‘Scary’ tax loss
More than a dozen international business companies (IBCs) left Barbados over a two-year period, taking away a quarter of the island’s tax base, says Opposition Leader Owen Arthur.
Referring to a report which he said was prepared by the state-owned Invest Barbados, Arthur revealed that over 12 IBCs had left in 2009 and 2010, at least 12 more were planning to move and another 12 might be contemplating moving.
Addressing a meeting at the Barbados Labour Party’s Roebuck Street headquarters Sunday night, the former Prime Minister described the situation as scary and called for someone to take charge now.
“This is the second largest economic sector in Barbados. Its activity has generated 60 per cent of Government’s Corporation Tax revenue [over $180 million]. Its existence has made possible the growth of a Barbados middle class [and] many accounting houses, many business houses, many law firms depend upon this,” he stated.
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