00:00Brian Manning, who is also a former minister in the Ministry of Finance,
00:05tells the Morning Edition, while the delisting of this country from the EU blacklist
00:09is a step in the right direction, the process is far from complete
00:14and the country must still satisfy additional requirements from the EU in the months ahead.
00:21He is also questioning what concrete steps the current administration has taken
00:26to strengthen domestic revenue enforcement systems.
00:30I would ask the current government, what exactly have they done to modernise our tax collection system?
00:35The first thing they did in office was to cancel the TTI, which was meant to do exactly that,
00:40to close a $10 billion annual tax gap in Trinidad and Tobago.
00:44And since then, what have they done to really improve tax collection in this country?
00:49Yes, there's nothing.
00:51Manning acknowledges that the removal from the EU list can bring tangible benefits,
00:57including increased foreign direct investment.
01:00However, he warns that the government's new policy direction for the manufacturing sector
01:06is undermining its ability to remain regionally and globally viable.
01:11So, what the government is calling upon here now, where they are asking for almost a 77% increase
01:17in the cost of gas to the manufacturing sector, almost completely eliminates that competitive advantage.
01:24We understand that government would want to increase its revenues,
01:28but it cannot do so at the cost of an entire industry,
01:32and one of the major industries that we have that generates foreign exchange.
01:36The San Fernando East MP adds that the continued introduction of new taxes and excess borrowing
01:43is placing additional pressure on businesses and households,
01:47making it even more difficult to ease the rising cost of living.
01:52The Prime Minister yesterday, when asked about it, resorting to prayer,
01:55I would say we need to have a plan.
01:57And I'm all for prayer and prayerful planning,
02:00but prayer without planning is something that would concern me.
02:05And there does not seem to be any plan for generating additional revenues for this country,
02:10and that should be very concerning,
02:12because at the same time, they are crushing opportunity
02:15with their draconian austerity measures and increases in tax rates.
02:21He says that PNM remains deeply concerned
02:24that some fiscal measures now being pursued
02:27may ultimately work against the country's long-term economic interests.
02:33Nicole M. Romney, TV6 News.
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