The travelling public in Trinidad and Tobago is likely to feel the pinch as the prices of super and diesel gas, the fuel used by maxi-taxi and taxi drivers, went up immediately upon the presentation of the 2017/2018 budget by Minister of Finance Colm Imbert in the House of Representatives yesterday.
Apart from gas, tyres were also hit with two tax increases — a $20 environmental tax on every tyre and a 30% custom duty on all imported tyres.
According to the Trinidad Express, the 2018 Budget at $50.5billion is three billion less than the 2017 Budget of $53 billion. The projected deficit is $4.76 billion.
As the Minister of Finance sought to spread the burden of adjustment, even Pick Two, Lotto and other National Lotteries Control Board winnings (whose cash winnings used to be tax-free) were drawn into his tax net. They will pay 10% tax on their windfall from December 1.
But Imbert imposed the highest tax rate on the inadequately regulated private gambling and gaming industry with significant increases.
Banks will also pay a 35 per cent tax rate from January 1, 2018, the highest level of corporation tax, up from 30 per cent.
