TTMA Welcomes Payment Of Outstanding VAT Refunds

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TTMA Welcomes Payment Of Outstanding VAT Refunds

The Trinidad and Tobago Manufacturers’ Association welcomes the announcement by the Minister of Finance regarding the issuance of Value Added Tax bonds.

TTMA, in a media release, said it look forward to the cash payments of up to two billion dollars, with the projected payout between June to August 2023, and hope special consideration is given to Small and Medium Enterprises.

It said it continues to collaborate with the government by recommending solutions to ensure the sustainability and growth of the Manufacturing Sector and note the economic, administrative and compliance issues outlined by the Minister.

This, the TTMA said, certainly highlights the need to redesign the system and arrive at a long term solution to this perennial issue.

The TTMA said a working Value Added Tax system will, when combined with other mechanisms, make it easier to do business, build confidence and foster an enabling environment for the private sector to invest and grow.

The Association said it stands ready to work with the government in this regard.