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2015 Barbados Budget…

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Chris Sinckler, Minister of Finance
Chris Sinckler, Minister of Finance

Today is Budget Day in Barbados the 15 June 2015. For many what is hidden in the โ€˜Black Boxโ€™ย  in recent years seems to be of little interest to the citizenry compared to what occurred in the 80s and 90s. The politicians will grab their 30 minutes in the spotlight rabbling as if programmed in support of their side and many citizens will retreat to channel surfing and scan the news for a summary of what transpired.

Should we blame flagging interest by Barbadiansย  in what our elected members do in parliament on the need to aggressively teach Civics in our schools?ย  What has become evident to BU for some time now, we have become disengaged from our role as the Third Estate.

Some of us will listen to some of what Minister Chris Sinckler has to present at 4PM.

  • PRESENTATION OF THE FINANCIAL STATEMENT AND BUDGETARY PROPOSALS 2015 DELIVERED BY THE HON. CHRISTOPHER P. SINCKLER TO THE HOUSE OF ASSEMBLY MONDAY JUNE 15, 2015, 4 PM

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151 responses to “2015 Barbados Budget…”

  1. Pachamama Avatar
    Pachamama

    AC

    We would expect AC to be in the gallery. When Sinckler delivers we believe she will be in ecstasy!

  2. Artaxerxes Avatar
    Artaxerxes

    Pachamama June 15, 2015 at 3:27 PM #

    โ€œAC: We would expect AC to be in the gallery. When Sinckler delivers we believe she will be in ecstasy!โ€

    Immediately after the budget presentation, you can bet your last dollar that those idiots will come to BU, without proper analysis, to inform this forum that the budget was the best thing since sliced bread.

    And those contributors who may not agree with certain aspsects of the budget (which is their right), will be labeled as unpatriotic, BLP misfits and preachers of doom and gloom, who do not want anything good for Barbados.

    Same old, same old!!!

  3. millertheanunnaki Avatar
    millertheanunnaki

    @ Artaxerxes June 15, 2015 at 3:44 PM

    The long talk in the presentation would be the diatribe of Sinliarโ€™s hired speechwriter designed to obfuscate.
    The actual tax revenue raising proposals would be those of the IMF.

  4. Pachamama Avatar
    Pachamama

    @ Artaxerxes

    And you are rightfully issuing a preventive strike.

    But in truth and in fact, none of these budgets will say any thing new, from now to the distant future.

    We are expecting a rehash of the same political, economic, partisan, rhetoric as before, today and when the real bram starts as of tomorrow.

  5. David Avatar
    David

    The MoF has stated the economy is on the mend driven by improved tourism numbers and an homegrown economic policy.

  6. Pachamama Avatar
    Pachamama

    Bushie

    This man, Sinckler, using your BBE in his wickedness, and you aint doing one thing ’bout it.

  7. David Avatar
    David

    Is it not true the foreign reserves have stabilized” because of the fall in the price of oil?

  8. SuckaBubby Avatar
    SuckaBubby

    I keep hearing of this homegrown economic policy.What homegrown economic policy?

    The fact that growth has been so little because of the little effort this government has put into turning the economy around.Sending home people is just not cutting it when in fact it did very little to cut the deficit.If it weren’t for lower oil prices for tourists to capitalize on to travel, there would have never been a so called bumper season.

    Everything this government says, does, and represents is a frigging sham.What the MOF should do he wont because he is just a talking head for the jetset who will be in the clubhouse up Apes Hill sipping drinks while we in the dog house sucking salt.

  9. Artaxerxes Avatar
    Artaxerxes

    millertheanunnaki June 15, 2015 at 3:52 PM #

    โ€œThe long talk in the presentation would be the diatribe of Sinliarโ€™s hired speechwriter designed to obfuscate.โ€

    Yes, Miller, Sinckler started with the usual party political diatribe stating people in and out of parliament even went as far as to pray for the demise of this country. He also said he was reliably informed that the opposition was in discussion re allocation of ministries among their members, since they believed the government would have collapsed.

    He was also reliably informed by the police Special Branch that two individuals were planning to shoot him. Perhaps he should elaborate on that issue and tell us about if this allegation was true or not, and if it were true, what is the status of the police investigation.

