The San Juan Business Association says the government needs to be careful not to overstretch the revenue projection, saying it is concerned about the projected oil price of US$92.50 used to calculate government revenues for the 2023 fiscal year.
In a release, the association said it welcomed several measures announced in the budget. These included a reduction in the deficit from US$9.1 billion to US$1.51 billion, an increase in personal tax allowance by $6,000 which would aid citizens and counteract inflationary pressures, allocations for increased road rehabilitation, a 14 per cent increase in local government budgetary allocation, a seven per cent increase in the allocation to the Works and Transport Ministry, a 59 per cent increase in the Housing Ministry allocation and a boost to the construction sector through new housing projects, a tax amnesty on interest and penalties on interest and penalties, and the US$166 million deposit in the HSF.
The association said it was concerned about the two per cent increase in the National Security allocation.
“Crime is out of hand and we would have liked to see a greater commitment in the form of investment in training and CCTV infrastructure nationally. We are not particularly pleased with the increase in fuel prices at this time as we have been warned by the IMF to manage inflation. The knock-on effect of this will lead to increased prices to consumers.”
COMMENTS