In an effort to jump start the economy, increase spending and get businesses boosted, Government will allow VAT-free shopping in Barbados on Monday.
The one-day initiative was introduced today by Minister in the Ministry of Finance, Ryan Straughn.
“We’ve been very conscious that we have been in a very constrained environment, and the Government has always been ensuring that we can balance the public health response, as well as the economic side in order to help people get through this process,” the economist said during a nationally televised press conference moments ago.
He said the day was aimed at providing an ease for consumers in Barbados who had faced a strenuous 21 months filled with economic challenges brought on by the COVID-19 pandemic, and should allow them to stretch their budgets.
Hire-purchase sales will fall under the VAT-free regime on Monday, but not all items in the retail sector will be eligible for purchase.
Vehicles, alcohol, tobacco, guns, and ammunition will continue to attract Value Added Tax. (BA)
