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Economist says importing goods laid a heavy burden on the country’s economy

Economist says importing goods laid a heavy burden on the country’s economy

Mary-King-

Economist, Mary King

Former Minister of Planning, Economic and Social Restructuring and Gender Affairs, Economist, Mary King assures citizens that there is nothing to worry about, regarding the current increase in prices on luxury items.

Speaking with News Power Now, Ms. King said the items that have been subjected to a 12.5% VAT tax, are items which were essentially imported into the country and has laid a heavy burden on the county’s economy.

Supporting the Government’s decision , the former Planning Minister, said citizens are using too many processed food items, items she says are unhealthy.

Economist, Mary King

Meanwhile… the President of the Supermarkets Association has issued a statement to News Power Now. Dr. Mohammed Ibrahim says the supermarket’s association now has to add VAT on items the government has determined are now vatable.

The effect is that the consumer will be paying more for goods, just by adding the vat on those items , and he added that there will be a reduction in the prices for the items that are currently vatable as it moves from 15 to 12.5 %.

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    Hans-Elmar 2 years

    Any economist will say do not buy goods from other countries which can be produced in T&T. However, according to the lasting friendship between India and Trinidad rice should be imported from India.There is also an everlasting friendship between Trinidad and Nigeria. Therefore all the coconuts should be bought in Nigeria. However, cars like Lada should not be bought from Germany anymore. High technology produchts should be made in Trinidad or bought in Nigeria.

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