Focus on crime reduction and boost local agriculture.
These are among the most critical measures business groups would like to see in the upcoming national budget.
Finance Minister Colm Imbert will present the 2025 budget in Parliament on September 30.
Fyzabad Chamber of Commerce president Angie Jairam told the Express on Monday, that despite the Central Statistical Office stating there was a decline in the unemployment rate to 3.7 per cent, crime was persisting.
BUSINESSES FEARFUL: Fyzabad Chamber of Commerce president
Angie Jairam.
“Crimes significantly increased with murders, home invasions and others, where business and citizens have restricted their normal daily activities and continue to exercise extreme caution in their whereabouts. In some cases, many businesses are forced to close early for fear of being a crime target,” she said.
Referencing the 2023/2024 budget statement, which indicated $6.2 billion had been allocated to the Public Sector Investment Programme (PSIP)—meant to create jobs and stimulate economic activity—Jairam asked, “Did Fyzabad and the surrounding communities benefit from this expenditure?”
Asked for his view on the budget, president of the San Juan Business Association Abrahim Ali said criminals are allowed to wreak havoc on the business community without fear, or with little to no response from law enforcement.
“Already, we see businesses closing down and migrating because of the lack of confidence in the police dealing with this crime endemic. We have small businesses like food shops and doubles being targeted for protection money by criminals,” he said. Ali said violence against businesses is perpetrated regularly and criminals continue to extort business owners for as little as $2,000 or else they will face forced closure.
“The fear of loss of life has impacted these business persons to the extent of the imminent closure of many establishments,” he said.
Speaking on the need to increase agricultural initiatives in T&T, Ali called for the development of agriculture for the tourism sector within the Caribbean.
“More emphasis on the youths’ school dropouts from ages 12 to 18. They have become the main source of employment for criminals in the country. The Government must create compulsory programmes to admit these vulnerable children,” he said.
Ali also recommended the removal of the free use of marijuana, as “this has developed into the main influence of our youths becoming delinquent and easy to influence”.
He said in the coming budget, he would also like emphasis to be placed on incentives for the development of export-oriented businesses. Speaking on his chamber’s expectations, Couva Chamber of Industry and Commerce president Deoraj Mahase told the Express in a telephone interview Monday that the implementation of technology, training, compensation and legislative changes with the T&T Police Service will assist in crime reduction.
Mahase said a fully functional national CCTV system with a state-of-the-art response mechanism; significant improvement in the infrastructure, including vehicles for the service; an effective fleet management system with accountability; and a national DNA and functional fingerprint database for all citizens could also bring some a sense of security for business owners and shoppers.
In addition to increasing the use of technology in the Trinidad and Tobago Police Service (TTPS), he suggested that increased use of technology and initiatives within the agriculture sector be considered as an avenue to increase crop production and reduce imports.
Tax incentives
Mahase also called for decreased tax and VAT for small to medium enterprises, arguing that a separate tax tier for large businesses was needed.
“Tax incentives of 150 per cent deductible or tax write-off should be given to people with partial or complete solar/wind systems, including replacement batteries, and legislation to allow individually generated overcapacity to be returned to the electrical grid with appropriate compensation—this has the potential to increase green energy usage; security and surveillance equipment, including various types of equipment and items in both industries; and CNG kit conversion and related equipment,” he said.
He also called for a review and adjustment of the National Insurance System (NIS) class structure, as “the present class is not relevant to current earnings by employees”.
“The appropriate contributions and retirement payments to be made based on the approval for voluntary contributions to the NIS by all persons 18 years and older, employed and unemployed. This can grow the contributions and provide an opportunity for persons to participate,” he said.
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