Posted on

Budget at a glance

luigimarshall, [email protected]

Budget at a glance

Social Share

– First $190 000 of land value exempted from tax, up from $150 000. The rate of 0.1 per cent is applied up to the next $500 000 in value, up from $400 000.
– Late filing fee for income tax increased from $100 to $500.
– Energy conservation and renewable energy deduction to be increased from $5 000 to $10 000 per year for individuals and $25 000 for registered small businesses. 
– Government reinstating tax-free status of the 25 per cent lump sum payment to people on reaching retirement age. 
– From September 1, no VAT on all sporting vehicles, equipment and gear temporarily imported for the sole purpose of competitive activities.
– Rebate of up to $5 000 to be granted to farmers who retrofit their livestock housing structures with the use of solar energy.
– No more duty-free concessions to the hotel and manufacturing sector importing electric water heaters from January 1, 2012.
– Effective September 1, all parts imported for the purpose of assembly of personal computers will be free of all import duties and VAT.
– Energy grant of $5 million through the Welfare Department to assist the disabled and aged with payment of electricity bills.
– Government facility to provide for borrowing of $50 million in amounts of $10 million per year for the next five years, starting in 2012, to support the promotional, marketing and distribution efforts outside of Barbados of Barbadian musicians, artistes, designers and chefs.
– The Ministry of Finance will undertake on a case by case basis to support requests for partial waivers of duties on some equipment required to upgrade music studios across the island.
–  Construction of a state-of-the-art, multi-purpose cultural and performance arts centre. (TY)