Barbados Chamber of Commerce & Industry (BCCI) Concerned over the Municipal Solid Waste Tax
While the Barbados Chamber of Commerce & Industry (BCCI) recognises that the government must find ways to increase revenue and reduce costs as part of its attempt to close the deficit, nevertheless, one of the major concerns from the NGO relates to the basis used for calculating the Municipal Solid Waste Tax (MSWT). Another main issue is with its impact on cash flow of businesses.
In a press release issued by the BCCI citing its concern with the impact of this tax on both cash flow and profitability of some businesses, it revealed that some BCCI members are already struggling to make reasonable returns on their assets and investments in Barbados. It adds that the number of commercial lands and properties for sale is a testament to the need to shed underperforming assets. Members indicate that the impact can range from significant to severely impacting and will pose a huge challenge for some businesses.
As indicated in the budget last year, the MSWT is intended to be a temporary revenue raising measure for a period of eighteen months. The BCCI expects that Government will hold to that promise and not apportion further burden on the already significantly pressured business community and general public.
President Shuffler contends that there is a serious need to look at the overall tax system. She shared that one clear recommendation from the BCCI is for Government to conduct a comprehensive review to close the gap between what is assessed and what is collected.