Prime Minister Kamla Persad-Bissessar emphasized fairness and equality as the cornerstone of her UNC government’s 2025-2026 budget during a press briefing at the Red House rotunda on October 13. The fiscal package, presented by Finance Minister Davendranath Tancoo, introduced several measures aimed at rebalancing economic disparities and ensuring accountability. Among the key announcements was a 0.25% levy on the assets of banks and insurance companies, alongside a landlord business surcharge targeting undeclared rental properties. Persad-Bissessar clarified that the surcharge was not a property tax but a mechanism to protect both landlords and tenants while boosting public revenue. She also highlighted a reduction in the price of super gasoline by $1 per liter, which she estimated would save consumers $500,000 annually. Additionally, the removal of VAT on agricultural inputs was framed as a move to empower farmers. The Prime Minister contrasted her government’s $3 billion budget deficit with the former PNM administration’s $16-$18 billion deficits over a decade, attributing the improvement to diligent management. Other measures included a 3% increase in National Insurance Scheme (NIS) contributions, expected to raise the National Insurance Board’s annual collections by 23%. Persad-Bissessar also addressed the dire state of the NIS, warning that without immediate action, funds for pensions and benefits would soon be depleted. She praised Tancoo’s allocation of $2.96 billion for the Tobago House of Assembly’s development plan, which represents 5% of the national budget, and an additional $763 million through various ministries, bringing Tobago’s total allocation to $3.7 billion. In response to a reporter’s question, the PM identified 8,000 public sector vacancies, promising better job opportunities.
PM on UNC government’s first budget – ‘All about fairness and equality’
