VAT Increases in Barbados

The Senate on Friday, 12th March, 2011, passed four Bills that give effect to the removal of tax free allowances for travel and entertainment granted to employees and has increased the VAT from 15% to 17.5%.

Minister of Finance and Economic Affairs, Christopher Sinckler

The Nation newspaper reported that the changes had been announced by Minister of Finance Stephen Sinckler, The pieces of legislation passed were the Income Tax (Amendment) Act 2011, the Pensions Miscellaneous Provisions (Amendment) Act 2011, the Ministers and Parliamentary Secretaries Remuneration and Allowances (Amendment) Act 2011, and the Valued Added Tax (Amendment) Act, 2011.

Leader of Government Business in the Upper House, Senator Maxine McLean, noted that Barbados, like other countries, faced challenges precipitated by the global financial and economic crisis.

McLean also stated that the government expended significant sums on health care, welfare services, the maintenance of physical infrastructure and other activities to ensure that Barbados maintained a good quality of life.

 

(Parts of this article were written with content submitted in a Caribbeannewsnow release)

 

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