The Nation is reporting concessions on the Sandals deal. While some of us will be outraged, we should step back and consider the impact of this and the underlying concern that it raises with regards to the impact that taxes and duties play in reducing the competitiveness of Barbados as a whole. Governments have two ways of funding its operations. High tax rates that lower competitiveness, economic activity and hence GDP which effectively erodes its tax base. Or an enlighten tax policy based on lower tax rates which makes investments attractive, expands the economy and broadens the tax base. Understand this, if we are growing our economy and earning FX, we do not have to worry about eroding our reserve position. It is time to make these tough choices for the economy as a whole and not for individual business ventures.
Posted on: Fri, 08 Nov 2013 11:07:39 +0000
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