Prime Minister Mia Mottley delivered a ministerial statement last Tuesday to amend the local tax structure in the context of constant changes from the international environment to avoid resultant pressures. The nature of the local economy means government has to be compliant with tax and related legislation to avoid being blacklisted by the capitalist north.
The following is a query received from BU family member John A about the new tax system to take effect from January 2024.
With Section 2 4 and 5 payment of corporation tax monthly should prove a challenge. Some companies may make money for 4 months of the year then lose for 8 months in the tourism sector for example. That’s why corporation tax is based on 12 months of business.
Many retail businesses see December recording the highest sales and revenue of the year. It is also the last month of the year. If for example 50% of profit generated comes from December sales, where is cash flow going to come from to pay 1/12th of this in each month for the Q1 of the same year with cash flow already stretched covering normal operational expenses in your lowest revenue period?
How is Section 2 of the change going to work?
Here is EY’s communication of the change:
Today’s Nation editorial.
Source: Nation
Economist Marla Dukharan has been always vocal on the unfair OECD practices directed at small states, especially Black states.
Source: Barbados Today
What “rules have been changed in the middle of the game” What!!??…
Rot!!
The ‘Rules’ are, and have been crystal clear from the very start of the game.
What are being changed – practically on a DAILY basis, are the TACTICS being used by the ‘rule makers’.
The ‘RULES’ of the albino-centric game are represented by the ‘Golden Rule’-
“He who has the gold – rules, …and he does so in such a way as to acquire as much of the total gold as is humanly, (and even demonically) possible.
To the extent that we REFUSE to see this global REALITY, and we
-continue to run after their BAIT,
-to in-debt ourselves to them,
-follow THEIR rules,
-kow-tow to their guidelines
-and wallow in their false praise…
… we can only be described as brass bowls, who are resigned to being used as receptacles of albino-centric shiite…
OUR OWN golden rule is well documented…
“Do unto others as we would have them do unto us.”, and it sets us APART by our INSTINCTIVE behaviors. This inherent trait make us into complete BRASS BOWLS when we CHOOSE to adopt the albino-centric, shiite, foreign ‘rules’….
and ALL the results show we ALWAYS end up being brass bowl victims…
YET we persist to dig ourselves deeper and deeper into the mire of materialism, greed, hate and envy – where we are such POOR performers.
…RATHER than leverage OUR OWN ‘gold’…where we are unbeatable.
What a place!
What a curse!
It is sack cloth and ashes….. or BUST!
@David
This piece should concern every person in BIM* as 2023 ends & #24Dawns!!!
As I am sure you are aware, there is a “BACKLASH” here in Britain regarding “OFFSHORE TAX HAVENS” & folks like the “ARCHIE COMIC BOOK PRIME MINISTER” we have & his wife & family who are “BILLIONAIRES” and the “ISSUES” over their “NONDOM_STATUS” for Tax Purposes…
More & more, in a time such as this with a “COST OF LIVING CRISIS” socio-engineered by the “ELITES” as “PAYBACK” for the £400 Billion given during the #PlanDEMIC to the British public as soft loans & handouts that has also resulted as you flip the coin that more “BILLIONAIRES” & “MULTIMILLIONAIRES” were created during the last 3 years than at any other time in human history…
The “CRY” of “UNFAIR” is also being heard & echoed across “EUROPE” et al as the working class, servile plebs cannot heat their house properly this winter (with increased mortgage rates, spiralling food & living costs) with the added albatross around their necks of having to live on rations while the “FILTHY RICH” (operate word – “filth”) and the “INFAMOUS” laugh all the way to their secret offshore havens (where their wealth is hidden under complex financial structures & instruments) away from prying eyes!!!
Institutions like the “TAX JUSTIC NETWORK” ET AL cite the following for starters:
“As power and wealth concentrations have become ever more top-heavy, social cohesion and democracy have become pushovers. Illiberal and anti-democratic actors, domestic and foreign, are on the offensive, corrupting our institutions, our media and our political processes. Inequality on its own is toxic enough: historically it has overturned empires, dictatorships, theocracies and democracies, and at times led to war. As inequality spreads, the likelihood of bloodshed rises..”
“But the issues and mechanisms that the tax justice movement focuses on – tax havens, shell companies, offshore trusts, corporate tax cheat structures – are especially corrosive. The threats to our collective security lie on many levels, each more insidious and pernicious than the others…”
SEE: https://taxjustice.net/2020/10/23/tax-havens-harm-our-well-being-and-security/
Al Jazeera News cite: “The United Kingdom’s exotic network of “Treasure Island” tax havens could be facing the biggest threat to its existence in half a century after the United States and its allies pledged to squeeze more tax out of large, profitable multinational companies…” (MEANING IN SIMPLE SPEAK – BARBADOS ET AL MUST FORCE COMPLIANCE IF NECESSARY)!!!
