PM: Budget Ensures Fairness, Accountability And Puts T&T First
Prime Minister Kamla Persad-Bissessar SC has hailed the 2025–2026 fiscal package as one that is people-centred as it puts T&T first, and ensures fairness and accountability.
Speaking at the Parliament Building after Finance Minister Davendranath Tancoo presented the budget, she highlighted the move to reduce the price of Super gasoline as one such measure that will bring benefits to citizens and put money directly into their hands.
« This is a direct measure to ease the burden on working families and small businesses. And what it means, I got a summary of how many litres of super gas sold at the pump for the year 2024, and the litres were 457,165,211 litres. You know what that means? Immediately, with this price reduction, half a billion dollars will remain in the pockets of persons who drive cars. Almost half a billion dollars that persons can now use to provide better for their families, to help their children, their school supplies, whatever care they need to give, you have half a billion dollars back into your pocket. »
The Prime Minister said national prosperity must benefit all and not just a few and the budget reflects this commitment to fiscal discipline and fairness.
« Fairness requires that everyone plays their part. For too long, the largest financial institutions have thrived, while ordinary citizens was under pressure. You shouldered more of the weight. And so, we are introducing a very modest 0.25 levy on assets of banks and insurance, ensuring that those who have benefited most from national growth, they contribute to sustaining national growth and our quality of life. To bring balance to the housing market, we are formalising the rental sector, establishing a clear, accountable system which protects both landlords and tenants and strengthens the integrity of the property market. »
Addressing concerns and potential misconceptions on formalising the rental sector, the Prime Minister explained that the proposed Landlord Surcharge is not a Property Tax, but an accountability measure aimed at landlords who earn rental income without fulfilling their tax obligations.
« This is where we are putting a surcharge on people who are making income, earning income from their properties. So, for example, it’s not on residential properties, understand, but if you take your property and you’re renting it, but then you’re breaking the law by not paying taxes, because that is income. It’s a commercial enterprise. You’re making income, and by law, you should be paying taxes. But for too long in the system, these persons were allowed to get away with it. You know, some of them don’t even live in Trinidad, but they own five houses in Trinidad or in Tobago, and they’re renting it out, collecting income, but paying no taxes. There must be a sharing of the burdens as well as the wealth of the country, and this is one way they will contribute to our coffers with the revenue, and at the same time, we can account. This is the accountability measure. »
Prime Minister Persad-Bissessar reiterated that the fiscal package is not a tax budget, but one that ensures fairness, accountability, and creates opportunity through responsible management and citizen participation in national wealth.
