While he believed the 2011 Financial Statements and Budgetary Proposals addressed some of the association’s concerns, David Foster, president of the Barbados Manufacturers’ Association (BMA), said it failed to address spending to stimulate the economy.
Not entirely happy with the proposals put forward, Foster said: “I think the Minister of Finance [accepted] some of the things that the Barbados private sector requested, though I don’t think that there is going to be a lot of stimulation of the economy in terms of getting more spending done.”
According to the BMA?president: “We were hoping that there would be something in the Budget to stimulate the economy. There were some small pockets, but generally there is not a lot for the business community to really benefit from and get major projects going.”
In his proposals, Sinckler placed increased emphasis on alternative energy, noting that conservation and renewable energy deduction would move from $5 000 to $10 000 per year for individual taxpayers and to $25 000 for registered small businesses.
Foster told BARBADOS BUSINESS AUTHORITY that while he believed the proposed incentives for businesses using alternative energy would prompt more companies to use photovoltaics, he believed Government should move with haste to create the necessary legislative framework for businesses to take advantage of the initiatives.
“Until the piece of legislation is changed to allow us to benefit from selling back power into the national grid, I don’t think it is going to do a lot until that legislation gets changed,” he said.
