Government will next week add $2.93 billion in supplemental funds to the 2026 Budget, mainly to pay for salary increases for 62,050 unionised workers – and the mid-year review of the Budget will subsequently be delivered on June 15.
This was indicated by Prime Minister Kamla Persad-Bissessar and Finance Minister Dave Tancoo in the House of Representatives yesterday.
The 2026 Budget of 59.232 billion was delivered by Tancoo last October. The supplemental $2.93B in funding which is coming will take the 2026 Budget to approximately $62.162B.
Persad-Bissessar said the House will meet again between next Wednesday and June 15 on the respective processes.
A Finance bill, which will give effect to measures announced in the 2026 Budget, will be presented when the House meets at 10.30 am next Wednesday.
The Parliament’s Standing Finance Committee, comprising House MPs, will meet next Friday afternoon to discuss and approve the sums involved in the total $2.3B which will supplement Budget allocations in various areas.
Opposition People’s National Movements MPs will grill Government on the supplemental funding.
On June 15 at 10.30 am, Tancoo will present the mid-year review, which both sides will debate.
Persad-Bissessar said the $2.93B in additional funds is to meet “… the bills of T&T for this fiscal year.”
Out of the 2.93B, she said, “2.83B is recurrent expenditure and it will apply to the new wages and salaries that Government is paying to over 62,050 persons. So, we have to find the money for these increased salaries.”
Earlier in her address, Persad-Bissessar said 62,050 unionised workers are now getting higher salaries.
This followed settlement with various unions. The United National Congress’ general election campaign had promised increases to various unions.
The Finance Bill, which Tancoo laid in the House yesterday, details 31 clauses amending various laws.
It includes new sections to exempt private pension plans from tax, to clarify issues pertaining to the Landlord Surcharge and to revise the gaming tax regime.
The bill amends the Income Tax Act to allow, from January 1, 2026, exemption of income derived from a T&T resident’s approved deferred annuity plan which matures between the person’s age of 50 to 70 years.
Any sum received when an approved pension fund plan or an approved deferred annuity plan is surrendered before the date of retirement/maturity shall still be subject to tax.
The bill clarifies that the initial registration fee for the Landlord Business Surcharge is a one-time fee to be paid on a per-landlord basis, irrespective of the number of premises being rented out by the landlord. Another change would allow landlords to claim a tax credit on their annual income tax. The credit would apply to payments they make toward their tax bill for that year, up to the full amount owed.
A further section would allow companies that are landlords to claim a tax credit on their annual income tax. The credit would apply to payments they make toward their tax bill for that year, up to the full amount owed.
Other clauses allow the Finance Minister to amend the list of persons/entities exempt from the Landlord Business Surcharge, and may also exempt institutions from payment of the electricity surcharge.
The bill revises the gaming tax regime on amusement games operated on premises, including electronic roulette devices. It would prescribe separate quarterly rates of tax for all amusement games, require quarterly payment, provides special payment rules where a licence is granted after the commencement of a quarter, and provide for refunds where tax was overpaid in 2026
Changes will also be made to the Prison Service Act, Fire Service Act and Police Service Regulations concerning the calculation of officers’ superannuation benefits.
The Shipping Act will also be amended to increase the fine for having more passengers on a passenger ship than allowed by a Passenger Ship Safety Certificate.
Persad-Bissessar detailed the 62,050 recipients
Public Services’ Association – about 18,000 workers National Union of Government and Federated Workers’ Union – 20,000 workers
T&T Unified Teachers’ Association – 15,000 workers
T&T Defence Force – 6,000 workers
Amalgamated Workers’ Union – 1,300 workers
Contractors and General Workers Union – 900 workers
West Indies Group of University Teachers – 850 workers
