Trinidad and Tobago Budget 2023 - Key Insights & Implications

On Monday 2nd October, Trinidad and Tobago’s Finance Minister Colm Imbert delivered the highly anticipated Fiscal Budget 2023. “Building capacity for diversification and growth within a world of challenges”. It was the country’s first official post-pandemic budget boasted of an estimated revenue of $54.012 B and expenditure of $59.209.

While the Minister stood in confidence that this deficit budget would materialize into economic recovery, not all parties impacted by the budget may agree with his outlook.

Using Media InSite’s Media Monitoring tools, take a look at the Trinidad and Tobago Budget 2023. The key insights that could benefit government ministries and agencies.

Minimum wage increase of $3

Amidst the proposed increase of $3, T&T’s minimum wage’s growth from $17.50 to $20.50, a jump of only 17%. This new minimum wage will take effect from January 1st, 2024. Therefore, impacting over 190,000 workers across various sectors. This is expected to put more money in the pockets of low-wage workers, furthermore, boosting consumer spending and stimulate the economy.

Many economists have agreed that an increase is needed, however, there are several local leaders who don’t see this as a liveable wage.

Opposition Leader Kamla Persad Bissessar expressed disappointment that the minimum wage wasn’t increased to $25. President of the National Trade Union Centre (NATUC) President Michael Annisette proposed that $30 per hour was a more sufficient minimum wage, especially given the country’s current living conditions.

On the other hand, there were many members of the public who were pleased with the increase.

With our Media Monitoring tools, the Ministry of Finance, Trinidad and Tobago Revenue Authority, National Insurance Board and other relevant agencies would be able to better understand the public’s reactions to this proposal, their concerns and suggestions.

They’d also be provided with key metrics for these posts including Sentiment, Potential Reach and Engagements.

Property tax begins in 2024

The often-rumoured initiative becomes a reality in 2024. The concept of Property Tax has been met with a lot of contention over the years. This measure is also expected to become a major revenue earner for the government.

However, Minister Imbert insists that Property Tax is necessary and assures the public that tax is easily calculated. He also said that, according to the valuation roll, more than half of all households will only pay between TT$540 and TT$1,080 in property taxes each year.

Many government bodies including the National Insurance Board and Ministry of Finance would be able to leverage this media monitoring data on the property for their media monitoring use.

Challenges with foreign exchange

The Finance Minister announced several plans to address the ongoing foreign exchange challenges in T&T. In the next 6 months, an SME Foreign Exchange Facility to be established to make foreign exchange more easily available. These changes will be based on feedback from the commercial banks, business chambers and the Exim Bank.

The minister stated in his budget speech that the government’s developing plans to repatriate more of the overseas earnings into Trinidad and Tobago. He also said that this measure should reduce the demand for sales of forex using credit cards

Many of the local business chambers, Central Bank, financial institutions and would benefit from this data. This grants them a better understanding of the media coverage and public discussion on this topic. Thus, allowing them to address any concerns the public may have.

Overall, the key insights and implications of the Trinidad and Tobago budget 2023 are mixed. While the goal may be economic growth and increased prosperity for all citizens, several challenges will be faced on the journey there.

Conclusion

With Media Monitoring, government ministries and agencies will be kept abreast of public feedback, social media conversation and data-driven metrics to guide any further decisions that need to be made.

How can Media Monitoring help you to keep abreast of issues that matter in your industry? Contact us today to find out!

Trinidad and Tobago Budget 2023 – Key Insights & Implications

Minimum wage increase of $3

Property tax begins in 2024

Challenges with foreign exchange

Conclusion

Trinidad and Tobago Budget 2023 Review gives us an insight on the key insights and implications discussed amongst members of society.

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