President of the Trinidad and Tobago Manufacturers Association (TTMA), Nicholas Lok Jack, says he hopes the September 9 budget included incentives for local producers and manufacturers.
Among his budget wishes was the removal of Value Added Tax (VAT) on heavy machinery and raw materials that formed part of the fixed assets for local manufacturers.
“We are not reselling the equipment, so we are hoping the VAT could be removed,” Lok Jack said.
Lok Jack said the slow pace of VAT recovery was also hindering local business.
Meantime, he described the strengthening of regulatory bodies as “critical” to the success of locally-produced goods.
A positive side effect of stronger regulatory bodies was that sub-standard goods would be kept out of the country, he said.