Barbados budget looks to balance the books

Barbadians may find themselves paying a little more after the finance minister announced the 2017 Financial Statement and Budgetary Proposals yesterday.

And Chris Sinckler announced that the cabinet has approved a 10% cut in the approved estimates of expenditure for the 2017-2018 financial year.

Among the measures revealed as the government attempts to get a handle on its money was a rise on the Nation Social Responsibility Levy.

It will go up from 2% to 10% on 1 July.

It has been applied to goods coming into Barbados as well as locally manufactured items since it was introduced in September 2016.

And online shopping is set to get more expensive with a 2% foreign exchange commission charged on all sales made in a foreign currency.

The opposition leader is due to respond to the budget today.

Tax waiver

Sinckler’s plans of cuts across all government departments will not affect workers, WIC News understands.

And better news for taxpayers comes with a waiver of penalties and interest on land tax and value added tax.

The government will be running an amnesty from 1 June to 30 November 30.

There’s also a plan to reduce the backlog of VAT refunds owed to businesses and personal income taxes.

The finance minister also announced that the administration was in discussion with the nation’s central bank and the national insurance scheme regarding a debt re-profiling programme.