“The often distant islands of Britain’s former empire have served as the premier jurisdiction for everyone from cash-rich Chinese officials to Russian oligarchs to Western firms to hedge funds seeking lower taxes – or complete secrecy…”
SEE: https://www.aljazeera.com/economy/2021/6/7/why-uks-network-of-treasure-island-tax-havens-is-in-trouble
The OECD’s push at “ENDING PROFIT SHIFTING” is a veneered attempt at curtailing “TAX AVOIDANCE” but we all know the real deal here!!!
SEE: https://www.oecd.org/about/impact/ending-offshore-profit-shifting.htm
POST COVID MEANS THE WORLD IS A DIFFERENT PLACE – hence the reason, everything appears to be “GOING TO HELL IN A PANCART” as I cited earlier this week, and the OECD* is trying to give voice to GEN Y & Zers as this DOCX shows:
https://www.oecd.org/about/civil-society/youth/Shaping-the-Covid-19-Recovery-Ideas-from-OECD-s-Generation-Y-and-Z.pdf
In my mind, when institutions parlay “FAIRNESS” as a “GET OUT OF JAIL CARD” – as usual, only one group of people benefit and we know who they are and it is not the average citizen!!!
@TB
Unfortunately this is the way of the world. The third world or developing countries will always be viewed as economic pariahs. We are a market whose consumers are made addicted to products and services delivered by the north.
Our people love it notwithstanding our education which incidentally is facilitated by the north. It is a cycle of indoctrination isn’t it.
THE ANTHEM OF THE GLOBALISTS – “BUILD BACK BETTER” – POST-COVID!!! But what in God’s Name is BBB? Maybe @Bush Tea et al can shine some light on this issue…
@John A
We may quibble about how the corp tax should be prorated to account for seasonality but the core of the problem remains doesn’t it.
@ David
Let’s be honest here and admit the PM has little to no wriggle room on this issue. The offshore sector we enjoyed for decades is an economic dinosaur. Problem is what will we replace it with revenue wise that is not tourism based?
This week they are going behind Google in Ireland for a wash of money in taxes. This is their second attempt to get taxes from them there.
I feel the increase to 9% is also the first step and this will again increase over the next few years. What I find laughable though is England complains about Ireland, but they are doing the dog in Cayman with the same offshore companies.
@John A
A scan of the domestic market gives no optimism we have alternatives. Where are the green shoots?
The best way to reduce income tax is to reduce income, by becoming economically inactive.
A person who is neither employed nor unemployed is economically inactive.
@ David
The problem is that most see the offshore sector as not affecting them so why worry if it goes. These companies rent houses, buy cars employ people and services, eat at restaurants, shop at supermarkets and the list goes on and on.
Think of all those houses Bajans bought as investment properties to rent to this sector, what happens to them when they pull out? No Bajan can pay $7000 in rent a month for them so what is their owner’s plan B?
I will when we stop playing silly games.
The other issue we have to consider is WHEN NOT IF, the standard global tax of 15% is introduced why would a company come to a country that is way more expensive to do business in than their home country? Not to mention the fact we have the glorious reputation of being one of the most difficult places in the world to do business in The Ease Of Doing Business Report. They will tolerate our tardiness when they are paying a 1% tax rate, but if they are paying the same as home why would they.
@John A
https://barbadosunderground.net/wp-content/uploads/2023/11/greed-658×1024.png
@ David
Listen that article by Minister Straughn needs to be looked at seriously by every home owner in this island!
So wunna want 1 price for everything then? The insurance and land tax and bank valuation wunna want the same then? Well answer the below for me.
If I built a house for $500,000 in 2001 and decided to self insure which is my right, what price wunna using there?
If I built the same house above and have no plans to sell it, but pass it to my son what price you using as your sales price?
Finally what price you using for land tax now let me hear? If the house worth $700k IF I WAS SELLING IT WHICH I AM NOT, wunna going tax me on something that will never occur too then?
So the plan is to now make me insure my house for $750k because that is what you feel it worth, then tax me on $750K because somebody feel that is what I MIGHT get for it if I sold it? Very good what’s next you going start charging duty on cars based on their selling price and not their imported value?
Listen in case wunna forget you charge transfer tax on the selling price ALONG with land taxes every year so you already collecting tax on the sale price along with vat on the transaction and stamp duty. What happen wunna forget that too?
