Bajun’s face tough tax hikes from new minister
(BBC Caribbean): Barbadians have been given one of the toughest national budgets in years. New Finance Minister Chris Sinckler announced tax increases designed to bring more than US$100 million in revenue as the government tries to curb a galloping public deficit and debt. The island’s tourism-dependent economy has struggled to recover from the global economic downturn. Most of the new revenue – $62m – is expected to come from an 18-month increase in the Value Added Tax from 15% to 17.5%. Bus fares have been raised – by 30% – for the first time in almost two decades, while another notable hike is in the excise tax on gasoline by 50%.
Category: Business
