THIS COUNTRY’S BANKERS have made it clear that they are not happy that the bank asset tax burden is not being shared equally across the financial sector.
The response has come from banks as Minister of Finance Chris Sinckler announced on Tuesday in the House of Assembly that the 0.2 per cent tax on bank assets, established in 2013, would be increased to 0.35 per cent with immediate effect.
Speaking on behalf of the island’s five commercial banks, David Noel, managing director of Scotiabank Barbados and the Caribbean East, told the WEEKEND NATION, “We understand that we have a role to play in helping the country to get through this challenging economic period. We believe, however, that it is important that any increased tax burden be shared equitably across the entire financial sector.”
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