Tuesday, April 23, 2024

Harsh words for banks

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COMMERCIAL BANKS have come under fire in the Senate, with one senator recommending higher taxes for them and another complaining of customers receiving poor treatment.

Criticism of the banks came when the Senate discussed the Tax on Assets Bill, 2015, which will impose a 0.20 per cent per annum levy on banks, credit unions and insurance companies, starting at total assets of $40 million.

Government Senator Irene Sandiford-Garner complained that even though the legislation had not yet been passed there were reports that one commercial bank was increasing its fees on deposits and withdrawals, apparently in anticipation of the measure.

With the tax on $40 million amounting to $80 000, Sandiford-Garner said: “As far as I am concerned . . . I do not believe that the rate at which we have taxed them in this legislation is adequate. (TY)

Please read the full story in today’s Saturday Sun, or in the eNATION edition.

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