“A responsible Budget” was the reaction from president of the Barbados International Business Association (BIBA), Mohammed Patel, to measures announced in the first Financial Statement and Budgetary Proposals by new Minister of Finance Christopher Sinckler.
Patel said the private sector understood the stark economic realities that were being faced by the island and therefore it came as no surprise that Sinckler had used this Budget to aggressively widen the revenue earning capacity of Government.
“The fact of the matter is that, while the international business sector has remained the most consistent foreign exchange and tax revenue generator for the island over the course of this recession, we too have been hit hard.
“Corporate tax has declined by 32 per cent over the past year (of which the international business sector accounts for more than half of what is paid in each year) and therefore Government would need to tighten the holes in its net to ensure that all segments of society were contributing the funds needed to reduce the island’s deficit of half a billion dollars,” said Patel.
The accountant and president of Cidel Bank & Trust added that while there were no incentives presented for the international business sector in the Budget, BIBA remained satisfied with the policies directed at the sector.
“We did not approach the minister with a ‘wish list of goodies’ for the sector because we recognised that austere measures were needed.
“However, we are pleased that the minister acknowledged that for far too long full recognition has not been given to the sector’s total contribution to employment, foreign exchange and Barbados’ gross domestic product due to a lack of statistical measurement.” (PR)