TT:
CET removal brings joy to businessmen
By Driselle Ramjohn
Trinidad Express
Port
Spain
Petroleumworldtt.com
10 29 06
BUSINESSES have applauded the Government's recent
move to remove the Common External Tariff (CET)
on selected manufacturing inputs calling it "a
step in the right direction".
Government's
announcement on the CET removal is certainly "a
step in the right direction in our quest to diversify
and encourage growth in the non-energy sectors of
the economy," a statement from the Trinidad
and Tobago Chamber of Industry and Commerce said
yesterday.
The
Chamber congratulated the Government on moving so
quickly after the 2006 Budget to put these tariff
incentives in place as part of its implementation
plan for the seven key industries identified for
"intensified developmental focus".
Chamber
president Ian Welch said, "These type of measures
are necessary for the global competitiveness of
the local private sector especially if we are to
pursue more aggressive expansion of the manufacturing
sector.
We
are also pleased to note Minister (Ken) Valley's
statement that the Government will be considering
measures to boost the Services Sector."
"We
hope that Government will further intensify its
activities to promote and attract investment in
those group industries including the establishment
of tax incentives, marketing and promotional assistance
programmes, skills training and research,"
the Chamber added. The business group said its members
welcomed this move to eliminate the licensing process
which they considered to be "arduous and time
consuming" and indicated that they are eagerly
awaiting further fiscal incentives for this sector.
Trinidad
Express
Saturday, October 28th 2006
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