    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Pachamama June 15, 2015 at 4:11 PM #

    โ€œBut in truth and in fact, none of these budgets will say anything new, from now to the distant future. We are expecting a rehash of the same political, economic, partisan, rhetoric as before, today and when the real bram starts as of tomorrow.โ€

    Yes, Pachamama, Sinckler began his presentation as expected.

    I wish this man Sinckler would stop fooling people by manipulating the statistics and mentioning primary deficit and primary surplus.

    Sinckliar is at again. He said the government was able to reduce the SURPLUS of -$385M to a PRIMARY surplus of $85M. You canโ€™t move from a DEFICIT (which includes interest) to a PRIMARY SURPLUS (which is NET of interest).

  10. David Avatar
    David

    The MoF has reported 3 objectives met:

    1. Foreign exchange reserves up to 16 weeks
    2. Achieved a primary surplus of 80 million – deficit reduced by 5% in one fiscal year
    3. Foundation for growth – tourism authority restructured (BTMI…), reduced VAT to 7.5% on accommodation sector, increased airlift, hosted world renown racing shows,
  11. David Avatar
    David

    Debt of 180 million removed from the BNOCL and returned that state entity to profitability.

  12. David Avatar
    David

    Energized offshore oil drilling program AND shore up the onshore program.

  13. David Avatar
    David

    Alternative energy framework should be ready to be rolled out by October 2015.

  14. David Avatar
    David

    The MoF dropped some pounds!

  15. David Avatar
    David

    Barbados Sugar Cane Industry Project has started.

  16. David Avatar
    David

    Barbados achieved the best winter season since 2008. Room stock increased by 160 rooms in the quarter. Length of stay dipped but spend increased by 6% (interesting).

  17. David Avatar
    David

    National productivity growth increased by a negligible 1% (we cant have turnaround unless we significantly increase productivity!)

  18. David Avatar
    David

    It seems the government has done a good job to reduce the public sector wage bill and transfers and subsidies.

  19. David Avatar
    David

    The MoF expects the Private Sector to craft a competitiveness revolution.

  20. David Avatar
    David

    Several projects expected to start soon:

    Sam Lords Castle in September – 200 million

    Royal Pavilion – 30 Million

    Sandals Casurina to add 200 new rooms – 100 million

    Sandals Almond – 200 million next year

    to name a few are expected to boost the economy

  21. David Avatar
    David

    A reduction of 25% in several licensing fees to improve environment for business.

  22. David Avatar
    David

    The central bank will lead the establishment of a credit bureau to facilitate access to businesses.

    A competitiveness commission will be established and chaired by the PM under the arm of the social partnership.

  23. David Avatar
    David

    Government will subsidize cow milk (Dairy Industry) at a rate of $1.17 per kg.

  24. Pachamama Avatar
    Pachamama

    Cow’s milk is not fit for human consumption.

  25. David Avatar
    David

    Lowdown Hoad does not have to worry, goat milk exempted from the CESS.

  26. David Avatar
    David

    @Pacha

    Is cow’s milk better than the popular aerated drinks?

  27. Exclaimer Avatar
    Exclaimer

    @ David June 15, 2015 at 4:52 PM #

    “Alternative energy framework should be ready to be rolled out by October 2015”. Nonsense! This government does not give a damn about alternative energy; they care only for oil.

    There is a growing number of citizens in both developed and developing economies who are showing a passion for going off-grid and becoming fuel independent.

    “SA power shortages drive some to live ‘off the grid’”

    http://www.bbc.co.uk/news/business-33109034

  28. David Avatar
    David

    Tax policy take a massive hit based on analysis from the IMF and informed a group headed by retired PS William Layne over 3 years.

    1. VAT – Amended basket of food items to get exemption (see appendix)
    2. Betting and Gaming Services – all to be subjected to 17.5% from September. For some reason they are currently on the exemption list.
    3. VAT Registration – Threshold to be moved from $80, 000 to $200,000
  29. David Avatar
    David

    @Exclaimer

    Barbadians applying for solar/photovoltaic systems have not had any installed since Feb 2015. There is some bureaucratic wrangle with FTC regarding changes to specs we understand. You judge if we are serious or not.

