Barbados Minister of Finance and Economic Affairs Christopher Sinckler delivered the 2016 Financial Statement & Budgetary Proposals on 16 August 2016. The main tax and business-related proposals include:
- The introduction of a BBD 50,000 reimbursable grant to incentivize local companies to obtain international standards certification for product and service quality;
- The creation of a BBD 50 million fund to provide grants and soft loans to support existing small and medium sized businesses and business start-ups;
- The introduction of a National Social Responsibility Levy at a rate of 2% on all imports from 1 September 2016;
- An extension and increase of the Bank Asset Tax from 0.2% to 0.35% effective from 1 April 2016; and
- The introduction of a tax amnesty regime for value added tax, income tax and land tax for all taxpayers from 15 September 2016, which will include the waiving of all penalties, interest and other charges incurred up to 14 September 2016 as long as the outstanding principal is paid by 15 February 2017.
Click the following link for the Financial Statement & Budgetary Proposals 2016.