Look let’s be honest this is just another money grab based on taxing a sales price that has not even occured yet, on top of all the other taxes you collect when the sale does actually occur.
Imagine trying to pass a wolf off as a sheep because both got 4 legs. Lol
@John A
A good guess is the the methodology will be standardized to determine replacement cost/fair market value. What you plan to do with property is therefore irrelevant.
David, I understand the reasons given for the changes. My interpretation thereof is that people are undervaluing their properties for the purpose of paying less home insurance; challenging the BRA’s valuation for property taxes; and would want the highest valuation of the property if they want to sell. So, they’re essentially using three different valuations for the same property. Aligning the valuations, in my opinion, is perhaps the best option. Property owners could have a certified valuation of their properties.
@Artax
Agree in the main with your comment. The government needs to remove the subjectivity from land value. For too many years the value of property has been manipulated.
David, since vehicles were mentioned, you cannot purchase a vehicle (legitimately) or insure it without a valuation certificate from a reptuable individaul or garage that is certified and authorised to issue such certificates. Insurance companies usually include a list of garages, with insurance renewal notices.
@Artax
Previous comment applies. For too long there has been a racket surrounding buy and sell of vehicles.
David, perhaps there is a sinister motive behind the new land tax legislation. Read a letter a guy and other residents of a particular area in Christ Church, received from the Planning & Development Department, informing them that a propsal was made by a certain company to construct a luxury hotel and swimming pool on a specific plot of land in the district…… and invited them to visit PPD’s office to view the building plan, where they could raise their concerns or objections to the proposed development, within 14 days of receiving the letters.
@Artax
We know how decisions are influenced in Barbados. The average Joe is clueless.
What I found hilarious about that situation is the guy’s letter I read, is the owner of the land on which the proposed hotel is to constructed. Apparently, unknown to him, the BRA subdivided the land and sold the largest lot to the developers. I don’t want to go into too many details as yet, but among the reasons given for selling the land were land tax arrears and ‘they did not know someone owned the land.’ Obviously, this was ‘planned and developed’ by people with ‘inside information.’
So we will tax people on what we feel they would get if it sold as opposed to taxing them on the cost of their owning it?
If I have the proof of what I paid for the land and the cost of building the house, that then is my taxable base. You can’t tax me on what you feel it will sell for sorry. When it does sell you can tax me on the sale then as is done now.
Also what happens to the old bajan family that may live on a beach or on a parcel of land with a nice view of the island? Do we hit them now at what the upmarket development to the right sold for?
You know what we need to do instead of grabbing more, we need to fix the hemorrhaging that is occurring in our tax collection. Let us try not to find ourselves in 5 years having to forgive another 500 million in uncollected vat in other words. We are already the heaviest taxed in the region why wunna dont improve you tax collection systems and rope in all that making real money and not paying a blind cent first?
You don’t want to fix the holes in the bucket but instead you want to pelt more water in it as a solution.
OECD- Organisation For Economic Co-operation and Development (of which Barbados is not even a member). Is this group really about Development and Co-Operation or is it more of an International Tax Collection Agency?
Why can’t Barbados have a bi-lateral agreement with any Business Entity which decides to set up shop on the island where both entities would operate on a ‘Chinese win-win’ basis. Barbados…..here are our laws/ rules/statues/requirement and Business Entity present their side. Both parties sign off and get busy. Why involve greedy blood-sucking OECD? Why take monies away from ‘Developing Nations’ to fatten the deep pockets of ‘developed nations?’
What if a Russian Entity sets up Operation in Barbados, do OECD’s laws apply?
Why are the Shipping and Insurance Business untouched? Who owns such businesses?
———————————————————
MONTHLY PRE-PAYMENT TAX
Monthly pre-payments for the’current’ FY will be based on the previous year’s tax base x the new applicable rate, (net the relevant tax credits). So if I made 3x more last year (month..not clear) than what I made in the present month of FY24, I will be taxed on that? Who agreed to that ass-backward shyte?
———————————————————-
Now here comes Zacheus talking in circles about the ‘circumnavigation’ of land taxes. I can see that there are going to be real problems with this one. Bet you he consults with some blood-sucking entities on how to best bleed the land and property owners in Barbados. Just wait for it. Come to shyte down Zacheus!
I personally have a problem with paying taxes of any sort but Land Tax is definitely criminal and anti-GOD. We came and found Mother Earth. No one built,created,neither innovated EARTH but we are required to pay to live on Earth? The madness of the hour!