  30. Pachamama Avatar
    Pachamama

    David

    No, it robs the body of calcium other minerals. We are the only mammal which drinks the milk of another. Especially men should not consume any dairy products at all, it’s full of estrogen. It disrupts hormonal balance in men and women. Milk is an inflammatory substance and inflammation is the cause of all diseases.

  31. David Avatar
    David

    Personal Income Tax

    Backlog of tax refunds should be cleared soon. 24,000 envelopes being prepared by the BRA because of an issue lodging with credit union via banks clearing system.

  32. David Avatar
    David

    Effective immediately all professionals must produce a tax clearance to practice in an effort to trap those persons who do not file income tax – (in an aside MAM suggested those impacted will likely challenge in court)

  33. David Avatar
    David

    Duty will be levied on mobile airtime at a rate of 3 cents per minute.

  34. Pachamama Avatar
    Pachamama

    David

    You see the lack of a holistic approach. On the one hand he promotes cow’s milk. On the other he taxes soft drinks. There is no difference between these.

  35. David Avatar
    David

    An excise will be imposed on ‘sweet drinks’ at a rate of 10% of the value of the product before VAT is applied.

    BU LIKE THIS!!!

  36. David Avatar
    David

    @Pacha

    BU defer to those better qualified to address your objection.

  37. David Avatar
    David

    @Pacha

    The Scariest Trade Deal Nobody’s Talking About Just Suffered a Big Leak

  38. Lincoln Carrington Harper Avatar
    Lincoln Carrington Harper

    @David June 15, 2015 at 4:56 PM #

    “Barbados Sugar Cane Industry Project has started.”

    Indeed, it did some 350 years ago.

    It has been nearly two years since Minister Sinckler subjected us to his last set of pronouncements. Based on what I have heard so far Barbados could have been spared his current offerings for a further two years.

  39. Pachamama Avatar
    Pachamama

    David:

    You know I’ve been watching this for a while. Sinckler has not mentioned it. If it happens, and Obama just suffered a major defeat, the whole game will change.

  40. millertheanunnaki Avatar
    millertheanunnaki

    @ David June 15, 2015 at 5:28 PM

    Come on, David!
    Not a word about previous projects promised.

    Four Seasons?
    Sugar point Cruise Ship Terminal?
    Pierhead marina?
    Exmouth Housing Project
    Performing Arts Centre?
    And the list goes on, not so?
    Remember the levy on the surplus of NIS contributions to help fund higher education?
    The man is just a bold-faced liar full of bull crap.

  41. David Avatar
    David

    @Lincoln Carrington Harper

    You are not impressed huh?

    @Miller

    How do you respond to the measures tabled and importantly the performance indicators mentioned.

  42. Crusoe Avatar
    Crusoe

    Comparing Barbados social services to European is a joke. No, Barbados social serbices are POOR, compared to European.

    European public transports, healthcare and education are TOP NOTCH, Barbados cannot compare, he IS joking!!!

  43. David Avatar
    David

    A full text of the Budget updated to the blog above.

  44. Pachamama Avatar
    Pachamama

    David

    Where is Owen in all of this?

    What are his positions on the critique of his government/s?

    How can he be silent while sitting next to the person launching such scathing attacks?

  45. David Avatar
    David

    @Pacha

    He will have his chance to stand in the debate over the next two days.

  46. Pachamama Avatar
    Pachamama

    It is not our view that he has no interests in responding for fear of helping his arch enemy, MAM.

    Is he really working with the DLP government, ex officio?

  47. David Avatar
    David

    @Pacha

    So far his public posture has been anti MAM.

  48. Pachamama Avatar
    Pachamama

    Sinckler putting four hours in us?

    Yuh know these boys like to brag how long they can talk! LOL

  49. David Avatar
    David

    Good news for CLICO Life policyholders?

  50. balance Avatar
    balance

    “Is he really working with the DLP government, ex officio?”
    Owen was never really a BEE at heart. His allegiance was to Mr Tom Adams. Had he not got his way after his crocodile tear shedding about having to eke out a living’ he might have gone back to where he was indoctrinated long ago. A work colleague always told me in reference to Mr Arthur “once a Dem always a Dem”

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