Maloney wants greater fiscal incentives
Already facing Opposition criticism for the number of capital projects it had been securing from Government, local construction firm Preconco is now asking for greater fiscal incentives from the Freundel Stuart administration.
Although the company’s Managing Director Mark Maloney declined to be drawn into discussion on the matter, confirmation of the request has emerged in the February 9, 2017 edition of the Official Gazette which was delivered to Barbados TODAY only Friday morning.
While the carefully worded public notice does not identify Maloney by name, nor does it state specifically who had requested the fiscal incentives, the Government publication stated that the Minister of Industry, International Business, Commerce and Small Business Development “is about to be asked to consider whether for the purpose of the [Fiscal Incentives Act, 1974]”, piles and portaframe buildings should be approved “and whether the following company [Preconco] should be an approved enterprise in respect of the relevant product”.
Business people interested in manufacturing the piles and portaframe buildings and who did not want the products or Preconto to be given clearance to receive the concessions were given an opportunity to try to block it, according to the notice in the Official Gazette.
However, they would have had to record their objection in writing through the Permanent Secretary in the ministry by February 23, 2017, with a copy sent to the Chief Executive Officer of the Barbados Investment and Development Corporation.
Efforts to reach Minister of Industry Donville Inniss proved futile.