Chamber Urges Government to Cut Red Tape, Boost Growth

Kiran Singh, President of the Greater San Fernando Chamber of Commerce (GSFCC), is pressing the government to leverage the mid-year budget review to bolster business confidence and establish a foundation for robust economic growth. Singh emphasized the business community's desire for practical, expansion-focused policies.

"The business community is looking for practical, growth-oriented policies that encourage expansion, improve competitiveness, and position Trinidad and Tobago for long-term economic success," Singh told the Express. He acknowledged positive international assessments but highlighted ongoing struggles for many businesses, citing difficulties with foreign exchange access, escalating operating costs, crime, and bureaucratic hurdles.

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The business community is looking for practical, growth-oriented policies that encourage expansion, improve competitiveness, and position Trinidad and Tobago for long-term economic success.

Singh stressed that addressing these persistent issues is vital for improving the business climate and attracting investment. The GSFCC advocates for specific support for small and medium enterprises (SMEs), better access to finance and foreign exchange, incentives for digital transformation, and continued diversification efforts in manufacturing, agro-processing, tourism, and exports.

Furthermore, the Chamber proposed a limited tax amnesty to help businesses and individuals regularize tax obligations, potentially improving compliance and state revenue. Singh also noted that VAT refunds remain a significant concern for the MSME sector. He concluded by stating that enhanced national security, more efficient government services, and a clear fiscal stability roadmap are essential for attracting investment and creating jobs.

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We would also support the introduction of a limited tax amnesty programme to allow businesses and individuals to regularise outstanding tax obligations without excessive penalties. Such a measure could improve tax compliance, provide relief to struggling businesses, and generate additional revenue for the State. VAT refunds remain an outstanding issue for us in the micro, small, and medium enterprises (MSME) sector.