Submitted by Old Onion Bag
Confidence. That is what investors are looking for, but don’t have in Barbados. How much longer will it take an educated people to realize the need for change to different men in positions at the TOP if there is to be a revitalization of this our staggering and stalling economy?
Supporting evidence:
Investments:
(1)Days after the last general elections, some $350 million in deposits (as reported ) left the country, and was recorded as an “unexplained anomaly.” Definitely not a positive sign for a country which sought to attract financially potent investors to staggered projects the likes of Four Seasons. We were told that as much as a massive $400 million of taxpayers money have been already committed to this dead horse.
(2) Re-occurring reports from the GOCB point to a country whose foreign reserves are barely adequate. Additionally, the country’s large and expanding deficit, places undue pressure on the country’s foreign peg. Commercial activity within the country is at an all time low. Bridgetown which was once a thriving commercial market, has been reduced to a sluggish vendor’s mall.
Question is, with this administration now in its second term, why have economic indicators, far from looking upwards, continue on a downward trend and with no foreseeable change in sight? We were told since 2008 of a Medium Term Fiscal plan which surely by now, must be abandoned as a dud.
(3) Increased Taxation.
Value Added Tax was increased from 15% in 2009 to 17.5%. Road Taxes were increased from $250 to $400 on an average family salon car; $750 -$3,650 for the wannabe more affluent SUV’s. Water rates were increased by 60%. A tax on shopkeepers of $1,000 (later repealed). Income tax Credit Rebates once given to employees working for less than $25,000, completely abolished.
A multi tired Consolidated Tax on Incomes was introduced in 2013 and of more recent, a Solid Waste tax on all households and businesses (nicknamed Garbage tax). In addition, consumers being continually exploited thru increasing gas and electricity prices which have no bearings on falling foreign crude oil prices.
More taxation promised, via widening the “tax base” in an all out effort to augment ever falling revenues despite the draconian tax measures above. Tell me, how much more can this country take, before the last straw that break the camel’s back?
Why can’t rationally thinking people see the obvious? Something is WRONG. Change is needed NOW!.
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