Budget 2016... Wah is d real story?


Editor's Note: T'Vaughn Lewis, an economics graduate of the University of the West Indies, decided to break things down in the 2016 budget recently presented in parliament, to some of its most basic points for those who would rather just "get to the point." In it, Lewis takes a local parlance and humourous stab at what was presented on Monday by Finance Minister Colm Imbert.


So wah is d real story wit d budget?

So the budget has been read and we all want to know in real Trini parlance- ‘Wah I getting?’ Well the Finance Minister basically said some main points in the budget under the theme “Restoring Confidence and Rebuilding trust - let's do this together!” and these are what they were:

Where are we at?

Deficits (def fee who??), palancing and money ‘jumping up in de air’-Imbert was really saying that People's Partnership have we in ‘ah hot boiling mess’. They spend like mad- The overdraft at the Central Bank was 90% over limit; $5 Billion in salary owing for government workers; CEPEP, GATE and all them social programs wrack up $7.5 billion. Basically people was “eating ah food” and not worrying about what happening tomorrow. He basically said what we make (60.287Billion) and what we plan spend (63.048Billion). (But we spending more than we make though???)

Taxes

“Ah really have to pay more taxes boi?” Well not really… He reduced VAT from 15% to 12.5%, income tax was dropped as annual personal exemption increased from $60,000 to $72,000 and businesses now have a bigger limit for paying VAT ($360k income/year to $500k/year). “Oh gad oyeee…More money!”

Ummm but property tax coming back though… Minister Imbert said that it would start with the old level and rate as a starting point and it would have special cases for the people who ‘cyah make and ketchin dey tail’ and for the elderly.

Fuel Subsidy

The price of super gasoline move from $2.70/litre to $3.11/litre and diesel moved from $1.50/litre to $1.72/litre in one shot! Well look how party done…man have to walk to and fro work now.

Foreign Exchange

Well we "aint have to fight like cat and dog" for US now hopefully. Imbert said that the Central Bank going back to the old system of giving out US before 2014.

GATE and Training

Minister Imbert was saying that the GATE programme have to go through “extensive consultation with the national community” (Ay Ay look vocabulary!) to make sure it is “given to those most in need of it.” He also said stipends for OJTs will go up by 20% (Look how 51 seeing meh now.)

Transport

All traffic lights from POS to Grande gone and would be replaced with overpasses and interchanges. Look how mashing out now! Minister Imbert also mention a highway from Sando to Point Fortin and the rapid rail.

The Minister talked (He relllll talk boi jeez) about other things in the budget but those are the main points really. If you want to know more check out Triniscene.com. In the meantime, hol' it down!


Top Stories