PENSION COMPANIES and others in the financial sector are lobbying Minister of Finance Chris Sinckler for an ease after he heeded International Monetary Fund (IMF) recommendations to slash a host of tax deductible items.
Following his June 15 Budget that cut several items from the list of tax deductibles Barbadians claimed annually against their income taxes, some of the biggest pension fund operators have pleaded with the Ministry of Finance to have a change of heart on the matter. They said the annual pension deductible of $10 000 was too important an incentive to remove in one fell swoop.
Yesterday, Sagicor’s vice president of pensions Stephen Robinson confirmed to the DAILY NATION that a group that included Sagicor Life, Fortress Fund Managers, the island’s biggest actuarial firm Eckler Insurance Limited and representatives from the Barbados Bankers’ Association met last month with a slew of finance ministry officials on the matter. (GE)
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