Business Leaders Share Insight Into Budget 2021

Group CEO of Associated Brands Ltd, Nicholas Lok Jack, believes the liberalisation of retail fuel pricing and the privatisation of National Petroleum Service stations will help the energy sector to be more efficient. Speaking at a Post Budget Forum hosted by the T&T Chamber of Commerce, Mr. Lok Jack said this is the first step in a strategy to allow for a greater sense of competitiveness. He said the liberalisation of the market signals to citizens that they can no longer be protected, and must face the outside world. Meanwhile, CEO of the Ansa McAl Group of Companies, Anthony Sabga III, noted that while removing of incentives on foreign used vehicles may be justified, he does not understand why hybrid vehicles were not given an exemption. In his Budget Presentation on Monday, the Finance Minister indicated that Government intends to remove all tax concessions on the importation of private motor vehicles, where the lowest rates would be imposed on hybrid vehicles, electric and CNG cars.