Sinckler chastises local banks

 

“Unfortunate and unwarranted” is how Finance Minister, Christopher Sinckler, has described a decision by local banks to suspend work on transactions for real estate and related activities.

Their action comes amid concerns over recent amendments to the Barbados Revenue Authority (BRA) Act, which requires a Tax Clearance Certificate to be issued by the BRA in order to complete these processes.

In a statement issued today, Mr. Sinckler insisted that some stakeholders in the legal and banking fraternity had not given the system time to work, “purely on the grounds that they did not want it in the first place”. He said in his view they were finding every practical reason to object to it.

“It is rather unfortunate that some banks and some lawyers in Barbados are hell bent on frustrating government’s legitimate attempts to collect the tax revenue that is due to the state by their clients.

“First they said it was unconstitutional, then they said they were not clear about how the law would work, now they are claiming it is delaying transactions because the BRA cannot give Tax Clearance Certificates fast enough,” he stated.

The Finance Minister insisted that they were all excuses for non-cooperation with the Government generally, and the BRA specifically, as they seek to collect the tax revenue legally due to the State.

“It is nothing short of amazing that these very actors have at times in the past sought to defend and excuse the reason why it takes as long and costs clients as much as it does to complete their work in getting mortgage and other real estate transactions done, but now are apparently determined to hold an entire country to ransom because they do not wish to cooperate with Government to halt the chronic haemorrhaging of tax revenue in Barbados.

“It is unwarranted and sad, and especially so since I am suitably advised that the BRA and the Bankers Association had agreed to a sit down meeting next week prior to this action being sprung on it (the BRA) without notice,” Mr. Sinckler said.

The Finance Minister made it clear that the law would remain in place and the Government “will not be bullied into repealing it because some people believe it should not be”.

He stated that he was confident that any real or perceived challenges with the new system could and would be resolved “once reasonable people sit down and work through the issues”. (Ministry of Finance/BGIS)

 

19 Responses to Sinckler chastises local banks

  1. Gavin Dawson
    Gavin Dawson May 24, 2017 at 5:43 pm

    He says the banks are objecting but Bajans have been Objecting to him and the D L P for the last years now he knows what Bajans feel like.

    Reply
  2. Lilian Lloyd
    Lilian Lloyd May 24, 2017 at 6:01 pm

    CHRIS SINTAX

    Reply
  3. fedup May 24, 2017 at 6:29 pm

    There are no ‘local’ banks here.

    Reply
  4. take several seats May 24, 2017 at 7:01 pm

    how does he expect to collect the taxes after the mortgage is completed and the people have what they want. He so short sighted, can`t he see that the `local banks` are helping him collect his sintaxes (the country to death)

    Reply
  5. Alex Alleyne May 24, 2017 at 7:10 pm

    One of the Nation’s brightness sold our “BARBADOS NATIONAL BANK” , lock stock and barrel. The new owners said “it’s not for sale after there were call to “buy it back”.
    Now if you all so up in arms over the present decision by the imported Banks , then open your own bank.
    THE BAJAN SAVINGS AND LOAN.
    Something to chew on under the street light at one of your Political meetings.

    Reply
    • jennifer May 24, 2017 at 7:19 pm

      I am convinced that these governments were set up to fail from the outset. Put them In charge and watch them sink.

      Reply
  6. Jerry May 24, 2017 at 7:32 pm

    It is time for the citizens of barbados to stand up and be heard. Chris Sinkler is destroying this Country and the the pain will be felt long after he is gone. He single handed will bankrupt this country and force us into devaluation . We need a no confidence motion against him. The middle class was wiped out in Jamaica years ago and the country has never recovered . People there buy bread by the slice and 1 cigarette at a time. Is that what we want for our Country.

    Reply
  7. Jerry May 24, 2017 at 7:41 pm

    It is time for the citizens of barbados to stand up and be heard. Our country and economy is being destroying and the the pain will be felt for a long time .we are well on our way to facing devaluation . The middle class was wiped out in Jamaica years ago and the country has never recovered . People there buy bread by the slice and 1 cigarette at a time. Is that what we want for our Country.

    Reply
  8. Zeus May 24, 2017 at 9:05 pm

    All these cry baby comments …..Jennifer name a country that has a successful government

    Reply
  9. Santini More
    Santini More May 24, 2017 at 9:42 pm

    He is so out of his depth.

    Reply
  10. bajans boy May 24, 2017 at 9:45 pm

    @Zeus name a Minister that has imposed more taxes than Sinkler

    Reply
  11. Milli Watt May 24, 2017 at 11:12 pm

    this minister got a point. I spend three hours waiting for a bus not a problem, I go without water for 8 days straight not a problem but a section of this country got to pay taxes they owe to complete a land transaction and we gat a paid ad from the opposition leader this afternoon and banks pull stumps, bat and ball and gone home stupse. going see if this minister digs in on this

    Reply
  12. Bobo May 25, 2017 at 2:03 am

    There is a time for everything under the sun—-Folks Time For Change–A redevelopment of Barbados
    (1) The most important, to create and implement the elements that redefine who you are ”a responsible society”–each community taking a journey back to school —learning of your Constitutional Rights–self-confidence ”to speak up”–protect your community -on the whole your country-
    (2) To reinstall Your National Bank–
    (3)-Modern day Hospital -to heal and to cure
    (4) Roads to walk and drive on in comfort
    (5) Modern day Education Curriculum– evolving with times
    (6) To eliminate some of chlorine from our natural Water
    (7) To renovate the present Justice System–new laws that are beneficial to each citizen
    (8)The present ”Vat System” is not working–way too high– the elites are robbing the country-
    (9) Modern day Civil Servants –better-knowledge of the High Tec, world–reducing clients anger and frustration–inviting foreign investments.
    (10) Civil Laws are created and implemented for each citizen to respect
    (11) A revision of Banking Laws–

