Submitted by Phoenix
Barbados was introduced to an increase in Value Added Tax on 1st December 2010 by Minister of Finance Chris Sinckler. According to the economic review of the first six months of 2012 released by the Central Bank of Barbados in July 2012, provisional estimates for the 2011-2012 fiscal year are that VAT brought in BDS$949.6 million dollars into the Treasury. On a whole, VAT contributed BDS$764.8 million of the BDS$1.2 billion in indirect taxes taken in by government last year – Read more.
The leader of Her Majesty’s Opposition, Mr. Owen. Arthur, at the recent BLP Convention held in the Queens Park, informed all, of a sure reversal of the 2.5 % Vat increase, when his party wins the next elections. This revelation has already left many DLP supporters in shock and awe, for they know such relief would only spell their demise. This welcomed and empathic committal, would take much of the burdensome strain off the backs of the people, and will bring true meaning to the DLP’s empty rant. “A community, not just an economy.”
So why is it that the DLP on coming to power, back in January 2008, with Foreign Reserves to the tune of $2.4 Billon, found it necessary two years later, to slap on a 2.5% increase in Vat? Not only did they collect an additional $100 Million approx. each year for four (4) years, but there was also the jaunty boast by the Minister of Finance Sinckler of $120 Million collected in excess last year. Excessive collections at the expense of increased unemployment, increased food prices, poor quality drugs and an overall decline in the standard of living of all Barbadians. Today, it begs the question was the increase really necessary? Why is it that we are seeing all the large scale extraction of monies from the people, yet no commensurate asset worth to show?
Vat continues to deliver lashes on the people. Lashes so hot and concuss, when delivered in tandem with $400 Million collected on fuel by the BNOC, has left an all but broken spirited people with nothing to pay their increased water and electricity bills. Really now, what was this current administration thinking? Given that the amount was said to be excess and ‘unexpected’, would it not have made more sense in the last Budget to have given it back in the form of relief? How could their “dearly beloved,” people now completely impoverish by these draconian measures, be expected to cope, far less give them another 5 year term to further the inefficacious? Indeed Mr. Arthur, we are waiting. Free the infirmed people from this obvious lamprey. Revamp and give new meaning to Observer’s commensurate calypso “Cat Attack“ Vat Attack. Relief is long overdue and very much needed; do so before anymore lose their wits ends and succumb to this millstone.
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