VAT lifeline

A LIFELINE designed to ease the cash flow problems of small and medium-sized businesses has been set up.

And a Government minister is suggesting the move could help these businesses hire more staff and make a more meaningful contribution to Barbados’ challenged economy.

The Central Bank has started a receivables liquidity facility, guaranteeing small businesses prompt value added tax (VAT) refunds owed by the Barbados Revenue Authority (BRA).

Under this new scheme, which became effective April 13, the bank will provide a guarantee to financial intermediaries for outstanding VAT returns between $3 000 and $50 000 for any one VAT refund. (SP)

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