Enough taxes, says Farley
No more taxes, please! We’re already up to the hilt in taxes.
This is one of the messages which the Institute of Chartered Accountants of Barbados (ICAB) has for Minister of Finance Chris Sinckler whenever he delivers the 2014-15 national budget.
ICAB would also like to see Sinckler use the Budget presentation to address the issue of making it easier to do business in Barbados; to signal action with regard to a report by International Monetary Fund (IMF) consultants on the reform of the tax system; and to point the way forward on streamlining Government agencies, while giving a clearer picture of where it stands on privatisation.
ICAB’s executive director Reginald Farley, a former Minister of Industry, Commerce and Business Development, told the WEEKEND NATION yesterday: “Clearly, we cannot afford to be taxed anymore. We’re all taxed out to the limit. If there is to be any closing of the gap of the fiscal deficit, the direction has to be looking at Government expenditure.”
He added: “If you continue to tax individuals and companies to the hilt, then you’re not leaving money for consumption or investment expenditure by those two entities.”