Saturday, April 13, 2024

Tax refund delays due to ‘cash crunch’

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Barbadians who are yet to receive that direct debit or cheque with an income tax refund may have to wait a little longer.

And they are being asked to be a little patient.

Minister in the Ministry of Finance Ryan Straughn told the country yesterday that though most of the payments for this financial year had been disseminated, Government was in a bit of a cash crunch.

He was speaking during a press conference at Government Headquarters on Bay Street, St Michael.

The economist said that Government was forced to adjust its payment of the income tax returns because several ministries had unexpected requests for finance, specifically to deal with the fallout from the ash fall last year and the continued stress the COVID-19 pandemic put on Government’s coffers.

“We had started to make the income tax payments but many ministries have been asking for more and it led to a bit of a cash flow problem,” Straughn said.

“I am just asking for Barbadians who haven’t received their returns to be a little patient. We hope to get past this cash crunch.”

The minister said the demand for additional finances by other areas of Government had been significant during the summer period.

“But once things improve we should see an ease.” (BA)

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