The 2023/24 budget has been presented by the Finance Minister with minimum wage and Property Tax among the topics of discussion.

Mr Colm Imbert said the budget is based on an assumed oil price of US$85 per barrel and a gas price of US$5 per mmbtu.

He noted that total revenue is expected to be $54.012 billion and total expenditure to be $59.209 billion with a fiscal deficit of $5.197 billion.

Among his announcements, Mr Colm Imbert said the minimum wage will be increased from 2024.

Mr Imbert also announced that collection of Property Tax will be effective in the 2024 financial year.

Mr Imbert also confirmed that government is not convinced at this time that there should be an increase in the rate of NIS contributions.

Mr Imbert also reveals his intention to speak with stakeholders in a bid to standardize textbooks, to allow them to be passed down to younger students.

He then announced a grant to help students who are in need.

On the topic of foreign exchange, Mr Imbert revealed that systems are being created to assist SMEs access forex.

ALLOCATIONS

Education & Training – $8.022bn
Health – $7.409bn
National Security – $6.912bn
Works and Transport – $3.394bn
Public Utilities – $3.018bn
Rural Development & Local Gov’t – $1.825bn
Agriculture – $1.442bn
Housing – $1.165bn
Social Development – over $5bn
Tobago – $2.585bn

(Photo credit: Office of the Parliament)