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Company to absord 2.5% VAT

rhondathompson, [email protected]

Company to absord 2.5% VAT

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A LOCAL telecommunications company has decided to absorb the 2.5 per cent increase in Value Added Tax.
It is TeleBarbados Inc., which provides premium broadband, data, voice and professional services to residential and business sectors of Barbados. It will absorb the VAT increase for residential services.
TeleBarbados’ executive vice president Patrick Hinkson said the company’s decision was not just a temporary measure, since it was “aware that some companies opted to remove VAT for the month of December. Residential customers of TeleBarbados will not have to pay any increase in VAT period,” he said.
Government increased VAT from 15 per cent to 17.5 per cent last year as one of a number of measures to tackle a growing Budget deficit.
Noting that customers had a challenging year in 2010, Hinkson said the company was seeking to help offset general price increases.
TeleBarbados Inc., established in 2006, leverages on-island fibre optic and wireless networks, as well as sub-sea fibre optic cable, to provide customers with quality broadband, data, and voice services in Barbados. Customers range from residential to private and public sector entities, as well as international agencies and foreign investors.
The company launched a residential telephone service last year, and has several new services planned for 2011. (PR)