As Government prepares to review the controversial tax on entertainment and travel allowances, the just retired Acting Commissioner of Inland Revenue has dropped a bombshell.
Frank Forde said the law never allowed for employees to receive a tax-free entertainment allowance in the first place.
And while most workers might not want to hear it, he said Barbados, in the current economic environment, could not afford to lose vital revenue through this route.
The measure, introduced in the 2010 Budget for an 18-month period, was expected to generate savings to Government of $25 million in the first 12 months, and Forde was adamant that the tax-free allowances should not be restored.
Read the full story in today’s SUNDAY SUN.
