Increased fines, increased taxes and a significant increase in the borrowing limit are the key features of the Finance Bill which was presented in Parliament today, measures the Finance Minister describes as revenue-generating. Rynessa Cutting has more.
00:00As the country grapples with a $3.8 billion deficit, the government has moved to further increase the borrowing limit in the face of constrained revenues.
00:11This amendment increases the existing statutory limit on external borrowing for general development purposes. Clause 14 increases the statutory ceiling to $45,000 million, Trinidad and Tobago dollars, from the $30,000, $500 million, at least now.
00:34Mr. Speaker, this amendment is being brought in a similar manner that the former administration brought when it doubled the borrowing limit under this very same act in 2015.
00:47The bill also sees the implementation of an electricity surcharge, but residential customers will not be affected.
00:55Under this part, a surcharge of $0.05 per kilowatt hour will be charged on electrical energy consumed by commercial and industrial customers.
01:06This surcharge will be collected through the existing billing system of TNTech with commercial and industrial customers paying the surcharge along with their regular electricity bill.
01:16Mr. Speaker, this surcharge will not apply to public schools, healthcare facilities, the supply of electricity for public purposes or other additional categories, as the minister may by order prescribe.
01:31Formalization of the landlord sector will also occur in 2026, as indicated in the budget.
01:38Strong offences have also been created to prevent non-compliance, including collecting rent from unregistered premises, unknowingly supplying false information to the board.
01:50These offences carry a penalty of $250,000 and three years of imprisonment.
01:58This new part ensures that the landlord sector is formalized, transparent and accountable.
02:05Fines for offences, such as driving without valid insurance and permits, have also been increased.
02:12We are doubling maximum penalties across key provisions of this Act, Mr. Speaker.
02:18For the main offence under Section 3.2, which penalizes persons whose drives without a policy of insurance or such security in respect of third-party risks,
02:32the maximum fine is increased from $7,500 to $15,000.
02:39And a maximum term of imprisonment is now going to be increased from two years to four years, Mr. Speaker.
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