Budget 2026 is designed to bolster individual development, improve quality of life, and ease ongoing cost-of-living pressures, according to economist and financial specialist Richard Rambarran.
Speaking on Ignite News Budget in Focus, Rambarran highlighted key measures aimed at increasing disposable income, including a $100,000 cash grant for citizens aged 18 and older, an increase of the income tax threshold from $130,000 to $140,000, and the removal of net property tax.
He also pointed to the retention of zero excise duty on fuel, the reduction of freight charges to pre-pandemic levels, the extension of the Because We Care cash grant to $60,000, a $20,000 transportation grant per child, state coverage of eight CXC subjects, increased pensions and public assistance, the reclassification and reorganisation of duties and taxes on vehicles, and a $9 billion allocation for cost-of-living relief.
On promoting development, Rambarran noted the removal of corporation tax on agriculture and agro-processing establishments, the elimination of VAT on furniture and jewellery businesses, the removal of duty and VAT on security equipment, the establishment of a small and medium-sized enterprises (SME) development bank offering zero-interest and collateral-free financing, increased low-income mortgage ceilings, and home improvement subsidies.
Rambarran further cited double-digit growth across all economic sectors as a direct result of support for private sector development.
“These by any measure are strong growth numbers and represent quite a lot of confidence that exist in the economy, and really, the economy bearing fruit of years of sound macro- economic policies and an environment that is existing from an economic standpoint, that facilitates and is conducive to private sector growth,” he said.
Despite the prominence of the oil sector, Rambarran acknowledged almost 15 per cent growth within the non-oil economy, signalling the sector’s strong performance.
