AMCHAM welcomes decision to accelerate VAT refunds

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AMCHAM welcomes decision to accelerate VAT refunds

Government’s decision to accelerate the payment of Value Added Tax (VAT) to businesses has been welcomed by the American Chamber of Commerce of Trinidad and Tobago (AMCHAM TT)

In a statement on the Mid-Year Budget Review, AMCHAM stated, ” We appreciate the explanations of the MoF in going through the income for fiscal 2023 thus far. With the reduction in actual vs budgeted expenditure in the range of $1B for the first six months of the year, it is likely that with these reduced petroleum and petrochemical prices, there will be a further reduction in actual expenditure in the next six months of the year.

This means that Government expenditure should be focused on activities and initiatives that will generate income.

“The decision to accelerate VAT refunds and announcement of an intent to clear outstanding receivables is welcome and we hope that the latter, in particular, comes to fruition.

“With no major announcements of new initiatives or projects, we will continue to advocate for improvements in the ease of doing business and, in particular, more effective crime reduction strategies.

“As always, we remain eager, willing, and ready to work with the Government to achieve positive outcomes.”