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| Barbados Senate Passes Tax Increases |
by Mike Godfrey, Tax-News.com, Washington
Tuesday, March 15, 2011
Barbados's Senate has passed a bill officially raising the country's value-added tax (VAT) from
15% to 17.5%, as part of a series of Budget 2010 measures designed to tackle
the country's record deficit.
The VAT rise, first introduced in December 2010, was confirmed as having been
passed on March 11 by Minister of Finance Stephen Sinckler, along with measures
to remove tax free allowances for travel and entertainment granted to employees.
Speaking at an event on March 10, Sinckler said that,
according to provisional and revised figures for 2010 from the Ministry of Finance
and Economic Affairs and the Central Bank: "At the worst, we have halted
the decline we saw in 2009 of 4.7% and at best, we will record a small increase
in output in 2010 of 0.3% of GDP". According to him, the government's goals
are to halt the decline in the economy by reversing negative trends in GDP output
in the shortest possible time frame and return the country to positive economic
growth; reduce the fiscal deficit to a sustainable level and achieve a small
surplus by 2015; shrink the country's debt to deficit ratio to below 100%, and
reposition Barbados as a major foreign direct investment hub.
Sinckler also released Barbados's estimates of expenditure and revenue for the
2011-12 fiscal year to parliament on March 8. Total expenditure on a cash basis is
to be BBD3.5bn (USD1.75bn), an increase of BBD304.3m or 8.0% below the revised figure
for 2010-2011, with the revenue intake currently projected at BBD2,489.3m on
the cash basis, an increase of 5.7% over the revised revenue of BBD2,354.7m
for the financial year ending March 2011. This will see an expected deficit
of BBD$583.2m, or 6.8% of GDP.
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