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Tax Leader's thoughts (continued) K 10 10 Angelique Bart Tax & Legal Services Leader These revenue generating initiatives were not done in isolation. In fact, the Government, being no stranger to taking difficult economic decisions vis-à-vis vis, Petrotrin, also announced some bold austerity measures. These measures include the removal of the VAT relief on certain imported luxury food items, the increase in VAT/duties and Motor Vehicle Tax for all vehicles in order to curb the high levels of importation of cars, the removal of the remaining gas subsidies and de-regulation of the fuel sector through the divestment of NP's service stations. Finally, as in previous years, the Minister reiterated the government's continued commitment to addressing the issue of long outstanding Value Added Tax and other refunds, the revamping of the tax administration body and introducing property tax. While the issuing of Value Added Tax Bonds was a welcome measure and it provided enormous relief to taxpayers with large overdue refunds, it will be important for the BIR to continue making these payments to address the business community concerns over cash flow and overall liquidity. The overall improvement of tax administration will be a big boost for revenue collection efforts but whether Government will secure the necessary support from the opposition remains to be seen. We look forward to a productive and robust parliamentary debate on the proposed fiscal measures during the presentation of the Finance Bill/Act 2021 and for additional details on the proposed measures and their respective effective implementation dates. In the interim, our Tax and Legal Services team stands ready to support you. PwC | Trinidad and Tobago 2021 national budget What's Inside Click to Navigate Territory Leader's message Tax Leader's thoughts Budget overview Budget fundamentals - 2021 Historical economic data Energy and energy related tax regime Corporation tax Value Added Tax & other indirect taxation Personal Income tax Stamp Duty Summary of other measures Let's talk About PwC

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