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The Greater Tunapuna Chamber of Industry and Commerce (GTCIC) has expressed its support for the government’s emphasis on ‘economic fairness’ and fiscal accountability in the 2026 national budget. However, the business lobby group has raised concerns about the persistent liquidity and competitiveness challenges faced by small and medium-sized enterprises (SMEs), calling for immediate and practical solutions. In a statement following Finance Minister Davendranath Tancoo’s budget presentation, GTCIC President Ramon Gregorio acknowledged the budget’s focus on tax modernization, institutional renewal, and digital transformation as steps toward reform. Yet, he emphasized the need for ‘concrete, time-bound measures’ to address foreign exchange shortages, improve SME financing, and bolster business confidence. Gregorio stated, ‘The business community seeks accountability matched by delivery – a Trinidad and Tobago where entrepreneurship thrives, forex flows freely, and SMEs drive inclusive growth.’ The chamber welcomed the reduction in super gasoline prices as a relief measure for transport and manufacturing sectors, potentially lowering logistics costs and inflation. It also praised initiatives in the energy sector, such as the Dragon Gas project and expanded exploration, as crucial for stabilizing foreign exchange inflows. Additionally, the GTCIC commended the creation of an employment fund and the replacement of CEPEP and URP with formal, productivity-driven jobs, viewing these as steps toward long-term economic restructuring. Gregorio highlighted the government’s digitization efforts, including the National Payment and Innovation Company of TT’s online payment system and the ‘Anansi’ virtual assistant, as tools to reduce bureaucracy and corruption. However, the chamber urged the government to ensure transparent and equitable forex distribution, especially for manufacturers reliant on imported raw materials. It also called for direct SME funding and credit guarantees, beyond recent reforms to the Export Academy and Eximbank. On tax reform, the GTCIC stressed the need for detailed consultation with small businesses to avoid disruptions in pricing and compliance systems. It also emphasized the importance of sustained crime reduction for investor and business confidence. The GTCIC expressed its willingness to collaborate with the Ministry of Finance, the Ministry of Trade and Industry, and the newly established Private Sector Organisation of TT (PSOTT) to translate policy intentions into measurable outcomes. ‘We stand ready to collaborate to ensure that policies translate into tangible results for business owners, workers, and consumers alike,’ the statement concluded.

In a landmark parliamentary session on October 13, Finance Minister Davendranath Tancoo presented the 2025-2026 budget, marking the first budget under the UNC administration in a decade. The fiscal plan, described as bold and ambitious, hinges on sustained public investment, institutional reforms, and the preservation of social safety nets. Key highlights include an anticipated boost in staffing at the Board of Inland Revenue by February, a projected GDP growth by 2026, and a promised 10% salary increase for civil servants. Despite these optimistic measures, the budget reflects cautious optimism rather than radical economic transformation. Energy revenues, though declining, still account for 20% of total income, while diversification efforts remain modest, with token mentions of agriculture, university business labs, and renewable energy. The budget deficit stands at $3.89 billion, the lowest in years, though concerns linger over optimistic oil and gas price assumptions. Tancoo’s three-hour speech, marked by directness and enthusiasm, avoided excessive criticism of the previous PNM administration while acknowledging structural economic challenges. The budget balances short-term gains, such as increased education spending and VAT reductions on select items, with potential drawbacks like higher duties on cigars and alcohol, increased NIS rates, and new levies on private enterprises. The absence of clarity on the Petrotrin refinery’s future suggests the budget is part of a broader, long-term strategy.

In a groundbreaking move to democratize state-owned assets and enhance public participation in national wealth creation, Finance Minister Davendranath Tancoo announced the establishment of a Real Estate Investment Trust (REIT) and a $1 billion bond under the National Investment Fund (NIF). The announcement was made during the presentation of the $59 billion budget on October 13, marking a significant step toward innovative financing in Trinidad and Tobago. The REIT, described as a ‘landmark initiative,’ will include high-value income-generating properties such as land, office buildings, and commercial infrastructure. These assets will be transferred to the REIT and listed on the local stock exchange, enabling both individual and institutional investors to earn dividends from real estate investments. Minister Tancoo emphasized that the state will retain a strategic stake in these assets, ensuring transparency and accountability through a high-level technical committee. Additionally, the NIF will launch a $1 billion bond in the 2026 fiscal year, offering citizens and small businesses a safe, tax-free investment opportunity. The bond will be backed by 21% of the shareholding of First Citizens Group Financial Holdings Ltd (FCGFH), valued at approximately $2 billion. The government retains a 60.11% majority ownership in First Citizens Group, ensuring indirect control over these assets. Both initiatives aim to strengthen the capital market, diversify investment opportunities, and contribute significantly to government revenue.

In a significant move during the 2025/2026 budget presentation on October 13, Trinidad and Tobago’s Finance Minister Davendranath Tancoo announced an immediate reduction of $1 per litre in the price of super gasoline. This decision, mandated by Prime Minister Kamla Persad-Bissessar, aims to provide financial relief to citizens by reversing part of the previous administration’s phased removal of fuel subsidies, which had led to consistent price hikes over the past decade. Drivers expressed their delight at the news, with one stating, ‘Yuh can’t go wrong. Is ah ease up; ah dollar could help a lot.’ Another driver highlighted the potential savings, saying, ‘That supposed to help we. That’s a plus. More gas, less money.’ However, not all reactions were positive. Some drivers were disappointed that the price reduction did not take immediate effect at the pumps, as promised. ‘If they say immediately, they supposed to remove it immediately,’ one driver remarked. Additionally, users of premium gasoline and diesel expressed frustration that the price cut was limited to super gasoline, with one driver noting, ‘It’s only for super, it doesn’t do anything for people using premium.’ A diesel user added, ‘If the consideration was made for one type of fuel, it should have been made across the board.’ While the announcement was generally welcomed, many drivers remain cautious, hoping for broader economic improvements in the budget.

In a landmark announcement during the 2026 national budget presentation on October 13, Finance Minister Davendranath Tancoo unveiled sweeping reforms for the National Insurance Scheme (NIS). Without immediate action, Tancoo warned, the fund could face collapse within the next decade, leaving hundreds of thousands of retirees without income protection. The proposed measures include a phased increase in contribution rates and a gradual rise in the retirement age from 60 to 65 over the next ten years. Effective January 5, 2026, contribution rates will rise by three per cent, with another three per cent increase scheduled for January 4, 2027. Starting in January 2028, the retirement age for full NIS pensions will incrementally increase by one year every two years, reaching 65 by 2036. Tancoo assured that those retiring before January 1, 2028, and all existing pensioners will remain unaffected. Early retirees will still qualify for reduced pensions, with a minimum of $3,000. The Finance Minister emphasized the urgency of these reforms, citing years of inaction under the previous administration that allowed the NIS’s financial challenges to deepen. Annual benefit payments now exceed $6 billion, a 65 per cent increase over two decades, while payouts have consistently outpaced contributions since 2020, forcing the National Insurance Board (NIB) to liquidate assets. The 11th Actuarial Review projected fund depletion by 2033 or 2034 without intervention. Tancoo criticized the former PNM government for ignoring repeated warnings and delaying necessary reforms. He pledged that under his administration, the NIS would not be allowed to fail, ensuring protection for over 200,000 vulnerable citizens. Additionally, private pensions will be exempt from income tax starting January 1, as previously promised.