NO TO ALL TAXES!
There is a difference between playing inside of Carnegie Music Hall and playing on the street outside CMH. It is with amazement that I watch our pied piper play on the world stage and her fans following blindly behind her and echoing nonsense. Do those fans not realize the difference between a charade and a show, the difference between the main act and the opening act, the difference between an orchestra and a wandering ministrel?
The big countries have her running all over the place and using her as a symbolic voice for the weak; then they ignore her weak squeak, close the doors and impose all types of regulations and restrictions on us.
I am somewhat amused that a high-ranking banker, who most likely ignored plebes who came into the bank begging for a loan does not realize the difference between a mendicant/borrowing nation and a lending nation. My dear, be it men or nations the models and the relationships are similar. Why does she find it so difficult to accept our role nations?
To repeat a quote that I saw here earlier ‘those that have the gold makes the rules’. It makes no sense whining.
@Hopi
I saw three ads for workers because Bajans were not qualified. I made a comment and one of the “Bajans” in the group attempted to jump on me (poor fellow). But that is why I have little hope of us solving our problems. I believe we have the brains to do so, but we lack the will and honesty. We need to face reality.
You can post an item about a thieving lawyer and not a soul made a comment. You can see these ads for ‘qualified foreigners’ being posted, but no one wonders who is the official approving these requests and why is he doing so. No one wants to call out (possible) corruption.
Why? Because it may be a friend or a relative who is in the position. Hypocrisy and lying to ourselves are the main reason we cannot escape the death spiral. I had a roommate who greeted each day with the prayer “Reality is a bitch”. It is time you all start facing and dealing with the bitch.
Earlier I posted a piece on the “SUPERFICIAL BAJAN” thread which I think is quite applicable to your interaction with a certain Bajan mindset. Bajans will always welcome the import over their own. Its a psychological illness akin to witchcraft.
In spite of the fact that ‘our’ dearly beloved PM (elected and then re-elected) was served beatdowns on a daily, I was still willing to give her a pass. Today, I might just be joining the choir,though off-key.
Its quite evident that she’s enamoured with the World Stage more so than her home stage, forgetting that its her own who propelled her to that bigger platform.
With her constant harping about climate change, she’s definitely pushing the globalist agenda. She’s a WEF girl. You cannot serve two masters simultaneously. Soon she’ll be remiss in one of those houses.
If my vision is not obscured, I’d swear I’ve seen her wearing a Kabalah bracelet, just like the hollywood clique. For me that’s a red flag.
I know for sure that just like ‘they’ve’ created this unsustainable reality for us, we can change this narrative and create a different reality for ourselves.
@ Hopi
My question to Mr Straughn is this. Is our cashflow as a country so bad that you now need to try and collect corporation tax monthly?
Profit is not a linear item. One has peak months of profit and other months where most lose money. How then can you expect to look at a companies profit based on a year and divide it by 12, then expect people to find the money to pay it monthly?
Secondly you do realise that the corporation tax being charged will be nearly double going forward? Not because you are making more money, but because the tax rate is moving from 5% to 9%.
There is a reason why audited finacials globally are based on a financial year consisting of 12 months. That way it takes into account all fluctuations in profit and expenses over a year. But we is Bim and brek as tail, so we going be different and reinvent the wheel. Stupes
You’ve stolen my thunder. Your 1st para was my intended preamble, somehow it slipped by….The monthly collection of taxes as opposed to quarterly collection. Who’s hard up for revenue like that? Is the OECD directing him to collect at such time or is this the crackhead in him?
I do understand the cycles of business and the effect on revenue earning. Having run a small business myself taxes were always paid in quarterly.
I think the Corp tax is being doubled because the EU has been deprived of easy access to stolen resources from Africa. Take into consideration the fact that the Sahel Region has kicked France off the dole. Now that’s Billions that are not entering the French coffers. Not just natural resources but that entire region will be printing their own currencies and not using the FRANC.
Germany’s Olaf Scholz just visited Nigeria and Ghana, looking for energy assistance and Germany once the manufacturing giant of Europe no longer occupies such a position. So Germany is hurting.
Europe is in big trouble! Hence the need to grab tax revenue before you can even count it.
Now we see why some businesses get creative with their accounting to the point where some even keep two books. LOL!
