An Opposition Member of Parliament claims the economic slowdown is negatively affecting consumer confidence. It is an allegation made by Tabaquite MP, Dr Suruj Rambachan.
The Former Government Minister made the point while contributing to a private motion- Annulment of the Value Added Tax, in the House of Representatives this afternoon.
Mr. Rambachan claimed that the spending power of citizens is under pressure and the recently introduced 12.5 percent VAT reduction from 15 percent is not helping the purchasing power of consumers.
Dr Rambachan also commented on the reported decline in the strength of the Trinidad and Tobago dollar and the implications of this situation.
However, Finance Minister, Colm Imbert, defended government’s measures to ensuring better efficiency in the VAT regime system.
Mr Imbert added that the ruling administration has done the relevant background work on the issue which will impact on consumers.
Finance Minister, Colm Imbert.