Maroc - NEWSDAY.CO.TT - A la Une - 14/Oct 04:29

Tunapuna Chamber welcomes ‘economic fairness’ budget

THE GREATER Tunapuna Chamber of Industry and Commerce (GTCIC) has welcomed the government’s focus on "economic fairness" and fiscal accountability in the 2026 national budget. The business lobby group, however, cautioned that small and medium-sized enterprises still face liquidity and competitiveness challenges that demand urgent, practical solutions. In a statement following Minister of Finance Davendranath Tancoo’s presentation, GTCIC president Ramon Gregorio said the budget sets a strong narrative of reform and accountability, particularly through measures aimed at tax modernisation, institutional renewal and digital transformation. Gregorio, however, warned that the government’s vision must be backed by "concrete, time-bound measures" to ease foreign exchange shortages, improve SME financing and strengthen business confidence. "The business community wants to see accountability matched by delivery – a TT where entrepreneurship thrives, where forex flows freely and where SMEs are empowered to drive inclusive growth," he said. The chamber described the budget’s reduction in fuel prices (super gasoline only) as an important relief measure for the transport and manufacturing sectors, with potential knock-on effects for logistics costs and inflation. It also praised the government’s renewed focus on the energy sector, including the Dragon Gas project and expanded exploration, calling them essential to stabilising foreign exchange (forex) inflows. The GTCIC further commended the creation of an employment fund and the move to replace CEPEP and URP with formal, productivity-driven jobs, saying these could support long-term economic restructuring. Gregorio also highlighted the government’s digitisation drive, pointing to the National Payment and Innovation Company of TT’s (NPICTT) online payment system and the "Anansi" virtual assistant as examples of technology being used to reduce bureaucracy and corruption. The chamber raised several other concerns. It urged the government to ensure a transparent and equitable distribution of forex, especially for manufacturers reliant on imported raw materials. It also called for direct SME funding and credit guarantees, beyond the recently announced Export Academy and Eximbank reforms. On tax reform, the GTCIC said any potential shift from VAT to a sales tax system must involve detailed consultation with small businesses "to avoid disruptions to pricing and compliance systems." It also said that sustained crime reduction – which the government has credited to its recent state of emergency and new policing initiatives – remains vital for investor and business confidence. The chamber said it is willing to work with the Ministry of Finance, the Ministry of Trade and Industry and the newly established Private Sector Organisation of TT (PSOTT) to turn the government’s policy intentions into measurable results. "We stand ready to collaborate to ensure that policies translate into tangible outcomes for business owners, workers and consumers alike," the statement read. The post Tunapuna Chamber welcomes ‘economic fairness’ budget appeared first on Trinidad and Tobago Newsday.