Reform of the Barbados Tax System: ICAB 4th Nov. Part 3

President of the Barbados Economic Society (BES), Jeremy Stephen, admitted he admired the Scandinavian system of fiscal management, which looks at taxation only as a last resort. Stephen was adamant that while the recommendations, if implemented, would provide a surge for two consecutive years, the medium to long-term effects might do more damage than the initial cuts.

A lively panel discussion, moderated by Starcom Network’s David Ellis, followed the main presentation.

A lively panel discussion, moderated by Starcom Network’s David Ellis, followed the main presentation.

Gloria Eduardo of PriceWaterhouse Coopers was guarded in her support of the measures. While declaring that the suggestions made would boost Government revenue, she remained uncertain as to whether the rise in capital would create the desired effect if there were still indirect tax streams that continued to go unnoticed – as currently takes place.

Chair of the Barbados Private Sector Association (BPSA), Alex McDonald, was emphatic in his objection to the IMF recommendations, as well as the way this current administration has been looking after the financial affairs of Barbados. In his view, Government inactivity has brought the economy to this stage. {FULL TEXT AT: Loop Barbados & Video: BajanReporter.com}

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