Small Business Association says NSRL is demoralizing

The National Social Responsibility Levy and the foreign exchange fee have small and medium-sized businesses unsure whether to charge increased prices to customers or reduce staff, Small Business Association President Dean Straker has said.

Speaking last night at the annual awards ceremony for outstanding members of the Association, Straker said “our secretariat has been receiving updates from our members on the increased costs to their operations because of the NSRL and the FX tax, and the challenge of either passing on this cost to the consumer or reducing staff to keep doors open”.

The SBA Awards, held at Radisson Aquatica Resort, marked the end of Small Business Week in which Association members not only celebrated their achievements but also charted the way forward while noting challenges.

According to Straker, the main challenge has been Government’s imposition of the NSRL, which was hiked 400 per cent in July this year taking the total tax to ten per cent on imports. Added to this is a two per cent charge on the value of all foreign exchange transactions on anyone in Barbados seeking to do business or anything that involves use of foreign currency.

The FX fee was partially introduced in Mid-July with the second and complete application being imposed at the beginning of September.

“The resultant impact on business has been demoralizing with the latest taxes announced this year – the NSRL and tax on foreign exchange transactions – destablizing several firms, small and medium alike”, said Straker who spoke of “a greater tax grab by Government to support its operations” in the face of an economy struggling with little or no growth  for many years.

“Our economic performance over the past decade confirms that our model of business development needs to be revisited,” he said.

“You cannot tax your way out of a fiscal problem,” he said to an audience that included Minister of Industry, International Business, Commerce, and Small Business Development, Donville Inniss.

Asserting that the time is now for new thinking and approaches to the way business is done in Barbados, Straker said, “let us not miss the opportunity from the current economic malaise to re-imagine what is needed and . . . our capabilities”.

45 Responses to Small Business Association says NSRL is demoralizing

  1. Santini More
    Santini More October 1, 2017 at 3:34 pm

    This incompetent administration is deaf to the voices of the many companies it is decimating with their crippling taxation. Fortunately an event is soon coming which they will not be able to ignore and they will be consigned to the sidelines.

  2. Sandra Madea
    Sandra Madea October 1, 2017 at 4:08 pm


  3. Milli Watt October 1, 2017 at 5:20 pm

    If unnuh did payin wunnuh taxes this would not be an issue

    • Jennifer October 1, 2017 at 5:42 pm

      Welcome back milli. U went to Korea. Hahahahaha.

      • Jennifer October 1, 2017 at 5:49 pm

        Of course you cannot tax your way out of a fiscal problem. Fully privitise entities to you lot instead. You can help by paying in your taxes and avoiding price gouging.

  4. Carson C Cadogan October 1, 2017 at 5:59 pm

    You are talking RUBBISH.

    What you should do is to tell the rest of the private sector to pay central Govt. the more than $670million it owes and then there would be no need for any NSRL.

    And I find that what you White people always do is threaten to make BLACK people jobless and homeless in order to get your way with Black Govts. in Barbados.

    PAY YOUR TAXES like the rest of society!!!!!!

    • Jennifer October 1, 2017 at 6:10 pm

      CCC – thanks to our so called leaders for this hole with that yoke. Now you can see where the theme pride and industry came from in Barbados. And guess who got the pride and who got the industry. And that pelican eating the small fish.

      • Carson C Cadogan October 2, 2017 at 3:01 pm

        Barbados has the most backwards private sector in the Caribbean.

    • Roger Headley October 1, 2017 at 7:32 pm

      How many black persons do you have employed Carson?

    • hcalndre October 2, 2017 at 6:32 pm

      @Carson C Cadogan; What about the black massa that`s running the country.

  5. Michael King
    Michael King October 1, 2017 at 6:21 pm

    Sorry to say but you Carson Cadougan are a total waste of time. Your parents should of known about contraception.

    • Lilian Lloyd
      Lilian Lloyd October 1, 2017 at 6:28 pm
    • Carson C Cadogan October 2, 2017 at 3:00 pm

      The truth hurts doesn’t It?

  6. Nicholas Mackie
    Nicholas Mackie October 1, 2017 at 7:15 pm

    NSRL is not applicable to goods exported so just export more ?

    • Santini More
      Santini More October 1, 2017 at 9:22 pm

      1) Are you absolutely sure of that? 2) How easy do you think exporting products manufactured in Barbados really is?

