Bring together the brightest minds | Letters to the Editor
Most commentators have given the recent national budget a passing mark, with its delicate balance between stimulating economic activity and protecting the many wage-struggling people who have never started or have gone through rough times.
Now, and most importantly, in this current time of great uncertainty both locally and internationally, I would like the government to seriously consider reactivating the long-dead Advisory Council on Economic Development and appointing only the best and the most visionary economists on the board, such as Dr Terrence Farrell, Dr Roger Hosein, Dr Vaalmiki Arjoon, Mary King and Marla Dukharan. Then implement their best proposals.
Indeed, it is extremely important now to put party membership on the back burner and to engage the best minds available to the country in the vital area of economic planning. In this regard, I would like to make two small proposals myself as follows:
1. Remove freight rates from the equation when calculating the VAT (value added tax) to be charged on all inbound shipments of all categories of goods.
2. Reward and stimulate export-oriented manufacturers who have met 100 percent of their foreign exchange needs for over ten years by completely eliminating VAT on their raw material shipments.