Industry Minister tries to soften introduction of the National Social Responsibility Levy

Despite a fiery presence Thursday night against the drastic hike of the National Social Responsibility Levy from 2.5 to 10 per cent, the Minister of Industry and Small Business believes the move can improve Barbadian support of local goods and reduce a drain on foreign exchange.

Donville Inniss, was in Parliament ’til way after midnight debating this year’s Budgetary Proposals but found himself early at the Lloyd Erskine Sandiford Centre for the official opening of the Barbados Manufacturers Expo known as Bmex.

His concern is where do you apply exemptions or rate adjustments since this would create a further backlog in Governmental procedure, which many know Mr Inniss abhors – but his concern is when manufacturers need to source raw materials outside of this country;-

The Minister of Small Business added that while appearing to be a major inconvenience the hidden benefit to the NSRL even when coupled with Value Added Tax of 17.5% is that it will encourage Barbadians to be more discerning as consumers and if manufacturers would ensure their products have the edge then all can win despite major financial hurdles…

Follow on Instagram

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.


add a comment

Some HTML is OK

or, reply to this post via trackback.

  • My Bdos Lottery Top Up 20201
  • Cloud Vision Academy 2022 Sept 336x280 1
  • SouGrfx Co Op Ad 336 x 280 01
  • 120x600 GEL 100th Anniversary Comp