    • Nicholas Mackie
      Nicholas Mackie October 1, 2017 at 9:30 pm

      1) I’m absolutely sure 2) nothing is easy

    • Gillian Skeete
      Gillian Skeete October 2, 2017 at 7:16 am

      Export what exactly????

    • Nicholas Mackie
      Nicholas Mackie October 2, 2017 at 7:48 am

      Negative thinking will not generate positive results

  7. MARIA Holder October 1, 2017 at 7:34 pm

    If the “Wild Boys” were not only trying to invest in the projects that they could get large “kick-backs” from then Barbados would probably have turned the corner a long time ago.

  8. Blessed Bobb
    Blessed Bobb October 1, 2017 at 8:06 pm

    A lot of politicians don’t have to care,they raised their salaries during a recession,the power is in our hands,that is why I say vote them out!

  9. Sue Donym October 1, 2017 at 8:29 pm

    The revenue estimates are far wrong; the fiscal deficit is widening; the ‘corrections’ don’t work; cabinet members are in the dark about simple economic terms. What else has to happen to get this administration to admit to the ineptness that has brought Barbados to the brink of total ruin?

    Time to end the obscenely large tax breaks to those who can afford to pay – and gladly pay in other countries. If government settled on a fair and reasonable schedule of taxes to a sufficiently wide portion of society, individuals and companies would gladly make payments in comfortable, professionally operated offices, if in return they were getting the social services and benefits promised when the imposts are declared. Instead, for the last few years, all we can count on is taxes to fill the void of uncollected taxes (poor compliance effort) and shortfalls in revenues – largely from government’s own misunderstanding of the effects of the new taxes.

  10. Darson October 2, 2017 at 7:40 am

    Too many persons holding the foreign currencies in locked boxes , expecting the Dollar to devalue , it will not happen on this watch so they might as well bring it back to circulation.
    I Agree in part with Carson ( Not a white Issue even if some white people are doing it ) But buying Foreign currency at 2 Cents above the base rate will lead to further pressure on Dollar.blacks and Indians do it as well .

    • Jennifer October 2, 2017 at 9:31 am

      @Darson – Well said. Carson has a point. But blacks will hold it for different reasons – more meager.

  11. Darson October 2, 2017 at 7:47 am

    VAT is the Problem , Why are we being charged VAT on the Whole when VAT means Value ADD TAX , it is my view that if we were being charged on the Value add on the good and not on the total cost as is being done it would not be so hard .
    i remember a Catpenter doing work for me and i had to point out to him the he was charging VAT on Labour as well as Materials , this happen Quite often

  12. Donild Trimp October 2, 2017 at 9:15 am

    @ Lilian Lloyd –
    Maybe something is wrong with my laptop because your responses only show your picture.

    Are you sending some subliminal message whenever you submit a post with only your picture or is something really wrong with my laptop?

    Help me out here Lillian Lloyd.

  13. Alex Alleyne October 2, 2017 at 12:05 pm

    In the REAL WORLD people go to jail and businesses closed for not paying taxes.

  14. Carson C Cadogan October 2, 2017 at 3:31 pm

    These white people don’t seem to understand that it works both ways. The BLACK people that they are threatening to make jobless are customers. They are not enough White or Indian people in Barbados to make their businesses viable. If they chase away all the BLACK workers as they want to do, then their businesses would have to close down as well, they are not enough of their races in Barbados to keep them in business.

    As a result they wont be able to buy anymore Mercedes Benzes, BMW’s, Porsche Cayennes, Audi SUV’s, no new Yachts tied up in the Careenage, they wont be able to send their children to Zurich to schools and the list goes on and on.

    White business owners will feel it too. They always want Black people to feel that they are doing us a favour by giving us underpaid work.

    • Jennifer October 2, 2017 at 4:12 pm

      CCC – All THE BARBADOS GOVERNMENTS HAS PLACED ITS PEOPLE In A STATE OF subjection and SERVITUDE/DEPENDENCY on THE SAME PEOPLE, so THINGS WILL WORK OUT for them. This is why they will NOT get the rid of all of their workers, just enough to scare the majority with joblessness = starvation/poor or diminish livelihood. As there is not enough black owed businesses for blacks to be employed. It is like holding all the aces in the pack. This is where the education system has failed this people via a pigeon holeing system. Entrepreneurship and innovation should have been on that curriculum from day one.

