http://guardian.co.tt/news/business/2010/09/08/budget-presentation-2010-2011Budget Presentation 2010-2011 LIVE UPDATES
Published: 8 Sep 2010
Budget 2010/2011
Finance Minister Winston Dookeran:
"Our Budget comes at a time when we must make clear choices:
The choice to reprioritize spending to better serve the people;
The choice to build a new momentum for our economy’s growth and expansion;
The choice to make our regulatory bodies more accountable to the public;
The choice for business leaders to be bold and confident to take the risk of investment and sacrifice immediate profits, with lower income for their executives;
The choice for workers to participate in the economic process and improve their future well being."
Finance Minister: "Our Budget is driven by the seven pillars of the People’s Partnership Manifesto which has been adopted as Government’s policy. Our Budget is driven by the need to fulfil the
expectations of the people of Trinidad and Tobago. These pillars are designed to do the following:
i. foster people-centred development,
ii. ensure national and personal security,
iii. entrench good governance,
iv. steer the country towards a diversified, knowledge intensive economy,
v. move towards eradicating poverty and promoting greater social justice,
vi. present an accommodating foreign policy and
vii. expand the use and availability of Information and Communications Technology."
2:15 pm Government will divest CL Financial assets to regain funds
Minister Dookeran: "We will
i. Separate the insurance business from the short term investment and mutual funds business to protect the insurance policyholders; and the obligations of 225,000 policyholders.
ii. Restructure and merge the traditional insurance businesses of CLICO and British American, and prepare this merged business for divestment.
iii. Make an initial partial payment of a maximum of $75,000.
iv.Make an initial partial payment of a maximum of $75,000.
v. Conduct a detailed review of CL Financial and its subsidiaries and will introduce measures, including the divestment of assets, to reduce CL Financial’s debt and recover public funds.
vi. Engage a firm with relevant local and global expertise to assist with the restructuring of the CL Financial Group."
2:17 pm HCU: Government will repay $75,000 to depositors.
2:20pm Government will cease Alutrint and Rapid Rail. Will establish a new plan for the South West Peninsula.
Minister Dookeran: "The rapid rail project has cost this nation $565 million to date for a feasibility study and design plans. No viable economic plan has emerged from all this waste."
2;20pm Government plans to introduce bicycle patrols for police officers.
2:21pm Government reviewing Poverty Reduction Programme and introduce Medical Feeding Programme.
2:25 pm Government will buy out shareholders of the Trinidad and Tobago Mortgage Finance Company and list the company on the local Stock Exchange
2:26 pm Steps to be taken to include more women in State Boards
Minister Dookeran: "The participation of women in all aspects of public life will be encouraged. Immediate steps will be taken to ensure that more women will be included on state boards and statutory bodies."
2:26 pm Government will promote sport tourism: training camps on off season
Minister Dookeran: "The Government will also promote sport tourism in Trinidad and Tobago via the introduction of off-season training camps targeting foreign national teams, university teams, professional teams, clubs and high schools to take advantage of our sport facilities."
2:28 pm Government will establish a covenant to the people of T&T with regard to taxes.
2:30 pm Government will expand the energy sector. New fiscal regime introduced. Explore the development of alternative energy.
2:33 pm Government will seek to export intellectual expertise in the energy sector
2:35 pm A new innovative system will be introduced to realign economy
2:36 pm Government will focus on small business development
2:37 pm Government will develop new ship building programme in the new fiscal year
2:37 pm Partner with the Artists Coalition for additional funding to the music industry and the creation of a Hall of Music.
2:39 pm Government will support the fashion industry to create thriving businesses.
2:39 pm Set up a Children's Education Plan to ensure all children can reach tertiary education
2:42 pm Point Fortin hospital will be completed in 2013
2:42 pm Government will re-start the National Oncology Centre
2:43 pm Dookeran: food import bill too high
2:45 pm Agriculture must be made profitable. An ambitious infrastructure programme for the sector. ADB will be restructured.
2:46 pm Tourism: Government will expand the tourism product. Upgrade all tourism sites. 251 room Radisson hotel and a luxury resort in Tobago
2:49 pm Government will introduce Waste Recycling industry. The goal is to give birth to new entrepreneurs and promote a clean, safe environment
2:51 pm Government has begun rationalising State assets.
2:56 pm The UTC will be under the regulatory oversight of the Central Bank
3:00 pm T&T to focus on increasing its power generation capacity.
3:01 pm Expanded terminal at Scarborough airport
3:02 pm Motor Vehicle Authority to be established at Frederick Settlement, Caroni
3:02 pm A port for Felicity as well as a science park
3:05 pm Government will develop the South Western Peninsula
3:06 pm A new highway from San Fernando to Point Fortin
3:05 pm A new industrial estate in Point Fortin
3:07 pm Underground tunnel from Tunapuna to Maracas Valley
3:12 pm Expand industrial sites for non energy goods
3:13 pm Fiscal year: 2010 record a deficit of 3.5 per cent of GDP
3:14 pm Government expects private setor investment to reach $3 billion
3:15 pm Dookeran expects an economic growth rate of 3 to 4 per cent
3:16 pm Budget: $49 billion. Deficit of $7.7 billion
3:19 pm Oil price: US$65 a barrel. Natural gas: $2.75
Minister Dookeran: "The 2011 Budget calculation was based on a real GDP growth of 2 percent, an average inflation rate of 7 percent, an oil price of US$65 per barrel and a gas price of US$2.75 per mmbtu."
3:20 pm Revenue projects: $15.2 billion from the energy sector
3:21 pm. Financing of deficit will be done in the local market.
3:22 pm Removal of custom duties on CNG kits for cars
3:26 pm Reduce interest rates at the ADB to 3-5 per cent
3:29 pm People who litter will pay a fine of $2000
3:32 pm Expansion of Research and Development Facility of the BDC. Entrepreneurs can now access up to $25 million
3:42 pm Amnesty period up to May 31, 2011 for outstanding tax liabilites
3:45 pm Property Tax Act: "We will axe the tax" Dookeran
Minister Dookeran: "Mr. Speaker I turn now to the issue of the Property Tax. We will “Axe the Tax”. The Property Tax will be replaced by the old Lands and Building Taxes regime at the old rates and old values. There will be a waiver of lands and buildings tax for the year 2010."
3:46 pm Property Tax will be replaced by the Land and Building Tax at the same value
3:46 pm Senior Citizens Pension: go to $3000 from September 1, 2010. Cost $972 million.
3:47 pm Dookeran: Budget 2010/11 lays the foundation for a development shift.
Minister Dookeran: "We will lay in Parliament the ‘Proclamation of Homes for Older Persons’legislation in the new fiscal year. Under this legislation, homes for the aged would be required to meet and maintain minimum criteria and standards of care for residents. The Government will also launch the Elderly Mobile Shuttle Service in 2011 which will provide a shuttle service to the elderly..."
"We will continue the Government Assistance for Tuition Expenses (GATE) programme. It will be expanded to include vocational training, strengthened and made sustainable to increase the participation rate in higher education to 60 percent. In addition, to avoid and stop the abuse of GATE, we will strictly enforce existing measures..."
