Reform of the Barbados Tax System: ICAB 4th Nov. Part 1

The International Monetary Fund (IMF) has suggested that VAT be placed on the selected foods that are currently exempt from the 17.5% tax.

This was one of many revelations which emerged from an Institute of Chartered Accountants of Barbados (ICAB) analysis of the IMF's latest recommendations to the Freundel Stuart administration in a special report.

This was one of many revelations which emerged from an Institute of Chartered Accountants of Barbados (ICAB) analysis of the IMF’s latest recommendations to the Freundel Stuart administration in a special report.

ICAB Vice President, Andrew Brathwaite, told a packed Garrison room at the Savannah Hotel yesterday evening that the IMF report also suggested that concessions for the hospitality sector have outlived their usefulness and that it was time for hotels and restaurants across the country do their part to boost Government’s coffers.

Mr Brathwaite also revealed how the document indicated that the current structure allowed for too many discrepancies and paved the way for corruption or worse. {FULL TEXT AT: Loop Barbados & Video: BajanReporter.com}

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