A BOLD NEW INITIATIVE has been put forward to stimulate business in both Bridgetown and Speightstown.
The Ministry of Finance is being asked to allow businesses in both towns to offer goods at duty-free prices, and also at a reduced VAT rate.
The one caveat, however, is that the transactions must be done in foreign currency.
Eddie Abed, president of the Barbados Chamber of Commerce & Industry (BCCI), in the organisation’s newsletter, said: “We have again submitted proposals to the Ministry of Finance to permit businesses resident in both Bridgetown and Speightstown to offer for sale goods at duty-free prices and 7.5 per cent VAT to all customers once the transaction is done in foreign currency.” (ES)
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