Former Finance Minister Colm Imbert has issued a stark warning regarding the government’s intention to implement multiple new taxes through the Finance Bill 2025, scheduled for presentation in the House of Representatives on December 5 at 1:30 PM.
In a social media post on platform X, Imbert revealed that the United National Congress (UNC) government has circulated a comprehensive 44-page legislative document containing what he describes as “an avalanche of new taxes” that the administration intends to rapidly push through parliament. The proposed measures include a landlord tax, electricity surcharges, a substantial 20 percent increase in National Insurance System (NIS) rates, and heightened penalty fines. These would supplement the previously announced 100 percent hike in alcohol taxes implemented in October.
The Finance Bill represents standard legislative procedure following budget approval, designed to enact policies outlined during budgetary presentations. Finance Minister Davendranath Tancoo had previously announced revenue-generation measures during his October 13 budget presentation, including immediate customs duty increases on rum, beer, and cigarettes. Additional provisions such as NIS increases, electrical surcharges for commercial and industrial consumers, and levies on commercial banking institutions are projected to take effect from January 1, 2026.
The current 2025/2026 budget framework projects expenditures of $59.232 billion against revenues of $55.367 billion, resulting in a $3.865 billion deficit. This contrasts with the previous administration’s 2024/2025 budget under the People’s National Movement (PNM) government, which anticipated revenues of $54.224 billion, expenditures of $59.741 billion, and a larger deficit of $5.517 billion.
Minister Tancoo’s budgetary calculations are based on projected oil and natural gas prices of US$73.25 per barrel and US$4.25 per mmbtu respectively, compared to last year’s benchmark prices of US$77.80 per barrel and US$3.59 per mmbtu under the previous government.