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New duty-free zones to have restrictions – Sinckler

Government is pressing ahead with plans for the establishment of proposed duty-free zones on the island.

However, Minister of Finance Chris Sinckler Thursday sounded a warning that only select items will be available in the zones, which will be tightly regulated.

“You will enter the free zone under certain conditions; you will be able to make those purchases similar to what we do now in the duty-free sector in town, but far greater controls are going to be put in place . . . ,” Sinckler said in a statement issued by the Barbados Government Information Service.

Sinckler, who had announced in last month’s Financial Statement and Budgetary Proposals that the creation of duty-free zones would earn and save the country foreign exchange, also acknowledged that there were still some areas to be worked through in terms of how the duty-free zones would operate “to ensure there was no disruption in the existing systems, or any discrimination or undue advantage of one set of members of the business community over another”.

However, he said he remained hopeful that visitors, especially those from the Caribbean, would consider Barbados as a destination they could visit to do cost-effective shopping.

A special committee is due to be established shortly, which will review the duty-free zones initiative and report its findings and recommendations to Sinckler within three months of its creation, so a firm proposal could be taken to Cabinet for approval.

The committee is to comprise representatives of the Barbados Tourism Investment Inc, the Ministry of Finance and Economic Affairs, the Central Bank of Barbados, the Barbados Chamber of Commerce and Industry and the Private Sector Association of Barbados. It will have the right to co-opt any other person or parties considered necessary in assisting it to carry out its mandate.

Some of the areas identified for duty-free zones are Bridgetown, Holetown, Hastings/Worthing and the two main ports of entry. It is hoped that Bridgetown would be ready for this type of business by December.

Source: (BGIS)

One Response to New duty-free zones to have restrictions – Sinckler

  1. Tony Webster September 9, 2016 at 9:32 am

    “Sounded like a good idea at the time” sundry me…strikes again.
    May I humbly suggest you get a competent professional, to examine , opine, and explain the differences, and pros and cons of the two following scenario us:-
    1. We allow Bajans who find Amurican dollar bills in their pockets, to spend these on duty-free trinkets ( usually watches, jewelry etc. N.B.: such items are I MPORTED …using F/X, O.K?
    The only net, bottom line F/X benefit to out C.B.B. F/X reserves, would logically be the profit-margin at the duty free shop, .. iF such profits are actually brought into / remain in Barbados, AND are converted to BB$ and find their way thereafter from the commercial bank , and thence to C.B.B. They might….just might…NOT make it there…it might fly back out immediately on wings of an Internet dove, to some supplier/ subsidiary company in Cayman or wherever, to settle an ” invoice”…and CB.B. Might yet wi d up with little of nothing in its reserves, for all the good intentions, and hard wuk to set all the ” regulations” in p,ace.

    2: as an alternative, do something to raise the level of confidence in the average Bajan Joe, or Jean, to merely pick up the Greenback, and plump it on their BB$ bank account …knowing that whenever they wish to settle a credit card bill, or need some F/X for that upcoming cruise, they will have no problems at all getting the requisite USD. This other miraculous method, will enable 100% of all such wandering greenback sheep…to go non-stop, direct flight..straight to the C.B.B. F/X Working balances / reserves.

    Yes, my G.P. regularly reminds me, that a good doctor never treats the symptoms of a disease….but ALWAYS identifies the root cause, and treats that.


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