Reform of the Barbados Tax System: ICAB 4th Nov. Part 2

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.

This was the report from Andrew Brathwaite, Vice President of the Institute of Chartered Accountants of Barbados (ICAB), at that organisation’s public forum to examine the topic: "Reform of the Barbados Tax System – What is the IMF telling us and what should we do?"

This was the report from Andrew Brathwaite, Vice President of the Institute of Chartered Accountants of Barbados (ICAB), at that organisation’s public forum to examine the topic: “Reform of the Barbados Tax System – What is the IMF telling us and what should we do?

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}

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