Sep 2010 Financial News

No minimum wage hike but other plans include...

Sep 09, 2010

While the first People’s Partnership budget did not include any increase in the minimum wage, Finance Minister Winston Dookeran has said provisions for a new minimum wage “will continue to be reviewed.”

Other announcements included:

* tax allowance of up to $1,000 a household on mortgage interest for first-time homeowners;
* selected state enterprises for public offering and search for strategic partners for some enterprises;
* launch of the Elderly Mobile Shuttle Service next year;
* milk-feeding programme at health centres;
* waiver of land/building taxes for 2010;
* 25 per cent tax credit on cost of CNG kits and other concessions for CNG users;
* tax concessions on solar water-heating equipment and wind turbine imports;
* exploration of possibility of listing the Methanol Holdings of Trinidad Ltd on the international stock exchange;
* implementation of measures to start meeting commitments to contractors, now totalling $4 billion;
* same for meeting commitments on total outstanding VAT refunds, amounting to $2.8 billion;
* business investment in the sugar belt, Southwest Trinidad, East Port-of-Spain, North Coast and Tobago;
* construction of a San Fernando/Pt Fortin Highway, a tunnel conecting Maracas Valley to Maracas Bay and conversion of East Port-of-Spain to a heritage city, like Old Havana;
* review of new financial arrangement to support WASA;
* new air and noise pollution rules to be laid in Parliament shortly;
* exploration of expanding medical coverage to family units on a cost-sharing basis as well as death benefit in the public service issue;
* recognition programme for policemen who go beyond the call of duty and special criminal court for firearms, kidnapping and narcotic offences;
* restructuring of the OJT programme to expand private sector placement; re-evaluation of Multi Sector Skills Training Programme and others;
* tax deduction for companies/individuals donating to the Children’s Fund, equal to the donation amount;
* new company, TT Mortgage Bank, to be formed;
* Heritage and Stablisation Fund standing at US $3.3 billion at August;
* support to market the local fashion industry abroad;
* construction of National Oncology Centre to begin next year;
* new Motor Vehicle Licencing Authority to be located in Caroni; and,
* Sugar Heritage Village and museum for Caroni’s Sevilla House.


Source:
Gail Alexander
Trinidad Guardian
Thursday September 9, 2010

http://guardian.co.tt/news/general/2010/09/09/no-minimum-wage-hike-other-plans-include