Trinidad and Tobago should brace for more unemployment, poverty and inflation, The University of the West Indies (The UWI) financial economics lecturer Dr Vaalmikki Arjoon forecast in his response to the mid-year budget review (MYBR) read in Parliament in Port of Spain last Wednesday by Finance Minister Colm Imbert.
“The minister should have been more specific on an approximated date on when property taxes will be collected, and whether it will even occur this year. Moreover, several concerns of this tax could have been addressed. The economy is already burdened with higher taxes and costs, together with difficulty to access foreign exchange. The property tax will exacerbate the cost of doing business further and contribute to added unemployment, poverty and inflation when the tax is passed onto the consumer as higher business processes cost more,” Arjoon said in an e-mail last week.