Barbados Central Bank Governor wants VAT scrapped

(Barbados Nation) Central Bank Governor Dr Delisle Worrell has recommended that Government scrap the Value Added Tax as a source of revenue since it is complicated, has hurt the tourism industry and is basically “a mess”.

He is quoted as telling a Bahamian newspaper during a visit by regional journalists for last week’s Caribbean Economic Forum, that his stance on VAT, implemented here since 1997, was “very radical”  because he believed it to be an inappropriate tax for a tourism-related economy.

“VAT is an anti-tourism tax if you are a tourism producer because it makes your tourism more expensive than the people who don’t charge VAT . . . .

A simple sales tax would do. If you had a simple sales tax then that would be a more efficient way to raise the same level of revenue,” he told the newspaper whose country is about to introduce a ten per cent VAT on goods and services.

Describing VAT as very complicated, problematic, regressive and “horribly complicated”, the Governor told the Nassau Guardian that it placed a tremendous burden on Government administration.

“Our VAT system right now is a mess because of outstanding refunds,” he stated.

 

default placeholder

Big battle set for key Clico beachfront property in T&T

(Trinidad Guardian) Battle for No Man’s Land. That is what is shaping up on all fronts—from Government to the Clico owners of the property—as the spotlight continues to increase on one of the last pristine pieces of beachfront in the English-speaking Caribbean.

Cristina Fernandez

Former Argentina leader slams corruption probes as political plot

EL CALAFATE, Argentina (Reuters) – Facing corruption probes that threaten to land her behind bars, former Argentine President Cristina Fernandez described her growing legal troubles as part of a “persecution” of progressive Latin American leaders that has boosted the right in the region.

default placeholder

Venezuela opposition leader Lopez awaits appeal verdict

CARACAS (Reuters) – An appeal hearing into Venezuela’s most prominent jailed opposition leader Leopoldo Lopez ended yesterday, with he and supporters saying the nearly 14-year sentence for inciting violence should be immediately overturned.

Christine Lagarde

IMF’s Lagarde to stand trial in Tapie case

PARIS, (Reuters) – France’s highest appeals court ruled yesterday that International Monetary Fund chief Christine Lagarde must stand trial for her role in a 400 million euros ($440 million) state payout in 2008 to businessman Bernard Tapie.

default placeholder

Sagicor moving from Barbados to Bermuda

(Barbados Nation) Sagicor Financial Corporation has officially moved its headquarters to the British oversees territory of Bermuda after more than 100 years in Barbados in its previous incarnation as The Mutual.

Health Minister Terrence Deyalsingh

Dengue strikes T&T health minister

(Trinidad Express) Health Minister Terrence Deyalsingh revealed yesteday that his recent and sudden hospitalisation was due to dengue. Deyalsingh was admitted to the Port of Spain General Hospital (POSGH) on July 13 after experiencing a two-day history of fever and fatigue.

Comments

About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.



Stay updated! Follow Stabroek News on Facebook or Twitter.

Get the day's headlines from SN in your inbox every morning: