Minister of Finance Chris Sinckler has hinted of possible adjustments to the income tax bands as he prepares to present the Estimates of Income and Expenditure in March – the precursor of the annual Budget presentation.
He said Government might have to relook the bands within which workers paid particular rates of tax on a pay-as-you-earn basis.
The minister made the disclosure as he addressed members Barbados Association of Insurance and Financial Advisors at the Lloyd Erskine Sandiford Centre.
Responding to a question on whether Government would return allowances to their tax-free status and the value added tax (VAT) to 15 per cent, Sinckler said the administration had been faced with fiscal accounts that were “out of line” and was forced to introduce a mix of new taxes and expenditure cuts.
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