GOVERNMENT?IS?MOVING?to ease the cash flow squeeze on employers and the self-employed with a waiver of half of their interest outstanding on arrears of contributions before last November 15 if certain conditions are met by the end of this coming November.
Minister of Finance and Economic Affairs Chris Sinckler is scheduled to pilot an amendment to the National?Insurance and Social?Security?Act when the House of Assembly meets today at 10 a.m.
This bill would provide for a waiver of 50 per cent of interest owed on arrears of contributions and interest on those arrears outstanding on or before November 15, 2010 if the arrears are paid in full together with 50 per cent of the outstanding interest during the specified payment period.
In addition, 50 per cent of the interest owed will be waived if 50 per cent of the outstanding interest is paid during the same timeframe.
People who want to benefit from the interest waiver must enter into an agreement with the National?Insurance Board no later than November 30, 2011 to pay, during the specified payment period, 50 per cent of the outstanding interest and the arrears of contributions where those are payable; and that person is current in the payment of any contributions that become payable during the specified payment period.
That “period” is the time fixed by the board for the payment of any arrears of contributions and the outstanding interest payable; but the period fixed by the board shall not exceed 60 months.
Government will also amend the relevant legislation to provide for income tax concessions to be granted to both the Barbados Port Inc. and Grantley?Adams International Airport Inc. in respect of any expansions or development of the facilities.
Minister of?International?Transport George Hutson is set to lead off debate on an amendment to the Civil?Aviation Act to provide for the agreement establishing the Caribbean?Aviation Safety and Security Oversight System (CASSOS), signed at the 29th Heads of Government Meeting in?Antigua on?July 3, 2008.
The measure would also empower the director of civil?aviation and aviation inspectors to detain aircraft and prohibit holders of aviation documents from exercising certain privileges, in the interest of safety, thereby complying with the safety oversight requirements established by the Montreal-based International?Civil?Aviation Organisation (ICAO). (AB)
