PENALTIES on OFFENSES – Effective January 1st
- Driving without a permit – $5,000
- Careless Driving – $15,000
- Driving under the influence of alcohol – $15,000
VAT REMOVED – Effective October 17th, VAT will be removed from a multiplicity of basic items including table salt, mauby, coconut, water, as well as locally produced pumpkin, watermelon, cucumber, lettuce and tomatoes
PERIOD POVERTY INTERVENTION – From January 2026, $5-million initial seed capital for Women’s Health Fund. Tax incentive provided to encourage individuals and corporations to contribute to this Fund.
LANDLORD SURCHARGE – Effective January 1st,
New registration requirement for all landlords with the Board of Inland Revenue $2,500
Surcharge: 2.5% on gross annual rental income up to $20,000; 3.5% on gross annual rental income above $20,000.
4:24PM – NIS – From Jan. 1st 2036, the age of retirement will be raised to 65 years. From Jan. 2028, the age at which a person can receive a fill NIS retirement pension will gradually increase over a 10-year period
4:12PM – 5% CIF Tax on single use plastics, proceeds to support National Recycling Programme, Waste Management, Effective January 1st 2026.
4:11PM – Immediate Increase in customs duties on rum, spirits beer, cigarettes, aimed to contribute $1 billion to total revenue.
4:05PM – An Electricity Surcharge will be implemented for Commercial and Industrial customers – $0.05 per kWh. Residential customers as well as essential buildings such as schools, hospitals, religious institutions will not have to pay this surcharge
3:54PM – FISCAL ALLOCATIONS:
- Education and Training – $8.766 billion
- Health – $8.214 billion
- National Security – $6.366 billion
- Public Utilities – $3.395 billion
- Infrastructure – $1.943 billion
- Local Government – $1.807 billion
- Transport – $1.840 billion
- Agriculture – $1.13 billion
- Housing – $0.662 billion
Oil price assumption for 2026
- US$73.25 per barrel
- Natural gas price assumption
- US$4.25 per MMBtu
- Fiscal Deficit $ 3.865 billion
- Total Revenue $55.367 billion
- Total Expenditure $59.232 billion
TOBAGO – $2.96 billion has been allocated to the THA, equal to 5% of the National Budget. Additionally, a further $763 million will be spent by various Ministries in Tobago. In total, the allocation for Tobago will $3.72 billion which equates to 6.3% of the National Budget.
“Buy Local, Build Trinbago” – National Registry of Exporters to campaign to be launched, to keep wealth at home.
$793.7 million will be invested in infrastructure, irrigation, fisheries, land development, and agri-tech
initiatives.
AGRICULTURE – Government will reduce Food Imports by at least 25% by 2030, while promoting agro exports. The backlog of VAT refunds will be cleared and the system of VAT may possibly be replaced by a Sales Tax, once feasible.
3:37PM – NATIONAL SECURITY – 500 new Prison Officers, reform of Firearm laws, CCTV coverage will be expanded, establishment of new Forensics Science Complex, Anti Drone Tech, new modern correctional facility
3:32PM – EDUCATION – $11 million for 13 partner schools for students with special needs, UWI-Debe Campus to be opened for studies on Law, Forensics, AI
Quarterly HDC Reports to now be published
3:30PM – HOUSING – 20,000 homes through PPPs, low interest loans for young families, 1,200 Home Improvement Grants to be delivered in 2026; 1461 units under construction in Arima, D’abadie, Couva
New construction sector skills programme to employ 250 young people
3:09PM – Port of Spain General Hospital Central Bloc to be fully operational by March 2026, Sangre Grande Hospital to be commissioned this year
3:08PM – HEALTH – Couva Hospital to be return to its original name of Couva Children’s Hospital
3:07PM – $298 million for works for coastline erosion control, Lady Hailes Shoreline, Granville,
and Otaheite, and new projects in Salybia, Macqueripe, and Maracas Bay
3:06PM – ANR International Airport in Tobago to be fully operational by 2nd quarter of 2026.
TRANSPORT – 30 new electric buses by mid 2026, under a leasing pilot and expanded routes through a Public- Private Partnership with maxi-taxi operators to ensure rural connectivity
3:05PM – Strategic Drainage Plan – $13.8 million will fund studies and designs in South Oropouche, and
$60 million for structural works in Caroni and Oropouche; $29.95 million for river clearing
and embankments in high-risk communities.
3:02PM – WORKS & INFRUSTRUCTURE – $1.1billion to modernize roadways and enhance safety; overpass at Macoya & Churchill Roosevelt Highway, $238 million for flood mitigation; Bridge Rehabs projects, 7 major projects
2:56PM – Thanks expressed to US President Trump for committed support for national development. Strengthen border control and will work to dismantle organised crime.
2:47PM – 40% of all contract positions will be made permanent and pensionable. Government will ratify offers to teachers, Defence Force and City Workers signed in 2025.
2:45PM – Public Service Negotiations – PM instructed Finance Minister to submit revised offer 10% to Chief Personnel Officer, for the period 2014 – 2016, 2017-2019.
2:36PM – NLCB – Better control of revenue retention, legislation to combat illegal lotteries, including increased fines and jail time.
2:35PM – Elimination of CEPEP and URP; to be replaced with full time and better paid jobs. There is the creation of the Employment Fund, in the amount of $475 million. This will be utilized with the $310 million unemployment fund. The Prime Minister will expand on this job creation in her budget reply.
2:22PM – Electronic payments for Customs payments by December 2025
2:18 – Upgrades for Customs and Excise Division for greater compliance and fairness in the system, including modernization, enhanced revenue collection, upgraded ACYCUDA system, recruitment, Customs school
2:15PM – Staffing to be regularized at the Inland Revenue Division by 2026
2:06PM – Diversification efforts to come via Agriculture, Manufacturing, Exports, boosting Medical, Sport and Cultural Tourism and accelerating Digital Transformation.
2:04PM – Former Caribbean Airlines board spent in excess of $60 million in audits, but still failed to submit audited financials.
2:00PM – Foreign Reserves fell from US$11,497.1 million at the end of 2014 to US$5.272 million by March 2025
1:55 – Super Gasoline reduced by $1.00/litre, effective immediately
1:40PM – 2026 National Budget based on five strategic pillars
- Restoring confidence and fiscal stability
- Unlocking productive investments and jobs
- Commercializing and optimizing public assets
- Modernizing infrastructure, transport and digital services
- Protecting the people through social investments and safety nets
Finance Minister Dave Tancoo, from advising the Prime Minister Kamla Persad-Bissessar, during the 2010-2015 term, on the nation’s finances to now delivering his first national budget.
Minister of Finance, Mr Tancoo’s debut presentation comes on the heels of his mid-year review, which emphasized fiscal discipline, targeted social support, and greater incentives for local enterprise and economic growth.
Stay tuned to our live blog for real-time updates throughout the 2026 National Budget Presentation.
