Click to view full size

THE inaugural national budget of the UNC government and Finance Minister Davendranath Tancoo, could best be described as a "give and take" fiscal package.

The government gave, in the sense that several announcements were made which saw an ease up for people including the price of super gasoline being reduced by a dollar per litre; government keeping its general election promise of a ten per cent wage increase for public servants; and the removal of VAT on several basic food items which was hit with this tax by the previous PNM government.

The government took, in the sense that several announcements were made including that big business will have to pay more for its electricity consumption; to a three per cent increase in NIS contributions; an immediate increase in customs duties on rum, beer and cigarettes; and the introduction of a landlord surcharge.