the charge on diversification of the economy as evident by the 17 per cent increase in exports.
“We look forward to the specifics of the EXIM facility, which has worked really well for the SME exporters among our membership,” Coosal added.
TTMA added it also supports Government’s commitment to the CARICOM Heads of Government goal to reduce the region’s export bill by 25 per cent by 2025 via the allocation of $300 million into agriculture and infrastructure programmes to assist with food security and diversification in the agro-processing, a sub-sector of manufacturing.