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- Read full text of the 2017 Financial Statement and Budgetary Proposals
- Follow the debate on the Barbados Parliament website
Barbados Budget 2017
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456 responses to “Barbados Budget 2017”
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We must endure the ‘fluff’.
fluffany self respecting government would return to the people for a mandate if further austerity will be required. It is obvious he will have to take some more from taxpayers.
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He started off talking nonsense about how great Sandi was…..not a good start.
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Yes Sir Lloyd has been one of the government’s critics. Didn’t he say publicly ‘how did we get back here’?
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Does anyone ever remember this minister ever admitting that the dollar was on the verge of devaluation?
Why the admission today?
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Looks like Duty Free Zones will be coming. Let us wait to hear how it will be operationalized.
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1.2 billion dollars in salaries?
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I noticed that he did not touch the IMF option…….I wonder why???…..he prefers to paint a picture of doom and gloom forgeting that we are where we are thanks to their incompetence.
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What do you want for christmas….socks big socks
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Did I hear correct that the real budget is now due in October after sectoral studies have been done?
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Sinckler asked: “Are we prepared to put Barbados first?” I suspect if he and the rest of the Cabinet had put Barbados first, they would have demitted office long ago. It is obvious that they have no answers yet they remain like an albatross around the necks of Bajans.
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National Social Responsibility Levy increased from 2 to 10 percent!!!!
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A 2 percent commission on foreign exchange transactions i.e. wire transfers, credit card.
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What will increasing taxes on fuel do?
What is the social responsibility levy and who is affected?
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The Hilton to be sold.
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The NSRL is a vat in disguise.
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Won an election on no privitization…….now have the audacity to say that the DLP is not opoosed to divesting………..Hilton on the chopping block.
What liars!
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@Vincent
Increasing the excise tax is to raise revenue. Is it not obvious?
The NSRL is a tax to be applied on goods coming through the Port, with a few exemptions. Again it is all about revenue.
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BU refers to our earlier comment, given the policy measures announced so far any self respecting government should feel morally bound to return to the people for a mandate.
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Dale Marshall
1 hr ·
Thanks to the Minister of Finance, from July 1st, the National Social Responsibility levy will
be increased from 2% to 10% on imports AND on domestic production.This means that the prices of every thing will be increased from that date.
Given that VAT is added after the imposition of the tax, the cost will
even further.This is the paradox:
1. Through increasing taxes, government gets more revenue to pay its bills.
2. We pay the increased taxes and therefore have less money in our hand to save or to spend.3. Because we have less to spend, the national economy shrinks.
4. The economy shrinks and therefore cannot support the current expenditure levels on goods, services and employment.
5. Therefore Government gets less revenue.
6. Government then increases taxes again.
Here we go again, in a downward spiral!!
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Can somebody tell John Boyce shut the hell up sitting so close to the mike?
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Very well put ,Dale,
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Agree David, his voice is so annoying.
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Is he giving his farewell speech?
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I purchased a gallon of paint from a local manufacturer and asked the agent to explain the extra line amount shown and which was in addition to the vat charge.I was told it was the NSRL.
As I recall those funds were to go towards reducing the liabilities of the QEH. I wonder if that is still the ‘raison d’etre’ .If so we should have heard why the initial quantum failed to attain its objective. -
Chuckle…..he has just boasted of delivering a balanced budget for the first time ever…….very much like Trump.
David
John has to feed the figures and corrections to him.
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This is what happens when one treats the symptom rather than the disease.
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Can anyone help me with the maths?
“To this extent, I now propose that effective June 1 the excise tax on gasoline will be increased by 25 cents per litre from $0.74 to $0.99 and on diesel by $0.24 from $0.20 to $0.44. The June 2017 retail prices on gasoline and on diesel will now be as follows based on the above two scenarios:
Gasoline $3.05
Diesel $2.25It should be noted that the current prices on gasoline and diesel are $3.00 and $2.15 respectively.”
The above is extracted from the budget presentation just presented in the House of Assembly. If one increases the tax on gasoline by 25 cents per litre how does the price per litre only increase by 5 cents?
