Key Macroeconomic indicators
- A fiscal deficit of 3.6% of GDP is projected for 2014
- Real GDP is expected to expand by 1.6% in 2013
- Expenditure is based on an oil price of US$80 per barrel and gas price of US$ 2.75 per MMBTU
- Total Revenue for the fiscal year 2014 is expected to be $55 billion. Expenditure for 2014 is expected to measure $61.4 billion, with the fiscal deficit projected to reach $6.4 billion or 3.6 percent of GDP
- Net public debt of 44.7% of GDP is expected for 2013
Areas of interest
i) All pool betting shops will be required to computerize their operations to facilitate tax collection by the Betting Levy Board.
ii) License fee to increase for betting offices which conduct betting at fixed odds.
Financial Sector Reform:
i) A new Credit Union Bill to be laid in Parliament in 2014.
ii) Occupation and Pension Bill to be laid in 2014 to facilitate changes to the pension system.
i) As soon as appropriate government will launch an initial public offering for the Trinidad and Tobago Mortgage Bank and a newly established company into which National Gas Company (NGC) will transfer its shareholding in Phoenix Gas Processors Company Ltd.
ii) Government to seek strategic investors in fiscal 2014 for the Vehicle Maintenance Company of Trinidad & Tobago; National Helicopter Services Ltd; National Flour Mills and Point Lisas Industrial Port Development Corp. Ltd.
Re-capitalize Export-Import Bank of Trinidad & Tobago:
Equity injections to be made into the EXIM Bank over the next 4 years to finance extra-regional exports at a reduced cost of funds.
State Enterprise Credit Ratings:
Over the next 3 years selected state enterprises would acquire independent credit ratings to facilitate access to debt markets based on their own credit worthiness.
Ship Building and Repair Industry:
i) Memorandum of Understanding (MOU) with China Harbour Engineering Company Ltd to be executed for the development of additional port and dry-docking facilities.
ii) Memorandum of Agreement with Trinidad Dry Dock Company Limited to be signed for the establishment of comprehensive dry-docking facilities and services.
Tobago: Allocation - $2.5billion
- An additional $831.2 million to be spent under the various other Heads of Expenditure
- Allocation of a further $50 million to the Loan Guarantee Fund
- Develop and expand the ANR Robinson International Airport via Public Private Partnership.
- To facilitate the conversion of vehicles from gasoline to CNG, NGC through the establishment of a new company, will invest $2.07 billion on a phased basis over 5 years
- Unused Investment Tax Credits permitted to be carried forward 1 year
- Simplify and accelerate capital allowances for exploration, development, workovers and qualifying side-tracks.
- Wear &Tear allowance for compression facilities increased to 33.3%
- Replace 25 % tax credit with 100% tax allowance for conversion of vehicles to CNG by individuals and companies
- Illegal export of subsidized fuel to carry fines up to $500,000 and forfeiture of vessels involved
Health: Allocation - $5.1billion
- Government will pay for dialysis services provided to citizens by health care institutions which meet best practice standards.
- Implementation of a health card system
Housing: Allocation - $2.7billion
- Construction work to begin at 3 new sites to yield 2,575 housing units in 3 years
- Full construction phase at 7 sites under the IDB assisted squatter regularization programme.
National Security: Allocation - $6.5 billion
- Recruit 1,000 regular police officers and 5,000 Special Reserve Police
- Full implementation of the National Security Operations Centre
- Establish a Counter Trafficking Unit
- Establish the National Security Training Agency
- Construction of 8 police stations throughout Trinidad & Tobago
Agriculture: Allocation - $1.3billion
- Executed a MOU with Guyana which will provide initially 10,000 acres of land for immediate agricultural production followed by a further 90,000 acres.
Transport: Allocation - $2.3 billion
- Fuel subsidy to Caribbean Airlines Ltd to be discontinued except for Tobago airlift
- Expand the Coach Service with the addition of 35 new buses
Works & Infrastructure: Allocation - $2.4billion
- Commence construction work on the overpass at the Churchill Roosevelt Highway/Southern Main Road intersection
- Work on the Valencia By-pass to start in 2014.
Increase license fee to $200,000 payable by all betting offices.
- Simplify VAT refund process for the manufacturing sector and allocate $1 billion in October 2013 to clear backlog associated with VAT refunds.
- Land & Building taxes to be introduced on a phased basis beginning with industrial properties in 2014
- Establish Motor Vehicle Accident Fund with effect from January 1, 2014
- Revisit Corporate Tax Act to address certain leakages
- With effect from January 1 2014, penalties for illegal quarrying to be increased
- From January 2014 customs duty on new and foreign used cars over 2,499 cc will increase by 25%
- All fines for littering to increase by 100% effective January 1, 2014