T&T Budget 2026: “When UNC Wins, Everybody Wins” — Gas Down, Jobs Up, and Plenty Promises Inside
Intro
The T&T Budget 2026 of the new UNC government dropped like a doubles with extra pepper — loud, bold, and full of flavour.
Finance Minister Davendranath “Dave” Tancoo presented “T&T First: Building Economic Fairness through Accountable Fiscal Policies”, outlining a five-pillar plan: restore confidence, unlock investment, commercialize assets, modernize infrastructure, and protect the people.
1️⃣ Gas Price Cut: $1 Off Super
“When UNC wins, motorists win!”
Effective immediately, Super Gas goes down by $1 per litre, saving drivers roughly $50 per fill-up.
2️⃣ Jobs Over CEPEP: New $475M Employment Fund
The government says it’ll phase out CEPEP and URP — replacing them with real, full-time jobs.
3️⃣ Public Servants Finally Get a Raise
After nine years of wage freeze, a 10% offer on the table for public servants and back pay for NIB workers.
4️⃣ Gas and Oil Revival: Dragon Back on Stream
The Budget confirmed U.S. approval for the Dragon Gas project and new deep-water deals with ExxonMobil.
Gas production expected to hit 3.2 billion cubic feet/day by 2027.
5️⃣ VAT Shake-Up: Goodbye VAT, Hello Sales Tax?
Gov’t plans to replace VAT with a simpler Sales Tax system. Until then, VAT removed from basic foods — salt, mauby, coconut water, pumpkin, lettuce, and more.
6️⃣ Banking and Business Taxes
A new 0.25% Asset Levy hits big banks and insurance companies.
Landlords will pay a small “business surcharge” (2.5–3.5%) to help track rental income.
7️⃣ Cigarettes, Rum, Beer — Duties Doubled
Cheers (or tears): Excise duties on alcohol and cigarettes double, raising $1B in revenue.
8️⃣ Modernising T&T: Digital Gov’t & AI
Introducing Anansi, the new national digital assistant.
Citizens will soon have Digital IDs and one-stop payment through NPIC-TT, ending the long-line era.
9️⃣ Big Infrastructure Push
Over $1.1B for highways, new bridges, flood control, and road rehab.
Projects include CRH to Manzanilla, Solomon Hochoy to Point Fortin, and coastal protection at Maracas & Otaheite.
🔟 Healthcare & Education Boost
- Couva Children’s Hospital to finally open.
- $60M for new medical equipment, dialysis, and surgeries.
- 18,000 laptops for students + AI tools for teachers.
🏡 Housing Made Easier
20,000 affordable homes coming via PPPs and new First-Time Homeowner Grants.
Private pensions to be tax-free.
🌾 Farmers, Creatives, & Tourism Win Too
- VAT & duty removed from farm machinery and feed.
- Creative Value-Chain Fund to boost film, music, and fashion.
- New Carnival City and Turtle Tourism push for Tobago.
🐢 Tobago Gets 6.3% of Budget
Tobago’s allocation rises to $3.72B, with investments in tourism, agri-tech, and roads.
💰 Fiscal Snapshot (2026)
- Revenue: $55.4B
- Expenditure: $59.2B
- Deficit: $3.8B (2.17% of GDP)
- Oil Price: US$73.25/barrel
- Gas Price: US$4.25/MMBtu
🎓 Social & Innovation Highlights
- Women’s Health Fund: $5M for menstrual kits & education.
- PEARL Project: Early screening for kids’ learning challenges.
- NEXTCLASS: AI-powered teaching tools.
- $10M for UWI R&D Fund and $15.7M National Innovation Incubator.
🐶 Animal Lovers Rejoice
Tax deductions now apply for donations to registered animal shelters.
⚡ NIS Reforms & Retirement Age Rise
To save the NIS Fund, contributions go up by 3% in 2026 and again in 2027.
Retirement age gradually moves to 65 by 2036.
