Page 20 - PNM General Election 2020 Manifesto

MINISTRY OF FINANCE
FISCAL CONSOLIDATION AND ECONOMIC
STABILISATION
Against all odds, the PNM has stabilized the
economy and set it on a growth path, maintained
good credit ratings, and averted the financial
crisis we met in 2015. We have done more with
less; reduced Government’s annual expenditure
by 20% from $63B in 2014 to $50B in 2017;
increased revenue by $10B; eliminated waste and
corruption; while maintaining jobs, pensions,
social welfare payments, health care,
infrastructure, education, security, public utilities
and all Government services.
CLICO RECOVERY
The PNM has so far recovered $15B of taxpayers’
money from Clico, including cash and shares in
companies such as Republic Bank and Angostura,
among others. Work continues to recover a
further $10B from Clico and CLF.
PNM THE RIGHT CHOICE ON AUGUST 10
NATIONAL INVESTMENT FUND
The PNM has issued $4B in National Investment
Fund Bonds to over 7,000 citizens, with generous
interest rates backed by assets recovered from
Clico, thus preserving these assets for the benefit
of future generations.
VAT RATE REDUCTION
The PNM reduced the rate of Value Added Tax
from 15% to 12.5% to lower the cost of living and
provide relief to consumers.
INCREASE IN PERSONAL INCOME TAX
ALLOWANCE
The PNM increased the annual Personal Income
Tax Allowance from $60,000 to $72,000, allowing
all taxpayers earning $6,000 per month or less to
be exempt from tax.
INCREASED CAP ON PENSIONS
The PNM increased in the cap on the pension
payments for persons in receipt of both the NIS
pension and the Senior Citizen’s Pension from
$4,500 to $6,000, thus putting up to $1,500 per
month in the hands of those who need it most.
TRINIDAD AND TOBAGO REVENUE AUTHORITY
The PNM has completed all of the required
preparatory work to establish a modern
autonomous Revenue Authority, geared towards
17
People’s National Movement Manifesto 2020