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Inniss: Delay in foreign exchange levy will hurt revenue target

Inniss: Delay in foreign exchange levy will hurt revenue target

Minister of International Business, Small Business Development, Industry and Commerce Donville Inniss agrees with local economist Jeremy Stephen that Government’s delayed rollout of its controversial foreign exchange fee (FXF), will seriously hurt any chance of achieving the $542 million budgetary target. Last month, Minister of Finance Chris Sinckler revealed a $542 million package of belt-tightening […]

Too costly

Too costly

Barbados’ food import bill is increasing, while its production of vital commodities is decreasing, a Government official has warned. Minister of Labour Dr Esther Byer-Suckoo therefore sees a desperate need for more young Barbadians to get into farming as a means of rescuing the agricultural sector and cutting down the country’s $500 million food import […]

NSRL better than lay offs, says Stuart

NSRL better than lay offs, says Stuart

Prime Minister Freundel Stuart says he understands the cries of residents and businesses alike over the $542 million austerity package announced by Minister of Finance Chris Sinckler in his recent Budget. However, speaking on the sidelines of the just-concluded Caribbean Community (CARICOM) Heads of Government Summit in Grenada, Stuart suggested that the measures amounted to […]

Doubting Thomases

Doubting Thomases

Minister of Labour Dr Esther Byer-Suckoo is concerned that this country’s trade unions are not handling its economic problems in a mature manner. Instead, she says, they have been lashing out like a group of doubting Thomases in response to what is essentially is a grim reality. “As a doctor I know that when you […]

NSRL backlash

NSRL backlash

With the controversial National Social Responsibility Levy (NSRL) due to take effect here Saturday, three of this island’s leading trade unions are again warning that the measure is of the sort that it could trigger a showdown of national proportions. It was the second such warning in a week by top officials of the Barbados […]

FULL TEXT of the latest IMF Barbados review (released today)

FULL TEXT of the latest IMF Barbados review  (released today)

The International Monetary Fund (IMF) said today it was ready and willing to come to Barbados’ rescue, while warning that slower growth and a doubling of the domestic cost of living were on the immediate horizon as a result of the austerity measures announced by Minister of Finance Chris Sinckler in his May 30 Budget. […]

Gov’t delays implementation of foreign exchange levy

Gov’t delays implementation of foreign exchange levy

There has been a slight delay to Government’s implementation of the controversial two per cent levy on foreign exchange transactions. Last month, Minister of Finance Chris Sinckler announced that the tax would take effect here from July 1 as part of a package of austerity measures. However, in a statement Wednesday, the Central Bank said […]

Way out!

Way out!

Barbados is among countries in the region that appear to be stuck in a “middle income trap”. And to get out of it, Dean of the Faculty of Social Sciences at the University of the West Indies Cave Hill Campus Dr Justin Robinson suggests that businesses need to take the lead in innovation. “Generally, when […]

Blame yourself, Sinckler tells the private sector

Blame yourself, Sinckler tells the private sector

Minister of Finance Chris Sinckler is essentially telling the private sector to blame itself for any confusion it had about how his recent budgetary measures – including the contentious National Social Responsibility Levy (NSRL) and two per cent tax on foreign exchange – would be implemented. Following his announcement of the belt-tightening measures at the […]

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