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 sectors and ensuring accountability. Persad-Bissessar defended a 0.25% levy on the assets of banks and insurance companies, alongside a landlord business surcharge on undeclared rental properties, clarifying that this was not a property tax but a mechanism to protect both landlords and tenants. She stressed that the budget was not about taxing individuals but about fostering accountability. The Prime Minister highlighted a reduction in the price of super gasoline by $1 per liter, which she said would save consumers $500,000 annually. Additionally, the removal of VAT on agricultural inputs was framed as a move to empower farmers. Persad-Bissessar contrasted her government’s $3 billion budget deficit with the former PNM administration’s $16-$18 billion deficits, attributing the improvement to diligent management. She also announced a 3% increase in National Insurance Scheme (NIS) contributions, expected to boost the National Insurance Board’s (NIB) annual collections by 23%. The PM urged citizens to consider private pensions, which are tax-free, unlike government pensions. She warned that without immediate action, the NIS would face collapse, leaving no funds for pensions or benefits. Persad-Bissessar praised Tancoo’s allocation of $2.96 billion for the Tobago House of Assembly’s development plan, along with an additional $763 million through various ministries, totaling $3.7 billion or 6.3% of the national budget. Responding to a reporter, she identified 8,000 public sector vacancies and promised better job opportunities.
PM on UNC govt’s first budget – ‘All about fairness and equality’
