Dear Underground, attached you will find a letter outlining concessions given to a developer in September 2016 with regard to Westmoreland Hills Development.
This development received exemption from VAT and Import Duties in respect of the supplies imported or purchased out of a bonded warehouse.
Exemption from the payment of National Social Responsibility Levy with the presentation of a certificate from the project manager.
Exemption from the payment of Import Duties, Excise Tax, NSRL and VAT on the vehicles and construction equipment (see attachment).
Exemption from the payment of VAT on the provision of services directly related to the project.
Exemption from the payment of corporation tax on income accruing to the company for a period of five years with effect from 29 June 2016.
Exemption from the payment of Property Transfer Tax and Stamp Duty in respect of the initial sale of villas/townhouses being constructed to purchasers.
Exemption from the payment of Withholding Tax for a period of five years effective 29 June 2016 in respect of dividends paid by the company to its non-resident shareholders; and fees paid to non-residents who are contracted to provide management services or technical skills.
Exemption from the payment of VAT and import duties for non-resident employees on their personal and household effects and motor vehicles.
Now could someone from the Ministry of Finance say if any of the sales revenue on this project is coming to Barbados and why would all of these concessions be given?