Sep 2022 Financial News

Budget Highlights 2022/2023 financial year

Sep 27, 2022

See below for some fiscal measures mentioned during the Budget Review:

• Tax Amnesty: Amnesty on penalties and interest on taxes owed up to and including the year ending December 31, 2021, from November 14, 2022, to February 17, 2023. 20. $3 million allocated to tackle threat of Giant African Snail and other Agricultural Pests.
• Inter-Island Air bridge and Sea bridge Travel: Proposed one way Air Travel tickets $200, Sea Bridge over 60 years $25, Standard Class $75, Premium $150.
• Government assistance for Tuition Expenses (GATE) relax in restriction and provide tuition assistance for those students, who have already accessed GATE at the diploma, associate degree, or lower TVET level, to pursue baccalaureate level degree programmes consistent with the country's development needs.
• Personal Income Tax Allowance: increase in personal income tax exemption limit from $84,000 to $90,000 per year, effective January 1, 2023.
• Property Taxes from residential properties will be allocated for the exclusive use of Local Government Bodies in order to provide them with a reliable and regular dedicated stream of income.
• Vat Registration Threshold: Increase in the VAT registration threshold from $500,000 to $600,000, effective January 1, 2023.
• Increase in the Investment Tax Credit (ITC) for energy companies from 25% to 30% with a view to stimulating further exploration and development related investments in the energy sector. This measure will take effect from 1 January 2023.
• Rebates of up to $25,000 for the implementation of renewable energy, such as solar and wind energy effective January 1, 2023
• Increase in fuel prices with immediate effect:
  • Premium gasoline $7.75 per litre 
  • Super gasoline $6.97 per litre
  • Diesel $4.41 per litre
  • Kerosene $4.50 per litre
  • LPG cylinder $21.00 per 20lb 
    • In order to alleviate the effect of these fuel increases to the most vulnerable in society, the Minister proposes to give all recipients of social grants (public assistance, disability, food support and senior citizens pension) a one-time transport grant of $1000.
• Electronic Payment Providers and e-Money Issuers: It was proposed that effective 1 January 2023, a one-time tax credit up to a maximum of $50,000 be granted to approved electronic payment providers and/or e-money issuers. 

Source: The Trinidad and Tobago Express

Tuesday 27th September, 2022