IN rolling out a series of money-making measures in the 2016/2017 National Budget, both the rich and poor were touched by yesterday’s Budget presentation.

OPPOSITION Leader Kamla Persad-Bissessar hit the National Budget as “a mishmash rehash of broken promises” from last year that brings nothing to society’s vulnerable. “Plenty talk, less money and more taxes,” was how she summed up the Budget.

THIS country will not be subject to any sanction from the United States as a result of the Opposition’s refusal to support passage of the Tax Enforcement Exchange Bill 2016, which is critical for ensure its compliance with the United States Foreign Account Tax Compliance Act (FATCA). This was the assurance given by Finance Minister Colm Imbert as he presented the 2016/2017 Budget in the House of Representatives yesterday, the reporting deadline for FATCA. Imbert’s assurance came exactly one week after the Opposition staged a walkout of the House during debate on the bill. Imbert announced that because Government has signed the inter-governmental agreement (IGA) with the US, demonstrated firm resolve to achieve compliance by seeking to enact the necessary governing legislation and submitted a detailed plan of action to achieve compliance with FATCA, the US Treasury has indicated that, “we considered as of now, to have a tax information exchange agreement ‘in effect’ with the USA.

THE 2016 / 2017 Budget missed the fact that if Trinidad and Tobago continues to run at a deficit, it will find itself in the position of Venezuela and Barbados.

HEADLINE inflation and unemployment have both increased while energy output has fallen, according to the latest Central Bank (CBTT) statistics.

ALTHOUGH the Tobago House of Assembly (THA) would have received less funding in this year’s budgetary allocation than last year, the Assembly is not distressed because measures in place to enhance development on the sister isle will bring in additional revenue, THA Chief Secretary Orville London says.