THERE IS MORE backlash for commercial banks which have called for the asset tax imposed on them to be spread to all operators in the financial sector.
Vice-president of the Caribbean Confederation of Credit Unions (CCCU) Hally Haynes, told the SUNDAY SUN yesterday that when credit unions were asked to pay the asset tax for a specific period under sunset legislation, they protested but the seven affected credit unions paid millions of dollars over to Government without passing on any of the cost to its members.
“It must be noted that the seven credit unions that were required to pay tax on their assets not withstanding our lobbying efforts by the Barbados Co-operative & Credit Union League Limited to have the tax imposition removed, paid their monies to the Government and did not pass on one cent of these taxes to their members. I am not sure we can say that in respect of the banks given the number of fees and the increases in fees to banks’ customers.
Please read the full story in today’s Sunday Sun, or in the eNATION edition.
