House meets today to amend VAT, authorise more borrowing

The House of Assembly is meeting today Tuesday, December 15th, 2020 with Papers to be laid by the Prime Minister and Minister for Finance; the Minister for Economic Development, and the Minister for Tourism.

The first Motion down for consideration seeks approval for an amendment to the Value Added Tax that will exempt imports by an elected Parliamentarian for the benefit of children, the vulnerable and needy persons in the constituency of the elected Parliamentarian.

The VAT exemption will apply to toys; food supplies; care packages, including, items for personal use, such as, food, personal hygiene products and other personal protective supplies.

Also exempted will be gift items, including, personal presents to be given as part of the Christmas Holiday Season; Christmas decorations, including Christmas lights, ornaments and accessories used for decorative purposes during the Christmas Holiday Season.

The second motion seeks the authority of Parliament for the Minister of Finance to borrow from commercial banks sums not exceeding eighty-five million dollars as follows-

a. Royal Bank of Trinidad and Tobago EC$ 4,400,000.00

b. Royal Bank of Canada EC$ 5,600,000.00
c. First Caribbean International Bank EC$ 8,000,000.00

d. Republic Bank (EC) Limited EC$ 12,000,000.00

e. 1st National Bank St. Lucia Limited EC$ 5,000,000.00

f. Bank of Saint Lucia EC$ 50,000,000.00

The following Bills are down for consideration: 1. Credit Reporting
2. Economic Substance (Amendment)