GOVERNMENT is said to be probing the operations of one Barbadian firm that has allegedly been engaged in under-invoicing.
This was revealed yesterday by Barbados Chamber of Commerce and Industry (BCCI) president Andy Armstrong, who expressed strong concern that this unscrupulous business practice could lead to the closure of another local business enterprise and put over 50 Barbadians on the breadline.
DAILY NATION investigations have so far shown that the firm whose operations have been called into question has been importing items from Miami, apparently dealing with exporters there who were willing to cut fictitious invoices – for benefit of paying lower duty.
This meant the importing company was able to sell its items at a cheaper rate, therefore undercutting its local competitor, which now faces possible closure.
But without naming either of the companies involved, Armstrong told the DAILY NATION that the Ministry of Finance and the Customs Department were currently seeking to get to the bottom of the matter, which the chamber is equally anxious to see resolved, given the level of distortion that had already occurred in the local marketplace.
Armstrong had earlier told the BCCI’s biannual customs seminar at Barbados Hilton that businesses wanted “enough controls” to ensure that legitimate business was facilitated.