THE NATIONAL SOCIAL RESPONSIBILITY LEVY (NSRL) might be painful for Barbadians, but Senator Jepter Ince wants to know if not this revenue-raising measure, “what else”?
The NSRL, introduced in September 2016, was imposed on goods imported into Barbados and those domestically manufactured to finance the “challenging” cost of health care.
Ince told the Senate yesterday the levy was imposed “for the benefit” of Barbados and warned of the danger of continuing maintain a revenue stream that was not compatible with expenditure. “Government would not have implemented a NSRL because Government had nothing better to do,” he contended.
He pointed out Barbados’ current economic challenges and the detailed steps taken by Government to restructure the economy, while introducing the National Social Responsibility Levy (Amendment) Bill 2017.
Despite how painful it might be to some Barbadians, Ince said, the purpose of restructuring and diversifying the economy was to set a platform for tomorrow.
“If not the National Social Responsibility Levy, what else? Bitter as it may be, painful as it may be, we want to safeguard the present and build a platform for the future.”
Ince, who is also parliamentary secretary in the Ministry of Economic Affairs, insisted that Barbados’ economy was being affected by an “external environment” that saw the island losing about $1 billion in revenue from the international business sector over a five-year period; a global crisis in the energy sector; declines in remittances from countries such as the United States, as well as other external factors that had a direct impact on its revenues.
He also said he did not share the view that Barbados should turn to the International Monetary Fund as the preferred alternative. (GC)
