p. 35 · PDF p. 35
The year-on-year employment comparison
The Minister states that 5,100 more persons were employed in Q1 2026 than in Q1 2025, taking employment to 564,000, and compares participation of 55.1% with 54.3% a year earlier. He says the budget will create an ‘explosion of economic activities, hyper-growth, and a boom in job opportunities’.
p. 36 · PDF p. 36
TT$250 grant increases
Proposed monthly increases of TT$250 in the Senior Citizens’ Grant, every Public Assistance tier and Disability Assistance for adults and eligible children. The speech identifies 124,000 senior citizens, 13,637 public-assistance recipients and 28,000 disability-assistance recipients. Twelve months of a TT$250 increase equals TT$3,000.
pp. 154–157 · PDF pp. 154–157
Fiscal 2027 forecasts and headline allocations
Revised fiscal 2026 revenue TT$54.247B, expenditure TT$61.247B and deficit TT$7B. Fiscal 2027: revenue TT$59.729B, expenditure TT$63.368B and deficit TT$3.639B. Oil assumption US$77/barrel; gas US$5/MMBtu. Revenue comprises oil TT$14.355B, non-oil TT$45.062B and capital TT$0.312B. Headline allocations: education and training TT$8.033B; health TT$8.061B; national security TT$7.321B; public utilities TT$4.087B; rural development and local government TT$2.323B; agriculture TT$0.987B.
pp. 158–166, 176–177 · PDF pp. 158–166, 176–177
Proposed revenue measures
Carried-forward business losses limited to 75% of chargeable profits, projected TT$430M additional revenue; petroleum unemployment levy from 5% to 8%, projected TT$155M; both proposed for 1 January 2027. Foreign digital/remote services proposed for standard-rate VAT from March 2027, projected TT$18M. Selected supplies would move from zero-rated to exempt; the distinction changes recovery of associated input VAT.
pp. 163–165 · PDF pp. 163–165
Overseas digital services
12.5% VAT. Streaming and other digital/remote services from non-resident suppliers. Proposed start: 1 March 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 170–172 · PDF pp. 170–172
High-use electricity
+5¢ / kWh. Residential consumption above 3,000 kWh per billing period. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 168–169 · PDF pp. 168–169
Vaping imports
20% duty. Customs duty on vaping devices and products, proposed from 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 169–170 · PDF pp. 169–170
Selected vehicle taxes
+25% to +100%. Classic +100%; antique +50%; vintage +25%. Increases in motor vehicle tax, proposed from 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 161–163 · PDF pp. 161–163
Imported alcoholic beverages
Value-based duty. Higher-value imports bear greater duties under the proposed system. Domestic excise rates separately fall 25%. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 159–160 · PDF pp. 159–160
Petroleum unemployment levy
5% → 8%. Taxable petroleum-company profits. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 160–161 · PDF pp. 160–161
Non-resident distributions
8% → 10%. Withholding tax; qualifying non-resident parent-company distributions rise from 3% to 5%. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 158–159 · PDF pp. 158–159
Carried-forward business losses
75% ceiling. Loss offsets limited to 75% of chargeable profits in an income year. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 165–166 · PDF pp. 165–166
Overseas service payments
Wider tax scope. Management, technical and prescribed services brought within clarified withholding rules. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 166–167 · PDF pp. 166–167
Expenses earning exempt income
Deduction removed. Expenses incurred to earn tax-exempt income would cease to be deductible. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 176–177 · PDF pp. 176–177
Selected zero-rated goods
VAT-exempt. No VAT at checkout; exemption changes suppliers’ input-tax recovery and can embed costs. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 177–178 · PDF pp. 177–178
VAT clearance certificate
TT$100. New issuance fee, proposed from 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 180–181 · PDF pp. 180–181
Outstanding VAT returns
TT$100 / 2 months. Penalty for every two months a return remains outstanding. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 182 · PDF pp. 182
False Customs declarations
TT$250,000. Section 212 penalty rises from TT$125,000. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 191–192 · PDF pp. 191–192
Unpaid employee NIS
TT$8,000 maximum. Employer fine on summary conviction doubles from TT$4,000. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
pp. 184–185 · PDF pp. 184–185
Customs brokers and clerks
Fees to be revised. Licensing, fees, offences and penalties are to change; amounts are unspecified. Proposed start: 1 January 2027. Ministry of Finance, Budget Statement 2027; verified 14 October 2026. These are proposed measures; implementing legislation determines operative rules.
Newsroom summaries, checked 13 October 2026. Page references use the statement’s printed page numbers, which match PDF pages. Budget proposals retain their stated implementation dates; a speech is separate from enacted tax legislation.