FINANCE Minister Colm Imbert did not understand why some people do not see anything beneficial in the 2022/2023 budget. He addressed this as he opened the budget debate in the Senate on Wednesday.

The House of Representatives passed the budget on Wednesday by a vote of 21 to 19.

Imbert reminded senators there were 23 fiscal measures in the budget.

"If I'm going to be dispassionate about it, of the 23 fiscal measures, two involve the increase in fines for certain things...three actually...which I think no one would want to contradict."

He listed these as illegal quarrying, theft of scrap metal and theft of timber from state plantations. Imbert said Government is looking at increasing the fines for illegal quarrying, illegal state timbering and theft of scrap iron.

"All of the other measures are benefits, and somehow, in the discourse on the 2022/2023 budget, all the benefits that are in the budget seem to have been clothed in a lot of contentious debate."

On this basis, Imbert felt it important to remind the population of some benefits.

The first was increasing the personal income-tax exemption limit from $84,000 to $90,000 a year. Imbert reminded senators this means all individuals earning $7,500 a month or less will now be exempt from income tax.

This meant they would have an additional $1,500 a year in disposable income in their pockets.

"Therefore the multiplier effect comes into play."

While these measures will result in a decline in government revenue of $450 million, Imbert said, "We expect the effect on GDP (Gross Domestic Product) could be as much as double that."

But he added this was theory. "You have to see how these things work out in practice."

To combat climate change and boost domestic agriculture production, Imbert said the budget offers rebates of up to $25,000 for implementing renewable energy, such as solar and wind energy, for approved agricultural holdings.

"To encourage farmers and other agricultural producers, agro-processors and so on, to use solar energy for lighting and maybe energy for the machinery and so on, they were given a rebate of $25,000."

Imbert said the subsidy for the Housing and Village Improvement Programme could improve the quality of housing for many people. The subsidy ranges from $145,000 to $175,000 for housing improvement work in different geographical areas.

Imbert also said the budget places significant emphasis on infrastructure in fiscal 2023. The newly formed Secondary Road Improvement Company, under the Rural Development and Local Government Ministry, will be one of the entities undertaking infrastructural work in the next fiscal year.

Imbert recalled a similar entity existed in the 1970s.

"We thought there should be a focus on secondary roads and local roads. So we created this secondary roads company with a specific mandate to think, to focus on local roads and secondary roads."

The company has been allocated $200 million for fiscal 2023.

The post Imbert tells Senate: Many benefits in the budget appeared first on Trinidad