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Seven credit unions affected by tax on assets

GERALYN EDWARD, [email protected]

Seven credit unions affected by tax on assets

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SEVEN CREDIT UNIONS should have made their first payment last month towards the controversial tax on assets, which the movement had battled against for almost a year.

And while president of the Barbados Co-operative Credit Union League (BCCUL) Barry Hunte acknowledged that the movement had won the battle but not the war, he said the BCCUL was still satisfied that it shielded at least 80 per cent of credit unions on the island from the tax.

The new imposition required credit unions to pay a 0.20 per cent tax on their total assets but credit unions raised a stink over the plan, calling in their comrades from throughout the region to rally against the levy which was first imposed on commercial banks.

Government estimated that it raked in $2.5 million from commercial banks during the 2014 financial year. (GE)

Please read the full story in today’s Daily Nation, or in the eNATION edition.