Tax incentives for small businesses
Tax incentives are among the benefits the Barbados Labour Party has pledged to the small business community.
“[The BLP will] provide tax incentives for the development of an ‘Angel Investment Network’ that supplements the existing government-funded institutions by driving private sector involvement and mentorship … [and] encourage the jump-start of new businesses by making the first [three] years of registered small businesses exempt from taxation,” the party revealed in its manifesto unveiled in Eagle Hall last night.
The BLP has also committed to revamping the Small Business Development Act to ensure more incentives are available to micro businesses, noting it would “provide the legislative framework and platform for ‘crowd funding’ as a citizen-empowering micro business programme to drive alternative funding for micro-business”.
Furthermore, the BLP team has said in its manifesto that it will facilitate the Small Business Association in the creation of an incubator park for “technology, software development, innovation and creativity”.
“[The BLP will also] launch the Barbados ITC Cluster Initiative; a programme aimed at fostering small business integration in ITC sector where SMBS can increase export opportunities by leveraging the strengths of their respective companies,” the manifesto said. (LW)