      • Jennifer October 2, 2017 at 4:29 pm

        This is the same reasons why all of our governments will find themselves in the state which is correctly said above by Sue Donym in the first line of her second paragraph. It is like barricading yourself in a burning house.

        • Jennifer October 2, 2017 at 5:03 pm

          Turkey just rewrote their school curriculum – go Turkey. Two thumbs up for Mr Erdoğan.

          • Carson C Cadogan October 2, 2017 at 6:30 pm

            We need to rewrite ours as well.

            We are only producing servants for the 3% of the population. This has to stop. We need to raise up from the bottom of the heap, watching all the other races in Barbados reaping all the sweets while we get the crumbs from their table. And threats of joblessness and homelessness when they cant get their way from whatever Govt. is in office.

    • hcalndre October 2, 2017 at 6:44 pm

      @Carson C Cadogan; did the white people sent home 3000 plus after giving them their word that not one worker would be displaced.

      • Carson C Cadogan October 2, 2017 at 6:49 pm

        Can you tell me where 3000 people were sent home?

    • Jennifer October 2, 2017 at 7:19 pm

      CCC – Then we got MAJOR issues in this here small place.
      Mr Erdoğan rewrote the school curriculum with the MAJORITY people in mind dismissing the few. Our curriculum was written with the minority in mind and how they will be catered too. Now due to conditioning/hoodwinking the curriculum will never be rewritten for the majority who is actually happy to serve and cannot even see that there is a problem.

    • Arri Mayers October 3, 2017 at 12:12 am

      Some years ago a certain rum mogul in Barbados, is on record as saying that if his business folds, he will still be driving about in a Mercedes, among other things. Like the proverbial ant, these people have long ago been making preparations for that rainy day.
      But it is said that if we were to take all the money and properties and all other assets in Barbados and divide them equally among the population, that in a few years time we will be back in the same position that we are presently in.
      To have and to hold, is not part of our survival vows.

  15. Alex Alleyne October 2, 2017 at 4:53 pm

    They hire us for “chump-change”, then they fire us at the drop of a hat.
    The doings by the government is no fault of the consumer(s), why punish us to satisfy your “greedy” craw. It will take “decades” before you and your children/family ever see a “dent” in your life style…..if ever.
    I see as the ole’ saying goes, “YOU FIND AN ASS AND YOU RIDE IT TO HELL”.
    But remember … day that horse will fall over DEAD.

    • Carson C Cadogan October 2, 2017 at 7:02 pm

      “” It will take “decades” before you and your children/family ever see a “dent” in your life style…..if ever””

      Therein lies one of the biggest hurdles for Black people to jump over. This feeling by some among us that Black people must accept that they are to be at the bottom of the heap forever.

      • Carson C Cadogan October 2, 2017 at 7:03 pm

        Nothing could be further from the TRUTH!!!!!!!!!!!

  16. Donild Trimp October 2, 2017 at 6:33 pm

    @ Alex Alleyne _
    “But remember … day that horse will fall over DEAD”.

    You mean one day that “ass” will fall over dead.

  17. Alex Alleyne October 2, 2017 at 7:13 pm

    @CC, I am speaking about the amount of “WEALTH” that some people built up over the many years, it is going to be rough trying to clean them out any time soon.
    Here in BIM the Government don’t “Confiscate Bank account(s) and Property”.

    • Jennifer October 2, 2017 at 7:36 pm

      280 yrs Alex. And you will not be able to do anything either with the pigeon holeing and margins. What did Bob Marley say………………… And we can thank MLK, Panthers, Marcus Garvey, EWB, Malcolm X, Dubois, and the hole lot.

    • Carson C Cadogan October 3, 2017 at 7:51 am

      Most of their wealth came down from slavery and what they were paid after they had to free the slaves.

      So they owe us , we don’t owe them anything.

  18. Alex Alleyne October 2, 2017 at 7:15 pm

    @DP, which ever comes first…….(.true)

  19. Belfast October 2, 2017 at 11:59 pm

    Can you imagine contributing funds via a credit card to the relief of Dominica , Barbuda and other Caribbean countries hit by recent hurricanes, and the Barbados Government is pocketing a short pool, in the form of Foreign Exchange Tax.
    The Minister of Finance should instruct local banks not to charge this tax on contributions made to the above relief funds.


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