    Hence Economic Drive and Philosophy to a better future

    (7)Modern day Transportation

    Reply
  13. Bobo May 25, 2017 at 2:47 am

    Since Independence Caribbean Psychopath Politicians has used self-ideology to guide the country –in which they continue to benefit ”I Tax you here -”I Tax you there”—where is the money flowing –to the comfort of the Politicians the most expensive cars– life long Pension– such ideology has brought Barbados where it is at the present–to nowhere land–no human growth -no economy
    One have to ask ”why” the local white’s and Asians are moving forward at speed of light ,meanwhile the majority living in hell’s fire ”Why ” My opinion, Caribbean Regions since Colonial Britain to Independence nothing has change–
    Education development is there to develop the citizens to conquer a better life, instead since colonial to present–the racist curriculum is only interested in Academics– the Artisan children( creative people) Architects- engineers -plumbers,electricians etc– etc the most important people to all countries future development -instead the majority are hoarded off to prison.

    Black Folks you have arrived to the 21st century –do you want to continue this path-of darkness–Time to learn of your ”rights”—
    Time to ”unite” and ground your Rights–

    I am a supporter of G Phillips founder of the Next Party –with ”your support” he is the only one can make that CHANGE– take time and read his documents-written in simple English for you to understand Barbados Future –Needs A positive Change- involving each Citizen taking responsibility of their beloved Barbados–

    YES YOU CAN DO IT

    Reply
  14. Ron May 25, 2017 at 4:38 am

    I have always thought that this minister was incompetent. He is now blaming the banks for his ineptness. This legislation which seeks to have prospective land owners produce tax clearence certificates before the completion of the deal is thought to be unconstitutional among some in the legal profession, yet he is chastising the banks for seeking clarity.
    He has fumbled from mistake to mistake, the enviromental levy, the saga with the Governor of the central bank, the issue where he wanted to appoint the former PM to head an advisoey council to advise him, which was later struck down by the PM, he has also presided over a large number of down grades by international rating agencies which now has us rank among the poorest nations in the world.
    He must resigned or be fired and generak elections held so that a new governmenr can be formed to put us back on the right path

    Reply
  15. sam clarke May 25, 2017 at 10:46 am

    The banks are not only acting in their legal capacity as fiduciaries, BUT THE TAX PAYERS ARE BEING HELP BY THE POSITION THE BANKS HAVE TAKE. hOW? BY MAKING SURE THAT THOSE WHO BUY AND SELL REAL ESTATE HAVE PAID THE NECESSARY TAXES , WHICH WILL GO TO THE PEOPLE OF BARBADOS TREASURY.

    SO WHY IS SINCKLER UPSET, THAT THE BANKS ARE PROTECTING THE PUBLIC?
    SINCKLER SHOULD BE DOING HIS JOB, BY STANDING WITH THE BANKS ON THIS POSITION, BUT INSTEAD HE STAND AGAINST THE PEOPLE OF BARBADOS, BY TAKING A POSITION AGAINST THE BANKS.
    ARE YOU GETTING A CUT MR. SINCKLER FROM YOUR CRONIES ON THESE DEALS, THAT YOU WOULD GO AGINST THE PEOPLE OF BARBADOS?

    Reply
  16. sam clarke May 25, 2017 at 10:47 am

    The banks are not only acting in their legal capacity as fiduciaries, BUT THE TAX PAYERS ARE BEING HELP BY THE POSITION THE BANKS HAVE TAKE. hOW? BY MAKING SURE THAT THOSE WHO BUY AND SELL REAL ESTATE HAVE PAID THE NECESSARY TAXES , WHICH WILL GO TO THE PEOPLE OF BARBADOS TREASURY.

    SO WHY IS SINCKLER UPSET, THAT THE BANKS ARE PROTECTING THE PUBLIC?
    SINCKLER SHOULD BE DOING HIS JOB, BY STANDING WITH THE BANKS ON THIS POSITION, BUT INSTEAD HE STAND AGAINST THE PEOPLE OF BARBADOS, BY TAKING A POSITION AGAINST THE BANKS.
    ARE YOU GETTING A CUT MR. SINCKLER FROM YOUR CRONIES ON THESE DEALS, THAT YOU WOULD GO AGAINST THE PEOPLE OF BARBADOS?

    Reply
  17. Helicopter(8P) May 25, 2017 at 11:42 am

    The finances of Nationals of Barbados, established within a local bank should be secured and protected by an over-site committee board and not left to a prime minister and minister of finance to do as they please with the peoples money. Checks and balances!

    Reply
  18. jrsmith May 25, 2017 at 2:44 pm

    @, Jerry , hail, hail, your (7.32 ) big shot right on the button , I am always shouting the same , the vote we cast for our (MPs) should be the same vote to remove them from office if they are not performing for the people and as you say a vote of no confidence ……………………………….
    When you think 2 terms of this present government and our nation of black people has nothing to show, nothing to be proud of, we the voters secure they jobs for them for the period …….
    ***************************************************
    What scares me , this said government could be in power come the next election , could we all imagine what would be the out look for our country….
    We must have the change in barbados (right now ), giving the people the automatic right to remove any bajan politician from office with that vote of ( no confidence)…we must not allow ourselves to lose this chance, to control our crooked corrupt politicians, we cannot expose our young to this evil lot they must be stop …now , now ,now………………..
    @, Jennifer , hail, hail on the button couldn’t have said it better, so many times I have said the same , as if this government was put in power to destroy our nation……………………..

    Reply

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