Based on a recent IMF study of tax revenue as a percentage of Gross Domestic Product (GDP), only the Bahamas and Trinidad and Tobago exceed Barbados’ level – which stands at 35 per cent.

Mr Brathwaite told those who came out to the Savannah Hotel yesterday evening that if all measures from the IMF report were to be enforced, then VAT may be reduced from its current 17.5 per cent by only one and a half points, still above the original 15 per cent introduced in 1997.

The panel discussion examined what concessions and exemptions could be reduced or completely removed from the statute books. {FULL TEXT AT: Loop Barbados & Video: BajanReporter.com}