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$1.3b in VAT

Ricky Jordan

$1.3b in VAT

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Amid enthusiastic desk thumping from Government MPs, Minister of Finance Chris Sinckler yesterday announced a healthy haul of $1.3 billion in value added tax (VAT) over the past 18 months and a dramatic slashing of the country’s fiscal deficit.
VAT’s outperformance of Government’s projections, Sinckler argued, was consistent with the progress of Barbados’ economy from recessionary trends onto a growth path.
The minister made this assertion while introducing in the House of Assembly the Value Added Tax (Amendment) Bill which will extend the original 18-month increase in VAT from 15 to 17.5 per cent until further notice.
The move met immediate rejection from Opposition member, Mia Mottley, countering: “If you have performed better than anticipated, one would have expected there would be relief to the people of Barbados and not be hearing ‘until further notice’.”
Read the full story in today’s MIDWEEK NATION.