SBA: Clarify tax
WHILE THE MANUFACTURING industry is expected to pay the National Social Responsibility Levy (NSRL), clarification is being sought on how it is to be calculated.
President of the Small Business Association (SBA), Dean Straker, called on Minister of Finance Chris Sinckler and the Barbados Revenue Authority (BRA) to give a clear definition of how production costs for the purposes of calculating NSRL should be determined.
“It is not good enough to say that our respective accountants should advise us . . . . these are some of the mouthings being uttered by the BRA,” Straker said.
He said if it was left to individual manufacturing businesses to form their own interpretation, “I am afraid that in an effort to protect the consumers of Barbados and remain competitive against imports certain companies may incorrectly calculate their production costs.” (LK)
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