184% tax ‘pushing out’ Subway
STIFF IMPORT DUTIES could soon result in the closure of the two Subway restaurants in Barbados.
“By all rights we should have been closed already. For right now Subway is a losing enterprise,” managing director Frederick George told the WEEKEND NATION yesterday, as he lamented the strain Government’s 184 per cent duty on imported food items was having on the American sandwich-maker restaurant which opened its doors three years ago.
“For a considerable time, we have been meeting with all the relevant Government departments concerning the excessive bound rate tariffs that still exist on food items that are not produced locally. The very existence of these tariffs stifle growth and expansion and present a serious danger to the existence of enterprises that are dependent on these items to remain in business,” George added.
The Subway boss said original plans to open between ten to 15 outlets with a projected employment of over 300 people over a five-year period had now been shelved.