BUDGET STATEMENT 2014
17
SUSTAINING GROWTH, SECURING PROSPERITY
The implementation of the programme
covers a range of activities, including the
strengthening of the budgeting process and
treasury management, the early introduction
of an Integrated Financial Management
Information System and subsequently, the
full introduction of performance informed
budgeting.
GENDER-RESPONSIVE BUDGETING
Mr. Speaker, the Government is also
developing
gender-responsive
budgeting
guidelines for institutionalising gender equality
and
gender-mainstreaming
practices
in
government ministries.
The guidelines will be drafted to capture the
unique needs and vision of the people of Trinidad
and Tobago. The guidelines will make the case
for the need to allocate sufficient financial
resources to achieve gender equality, equity and
women’s empowerment in all economic and
social sectors of Trinidad and Tobago.
TAX ADMINISTRATION
Mr. Speaker, over the past year, and with the help
of international consultants we started work
on the technical infrastructure for the phased
introduction of a growth-oriented tax system
over the period 2014–2016. This revised tax
system will be regionally and internationally
competitive;
encourage
savings
and
investments, reduce the dependency on tax
incentives for encouraging investment, will be in
line with international best practice, will promote
stability and predictability and encourage
compliance and enforcement.
Mr. Speaker, technical work is also ongoing for:
• the rationalisation of excises so that by fiscal
year 2015 exciseswill be aligned and different
taxes on excisable goods streamlined;
• the introduction of transfer pricing legislation
along the OECD guidelines; and
informed by multi-lateral institutional thinking
on the subject.
CAMPAIGN FINANCE REFORM
Campaign finance reform has become of
heightened importance to the population. A
Green Paper for the public’s comments will
be made available before the end of this year
with legislation targeted for next year. In this
context, the legislative requirements for the
Constituency Development Fund will also
receive attention and allocations made once
appropriate legislation is in place. Subject to
the approval of the legislature, the reporting
and accountability requirements will be subject
to a detailed review by Parliament and an
independent watchdog body.
PUBLIC FINANCE MANAGEMENT
Mr. Speaker, I now turn to the Government’s
accounting and reporting systems. The Auditor
General’s Report 2012 identified a number of
weaknesses in the accounting, reporting and
compliance systems in Ministries.
Many of these were not new, but as part of the
process for strengthening the institutional
framework of Government, we launched
several initiatives aimed at addressing these
weaknesses. I wish to express my satisfaction
with the responses of the public service to
these initiatives and in the quality of follow-up
to correct errors and omissions identified in the
Auditor General’s Report.
While some of the changes would have been
implemented too late to change the Report
for the 2013 financial year, I expect to see
continuing improvements when the Report for
2014 is produced.
Mr. Speaker, in the last fiscal year we began
implementing a series of structural reforms
aimed at the modernisation of the State,
particularly in the areas of public administration
and public finance management.
