UPDATED: June 1, 2012
A BPF regular asks…
“Dear friends at BFP,
It would be interesting to ask WHAT proportion of the increased VAT collected came from the higher electricity and fuel (petrol, diesel etc) prices and did this make up for the much lower level of corporate taxes paid over this period.
Where does the Finance Minister think this money comes from?
by Colin Leslie Beadon
“Vat Increase brings in Millions” crows the Minister of Finance, headlines Advocate May 30th. And where does he think these millions come from. His crowing is a disgusting abomination. The millions don’t come from the European Union, or the Canadians, or the USA, China, or Russia. These millions come from you and me, dear citizen, from the wealthy, the poor, and the in-between. But they hit the poor and the middle class the most, and these are the backbone of the Island.
And just where will all these ‘millions more’ go?
That is the prime question. They won’t go to pay back what has been taken out of the N.I.S. National Insurance Scheme. Oh no, never happen, they won’t go there. They will go into making more committees, to accomplish more nothings, and other such frugalities. They won’t go into helping us grow our own food, or put more money in the pockets of working people, nor into the pockets of the average citizen, because that is where the extra VAT is coming from and who it is effecting the hardest.
In other words, it is a political way to rip off the citizens of this island, and, …. get away with it.
Hey folks! You know we don’t like to re-print entire articles from other sources, but with The Nation and The Advocate we have to because they regularly modify and delete stories to suit the changing agendas.
Please go to The Nation to read $1.3b in VAT
… but if it is not there, you can read it here:
$1.3b in VAT
BY RICKY JORDAN | WED, MAY 30, 2012 – 12:10 AM
Amid enthusiastic desk thumping from Government MPs, Minister of Finance Chris Sinckler yesterday announced a healthy haul of $1.3 billion in value added tax (VAT) over the past 18 months and a dramatic slashing of the country’s fiscal deficit.
VAT’s outperformance of Government’s projections, Sinckler argued, was consistent with the progress of Barbados’ economy from recessionary trends onto a growth path.
The minister made this assertion while introducing in the House of Assembly the Value Added Tax (Amendment) Bill which will extend the original 18-month increase in VAT from 15 to 17.5 per cent until further notice.
The move met immediate rejection from Opposition member, Mia Mottley, countering: “If you have performed better than anticipated, one would have expected there would be relief to the people of Barbados and not be hearing ‘until further notice’.”