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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| Barbados's Fiscal Deficit Slips Due To Crisis: Report |
by Phillip Morton, Investors Offshore.com
Wednesday, January 20, 2010
The Barbados Central Bank has released a report on the effects of the financial
crisis on the Barbadian economy during the 2008-09 period, that has showed that the dramatic fall in the economy's productivity, cumulatively 10% of gross domestic product over the period, has had a significant impact on the territory's fiscal position.
“As was to be expected in a country that is highly dependent on tourism,
the performance of the Barbadian economy in 2009 was worse than in 2008, by
most indicators. The impact of the economic and financial crisis in industrialized
countries showed up in a contraction of real output, a reduction of foreign
exchange inflows and an increase in unemployment,” the report observed.
“In addition, the fiscal deficit widened because of a decline in tax
revenue, and the government borrowed both locally and in Trinidad and Tobago
to finance the widening gap. However, the deficit on the current account of
the balance of payments narrowed as a result of the fall in oil prices, which
reduced import payments substantially.”
For 2009, the Central Bank reports that due to the contraction in economic
activity, government revenue was about 10% (or BBD548.5m (USD274m)) less than
the initial forecasts, and coupled with increased government spending, the deficit
drifted by 2.5% more than projections.
The Central Bank has noted, however, that unless there is increased borrowing,
the state deficit will be sustainable or will decrease in 2010. While the Central Bank is optimistic of conditions in 2010, it has warned that "projections for the Barbadian economy in 2010 are clouded by uncertainty
about the pace and robustness of the recovery in the North American and European
markets on which Barbados’ tourism and international financial and business
sectors depend.”
To this end, the Central Bank's report urges the government to consider implementing retrenchment
or tax hikes to reduce the fiscal deficit and to ensure that debt remains sustainable. It has observed, however, that making significant headway on the deficit will
be difficult, as tax revenues remain depressed, alongside a projected, less severe, contraction in the economy in 2010.
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