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Bankers advise Govt to broaden the tax base

Bankers advise Govt to broaden the tax base

The Barbados Bankers’ Association (BBA) is suggesting that Government broadens its tax base in order to both increase its tax intake and lower taxes. BBA President Donna Wellington said too much emphasis was being placed on a small group of taxpayers “sitting in offices behind a desk” while several other categories of workers were not […]

More cuts

More cuts

Barbados currently exists beyond its means with an inefficient and still-too-large public sector the biggest drain on the public purse, says an unrepentant Governor of the Central Bank of Barbados Dr DeLisle Worrell. The economist said Government was simply not earning enough to meet its obligations, forcing the Central Bank to finance the administration’s programmes. […]

No large scale loan defaults, says credit bureau

No large scale loan defaults, says credit bureau

Barbadians are not defaulting on their loans to any large degree, according to the financial data processing firm Caribbean Credit Bureau Limited. Without providing statistics, Chief Executive Officer Grady Clarke said despite the less than favourable economic conditions Barbadians were generally committed to repaying their loans. “Here in Barbados, despite our economy not necessarily being […]

Zero interest

Zero interest

It is becoming harder for Barbadians to earn any form of interest on their domestic savings accounts. A day after CIBC FirstCaribbean officially slashed its deposits rate to between 0.05 and 0.15 per cent, local customers of Royal Bank of Canada (RBC) said they have also been put on notice that their savings rate is […]

Businessman calls for return of development bank

Businessman calls for return of development bank

Co-owner of Doyle’s Offshore Sails David Staples has made a strong case for the restart of the Barbados Development Bank (BDB). The state-owned financial institution, which provided loans for new business enterprises, was closed in 1996 as part of the then Government’s restructuring of the financial sector. However, while highlighting the importance of such a […]

Bad tax

Bad tax

The local credit union movement is dismissing calls by the commercial banking sector for the recently announced rise in the bank asset tax to be extended to all financial institutions. Soon after Minister of Finance Chris Sinckler announced last week that the tax would increase with immediate effect from 0.2 per cent to 0.35 per […]

Barbados to lead banking study

Barbados to lead banking study

Barbados is to lead a study examining whether Caribbean banks are compliant with international financial guidelines, as part of a Caribbean Community (CARICOM) strategy to counter moves by international banks to end their correspondent relations with the region. The proposal for the study was submitted by Governor of the Central Bank of Barbados Dr Delisle […]

Brown is new FirstCaribbean CEO

Brown is new FirstCaribbean CEO

CIBC FirstCaribbean International Bank recently welcomed its new chief executive officer, Gary Brown, who was appointed to the post effective January 1. He previously served as Global Head of Corporate Banking with the bank’s parent company, CIBC. He was also a member of the Wholesale Banking Management Committee, Investment Committee, as well as CIBC’s Operating […]

Overtaxed

Overtaxed

If there is one wish that president of the Barbados Bankers’ Association Glyne Harrison has for the New Year it is for Government to give commercial banks a tax break. Harrison explained that banks were being good corporate citizens that paid their fair share of “huge” corporate taxes, deposit insurance and the controversial tax on […]

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