No need to increase VAT
A collision of purpose and collision of means.
That’s how Opposition Leader Owen Arthur described Monday’s Budget presented by Minister of Finance Chris Sinckler.
“There were titbits and tinkering here and there that will not fundamentally address what needs to be done to put the country back on a growth path,” said Arthur.
Arthur, the recently returned leader of the Barbados Labour Party was speaking during his reply to the Budget. He started his presentation at 4 p.m. today.
The economist said he did not believe Government needed to touch the Value Added Tax, which went from 15 per cent to 17 per cent which goes into effect from December 1.
Instead, he said Government could have looked to sell its shares in the Barbados National Bank adding that would have raked in about $120 million.
Arthur said the Opposition would not be criticizing for criticizing sake, but would put forward measures that would help this economy.