The Trinidad and Tobago Manufacturing Association (TTMA) says that it is pleased to learn of Government’s intent to treat with multiple issues pertinent to the development of the manufacturing sector as stated in the Appropriation Bill for 2017-2018.
However via a release sent by the Association it is noted that it remains cautious in its view until more details are made available on the implementation of some of the government’s budgetary intentions.
President of the TTMA Christopher Alcazar says that the Association welcomes the government’s intention to streamline the national tax administration system through the proposed Revenue Authority; the expansion of access to foreign exchange and the re-introduction of the Export Allowance facility for the manufacturing sector in Trinidad and Tobago.
He said that the Association is particularly encouraged to note the government’s intent to improve support for fledgling businesses through its expanded small business development loans and grants programme, the incentive framework for the construction industry and the new proposed investments into the agri-business sector as well as the inclusion of new academic programmes in the areas of fashion, textiles and garments.
However, Alcazar noted that the TTMA is concerned at the perceived attempt at harmonization of Corporation Tax to 30% across the board.