Faria hopes gov’t assists SME’s in upcoming Budget

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Faria hopes gov’t assists SME’s in upcoming Budget

CEO of the TT Chamber of Industry and Commerce, Gabriel Faria, is calling on government to consider directing some of its resources to Small and Medium Enterprises (SMEs), when the 2021/2022 Budget is read on October 4th.

Finance Minister Colm Imbert announced the Budget date in the House of Representatives on Friday.

Faria, in an interview with the Newsday, said SME’s have been significantly impacted during the pandemic and they (The Chamber) believe that government needs to direct resources to this sector.

He said, “We also believe there needs to be some recognition of the vulnerable in our society, who are also significantly impacted in this very, very trying time.”

Faria also told the media house: “We have recommended, on many occasions, that the Government work with the private sector and citizens to mobilise the capital held in the banks which could be redirected to productive activity such as investments in start-ups, entrepreneurs and businesses which need capital at this time.

“Our recommendation was that rather than the Government having to provide grants, to provide some sort of tax incentive to the individuals that mobilise their capital to fund approved start-ups or approved entrepreneurs.”

Faria said the Chamber is also hopeful that Government will put in place the systems to pay the long overdue VAT refunds which are still outstanding and which were promised in the last budget.