Tax ease

(Nigel Browne)

By GERALYN EDWARD, Business Editor | Wed, June 27, 2012 - 12:12 AM

In a suite of incentives that touched almost every sector in the Barbados economy, Minister of Finance Chris Sinckler last night put money back in the hands of consumers but also detailed an alternative energy plan to cut the country’s staggering $750 million annual bill for imported oil.

With a lot at stake, including a looming general election and international ratings on the economy pending, Sinckler said his 2012-2013 Budget presented in the House of Assembly yesterday was one of “stabilization, growth and economic transformation”.

He also attempted to clear his administration’s name in the controversial REDjet $8 million financing issue while laying out the plan for the long-running CLICO debacle.

Responding to cries for an increase in workers’ disposable income, Sinckler announced a reduction in the tax commitment of low and middle-income earners. However, he kept the value added tax (VAT) at 17.5 per cent.

PICTURED: Wearing a BOUTONNIÈRE pinned by Queen’s College student Zaria Trotman, Minister of Finance Chris Sinckler arrives at Parliament with his wife Arlyn (second from right), who carries a bouquet presented to her by Eagle Hall Primary School student Raeanna King (right).

Please read the full story in today’s MIDWEEK NATION, or in the eNATION edition.