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If you have to pay a commission on every foreign exchange transaction, how is that any different to a devaluation (which must be avoided at all costs apparently)?
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So, will certain hotels that got ridiculous concessions now be taxed?
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Or does the average bajan pay to enrich a few?
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Please introduce Mr Sinckler to the Laffer Curve. Mr Sinckler has run out of options. With an increase of 10% on the cost of goods (imported and domestic) and an increase in transport costs, crude “back-of-the-envelope” calculation gives an increase of 28% in the cost of goods at the cash register. How will this influence wage demands? Over to you, Ms Moore of the BWU and Mr McDowall of the NUPW.
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The MOF has just given us his valiant attempt to camoflauging his total and utter failure on matters financial and economic. Balance budget what, this is called cooking the books and hoping the public is stupid enough buy it, hook line and Sinckler.
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Lmao the government building Wyndham at Sam Lords, but selling Hilton at Needhams Point!! What are we really doing, divesting or investing?
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@enuff
Since when is the government building Wyndham?
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Elections in October….trust me.
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@ Ping Pong
My understanding suggests that the increase is not on the retail of gas and diesel but on the rate of excise tax. Nonetheless, we all know that the cost of living will rise with moving from 2 to 10 % on the levy on imports. Few options, but in saying he will help those at the bottom, he will make it worse off for them as of July 1.
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October ain’t soon enough. These guys ain’t got no shame. Pack of vipers.
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@ Mr G C Brathwaite
if the increase in excise tax is 25 cents per litre then how can the retail price only increase by 5 cents per litre? I am not an economist or an accountant so I am probably missing something.
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What we have here is a devaluation. Less money for the taxpayer/pensioner to spend.
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@ Ping Pong
You wrote: “I am not an economist or an accountant so I am probably missing something.” I am neither sir; but the excise as far as I know is not directly passed on in terms of retail but instead is reflected in the used formulae. That is why he actually gave the set prices for July.
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Thanks to the Minister of Finance, from July 1st, the National Social Responsibility levy will
be increased from 2% to 10% on imports AND on domestic production.
This means that the prices of every thing will be increased from that date.
Given that VAT is added after the imposition of the tax, the cost will
even further.
This is the paradox:
Through increasing taxes, government gets more revenue to pay its bills.
We pay the increased taxes and therefore have less money in our hand to save or to spend.
Because we have less to spend, the national economy shrinks.
The economy shrinks and therefore cannot support the current expenditure levels on goods, services and employment.
Therefore Government gets less revenue.
Government then increases taxes again.Here we go again, in a downward spiral!!
I have been saying for the longest time this GOVT must stop taxing de PEOPLEEEEE they are throwing gasoline to out a fire!!!!!….public enemy # 1 is not the fiscal deficit it is the BLASTED GOVT that in power that oversaw its increase!!!!!….I am saying now that for Barbados to reelect this Govt would be the single most insane thing that a population as a unit could ever do… For Barbados to get back on track THIS GOVT MUST GO!!!!…..to put it bluntly….this govt is a disease on this country…and as RPB sang “THE COUNTRY AINT WELL”!!!!!!!…Barbados will simply not get better with this govt in power!!!!
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David wuh Wyndham aint building um and the Chinese money is a loan!! lmao
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@ David,
Bajans can do like we do in Canada. Reduce personal spending.
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I can only pray for our beloved country……..Lord have mercy, Christ have mercy!
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A budget designed to keep the ship of state afloat.
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@David 7:45 ANOTHER devaluation!
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Don’t forget some of what is in the budget was suggested by the Private sector. It is their contribution to solving some of the financial challenges facing the country.
A bi partisan budget. Public and Private sector.
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Government plans to “widen the tax net,” to include all self-employed individuals. T
he MoF made reference to BRA personnel attending Bar Association meetings to register the 60% of lawyers who not registered with the BRA.
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@Carson 8:03 By doing what? Throwing the crew overboard?
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@Artax
Do you know how they will force those not on the tax list to register?
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