The Trinidad and Tobago government Monday presented a budget of TT$59.2 billion (One TT dollar=US$0.16 cents) to Parliament acknowledging a fiscal deficit of TT$3.8 billion and announcing a series of tax measures to finance the fiscal package.
The debate on the budget will begin on Friday.
Finance Minister Davendranath Tancoo, delivering his first ever budget to Parliament, said that the fiscal package is ‘more than just an accounting of revenues and expenditures, plans and policies,’ adding it represents a shift towards fairness’.
In his three hours and 15 minute presentation, Tancoo said that for too long, the government’s fiscal policy has been seen as a technical exercise and today ‘we redefine it as a human one’.
According to Tancoo, the Kamla Persad Bissessar administration on assuming offence in April found an economy in trouble and that the preliminary outturn for fiscal 2025 is for a deficit of TT$8.7 billion with revenue of TT$50.6 billion and expenditure of TT$59.3 billion.