Sunday, April 21, 2024

Credit union tax ‘backward’

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Within the last year, the Barbados Public Workers’ Cooperative Credit Union Ltd (BPWCCUL) has seen an average of 400 new members registered each month.
And it is for this reason, president Glendon Belle said, that Government should not tax credit union profits.
Calling the proposal a “backward step”, he added: “When you look at it in terms of what the assets are made up of, they are made up of loans . . . . Then [the] other credit unions . . . which are not as successful as ours . . . would be impacted, because whether they make a surplus or not, they would still have to pay a tax. So to me, it is a retrograde step.
“Trying to impose a tax on credit unions at this time where the general public is going towards the credit union for assistance and getting debt restructured . . . I don’t think at this time it is something that the Government should contemplate.”
Belle was speaking to the media following a 44th anniversary church service at Hawthorn Memorial Methodist Church in Worthing View, Christ Church, yesterday. (LW)

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