President of the Trinidad and Tobago Manufacturers’ Association (TTMA), Roger Roach said the Small and Medium Sized Enterprises (SMEs) in the manufacturing sector will benefit from the payment of VAT refunds.
Speaking to media following the Mid Year Review by Finance Minister Colm Imbert on Wednesday, Roach said the refunds will allow SMEs to reinvest, expand and grow, thereby becoming larger earners of foreign exchange for Trinidad and Tobago via exportation.
Imbert said that the acceleration of VAT refunds via payment of cash for the amount of $250,000 or less will be paid between this month and next month.
Regarding the future of VAT refunds, Roach, in an Express interview, said he hopes that while these current payments are being completed, a system will be adopted for the non-build-up of payment of VAT refunds in the future.
“The Association welcomes an opportunity to continue dialogue with the government to formulate proactive solutions to this perennial issue,” he said.
The American Chamber of Commerce of Trinidad and Tobago said the decision to accelerate VAT refunds and announcement of an intent to clear outstanding receivables is welcome and it is hoped 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,” the Chamber concluded.