Home » Archives by category » Business » Banking

Stephen: Tax clearance issue must be addressed

Stephen: Tax clearance issue must be addressed

Economist Jeremy Stephen is warning that if the commercial banks’ concern regarding the tax clearance certificate was not addressed as quickly as possible it could have “quite serious” and far-reaching effects. Just Tuesday, President of the Barbados Bankers Association (BBA) Donna Wellington warned that until there was clarification on the process of obtaining a tax […]

Won’t be bullied

Won’t be bullied

Describing as “unfortunate and unwarranted”, the decision by commercial banks to suspend over 300 real estate-related transactions estimated at more than $200 million, Minister of Finance Chris Sinckler Wednesday accused the financial institutions of finding every practical reason to oppose the changes made to the Barbados Revenue Authority (BRA) Act. In a stinging rebuke of the […]

Banks have a right to refuse slot machine cash – BBA

Banks have a right to refuse slot machine cash – BBA

Commercial banks here are making it clear they will not risk their relationship with corresponding banks around the world to satisfy slot machine operators. President of the Barbados Banking Association (BBA) Donna Wellington today defended the rights of the financial institutions to refuse large deposits from these operators. “Each bank currently enjoys cordial relations with […]

$200m holdup

$200m holdup

Commercial banks have had to suspend over 300 real estate-related transactions estimated at $211 million due to a “lack of clarity” on the processes involved in the issuance of a tax clearance certificate by the Barbados Revenue Authority (BRA). And President of the Barbados Bankers’ Association (BBA) Donna Wellington has warned that until there was […]

Central Bank tightens monetary policy

Central Bank tightens monetary policy

Come the middle of June commercial banks operating here will have to hold a higher percentage of Government bonds and other promissory certificates than they currently do. Acting Governor of the Central Bank of Barbados Cleviston Haynes today announced changes to the monetary policy as Government seeks “to address the situation of the size of […]

Still down

Still down

The troubling foreign reserves situation has improved somewhat, but continues to hang precariously below the recommended 12 weeks of import cover. Acting Governor of the Central Bank of Barbados Cleviston Haynes today announced that the reserves, which had been the topic of much public discussion when they plunged to $681.1 million, or 10.3 weeks of […]

2% growth

2% growth

For the January to March period under review, the economy recorded growth of two per cent, led by vital tourism. This is slightly down from the 2.3 per cent growth recorded for the same period in 2016, when the foreign reserves –  which have been a major topic of  public discussion for several months now […]

Blackout ends

Blackout ends

The media blackout instituted by former Governor of the Central Bank of Barbados Dr DeLisle Worrell has officially come to an end. In a statement today the Bank formally thanked members of the media for participating in its recent off-the-record briefing with the Acting Governor Cleviston Haynes and members of its management team. “We appreciate […]

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 […]

Page 1 of 3123