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McClean expects no tax backlash

Leader of Government Business in the Senate Maxine McClean is not anticipating any backlash for people with credit union accounts as a result of the decision by the administration to tax the assets of such institutions.

Senator Maxine McClean

Senator Maxine McClean

“I do not anticipate that this will cause my dividends at the end of the year to fall, because when a credit union generates a surplus, that surplus goes to reserves, it goes to pay dividends, and it goes to give donations and so on,” she said as she contributed to debate on the Tax on Assets Bill.

“It is a tax which is institutional. It is about the credit unions making a contribution and so on. So it should not deprive a member like me, a member of BARP (Barbados Association of Retired Persons), and my son . . . getting good service.”

Meantime, the senator said she was concerned that citizens were putting money into commercial banks but could not access it to invest in businesses and other productive purposes.

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