GOVERNMENT IS CONSIDERING restoring some personal income tax allowances which were removed in last year’s Budget.
Minister of Finance Chris Sinckler said yesterday it was an area being reviewed in ongoing efforts to reform Barbados’ tax system.
In addition, he said consideration was also being given to lowering the income tax rate in the 2016 Budgetary Proposals, which he indicated he would be presenting “in a couple of months”.
“Our position is if Government wants people to have their money, they should have it up front because the administrative costs can be heavyset on the economy. So as we move the tax system away from that, the process is to try to bring those rates down gradually,” Sinckler said. (GC)
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