Trinidad and Tobago’s Finance Minister Davendranath Tancoo has vehemently rejected allegations from former finance minister Colm Imbert regarding impending tax implementations. The controversy emerged as Parliament prepared to review the Finance Bill 2025 during its December 5 House session scheduled for 1:30 PM.
Minister Tancoo characterized Imbert’s assertions as political theatrics, stating the bill’s circulation timeline complies entirely with parliamentary procedures that have been standard practice for over a decade. Through WhatsApp communications on December 3, Tancoo emphasized that finance bills routinely follow budget approvals to implement previously outlined policies.
The minister accused the opposition of neglecting their parliamentary duties while he works extensively to address financial and administrative challenges inherited from the previous administration. Tancoo stressed the nation requires serious governance rather than complaints about legislative processes.
Opposition MP Imbert had taken to social media platform X on December 5, claiming the government circulated a 44-page bill containing numerous new taxes including landlord taxes, electricity surcharges, a 20% National Insurance System rate increase, and enhanced fines alongside previously announced alcohol tax hikes.
The 2025/2026 budget presented on October 13 projects $59.232 billion in expenditure against $55.367 billion revenue, creating a $3.865 billion deficit. This contrasts with the previous PNM government’s budget that showed a $5.517 billion deficit. Tancoo’s budget calculations assume oil at US$73.25/barrel and natural gas at US$4.25/mmbtu, slightly adjusted from last year’s energy price projections.