I read that, effective January 1, 2024, in-scope GloBE companies will be required to pay corporation tax on a monthly basis. Based on the comments so far, I believe ‘we jumped the gun to assume the worst,’ before availing ourselves with certain information. What are the GloBE rules and what companies fall within them? For example, a ‘MNE group’ falls within the scope of the GloBE rules and refers to a company that operates in a particular country to benefit from tax law, but is subject to taxation through a permanately established company in another jurisdiction. Reminds me of the USA’s FATCA. I suggest we read the GloBE rules to determine whether or not they are applicable to locally and regionally owned companies. Or if all companies will be required to make CorpTax prepayments.
@ Artax
Do you know when these new rules were written? Were they written before/after the first 1/4 of FY 22? I’ve been searching but didn’t find a time line.
Hopi, the OECD/G20 introduced a 15 point Action Plan in 2013, to address Base Erosion and Profit Sharing (BEPS). This is simply a set of internationally recognised taxation rules. The international tax system was updated in October 2021 to include the Global Anti Base Erosion (GloBE) rules, which were established to address challenges in the tax system arising from digitisation of the economy. The rules simply ‘provides for a co-ordinated system of taxation.’ If, for example, the internationally established minimum tax rate is 10% and a country’s effective tax rate on profits realised by multinational corporations is 7%, the rules require that country to increase its rate by 3%, thereby ensuring those businesses pay the minimum level of tax on profits.
@Artax
What is your opinion about these tax rules impinging on you ‘tax sovereignty’?
Source: BT
Is this not colonialism?
And the firm commitment to it by this degenerative regime.
Even in a so-called independence month
Colonialism still?
What of the constant refrain of he who is in charge here about freedom, democracy, Western values
Maybe the real freedoms lie in bulling, acceptance of the religion of economy which serves the White world.
Indeed Mottley, as the local head slave of empire, factotum, after more than a generation of begging the OECD for the pig belly, the pig tail, the pig head, to make an economic black pudding and souse, continues to display a zealous religious commitment to these devils.
Maybe she tooooo is laboring in a vineyard under the illusion that the ‘heaven’ of the top UN job will deliver milk and honey from the teet of the imperial bitch.
Not sure about 1-246 but Corporation Accounts are submitted 10 months after end of tax year in +44, so tax claims can be made for over payments
I mentioned that people in 1-246 should reduce income to 0 and spend time on the beach and golf course in early retirement and two petty minded posters peeping through door cracks gave me a star
in other words Barbados will become a glorified retirement home
@ Tax claims …LOL!
Isn’t the aim to make Barbados the Monaco of the Region?
The People’s Democratic Congress (PDC) are quite revolutionary in the income tax model gate pressure runnings
https://barbadosunderground.net/tag/pdc/
Yes you can claim on overpayments and like personal income tax credits you wait forever to see the cheque.
Pray tell. Since Barbados is NOT an OECD member why must the nation adhere to their rules/regulations?
Hopi, Barbados and several other countries worldwide that signed the FATCA are NOT American states.
Over the years, countries have signed various treaties etc, requiring them to adhere to various internationally accepted rules. Whenever the generally accepted accounting, auditing or taxation principles are updated, Barbados and other countries have to update their accounting systems accordingly as well. The information is available to the public. Rather than avail ourselves with as much information as possible about these issues, we allow our ill-informed discussion to be influenced by emotion and snippets from the media…… and confined to ‘begging and borrowing’ as being responsible for everything.
Forward With the Orthodox
Come let’s stone the Devil
Chase him with a pebble
Vote PDC to forward with jah orthodox and get rid of the income tax https://www.youtube.com/watch?v=nepOBINZ4hU
Begging, borrowing, incompetence and corruption.
What became of our leader in the fight against corruption?
Let us accept that the PM had no option but to sign on to the FATCA. Not doing so would of gotten us back on the Black List for sure at the very least. As for the OECD pushing us to the 15% global tax rate, we will end up there soon too as we can not risk finding ourself in a position where we are penalised.
Suppose for example the UK government gets tired waiting for us to impose the 15% and legislates that all flights into the Uk and departing the UK, to and from all SIDS not honouring the global tax agreement, will have a £1000 fee attached to their ticket price in 30 days. How long you think we could hold out without the British traveller and those from Europe who fly through the UK to get here?
Radical move for sure, but what could we do then but implement the 15% immediately?
Then again all that I read speaks to our development being hung on tourism so we would have only ourselves to blame.
@John A
Unfortunately what you stated a correct. If we want to stay off that racist designed blacklist we have to continue to dance to the beat of these international financial marauders.
@ARTAX……FACTA/OECD
“Rather than avail ourselves with as much information as possible about these issues, we allow our ill-informed discussion to be influenced by emotion and snippets from the media…… ” What ill-informed discussion?
Listen up here Negro, I searched for info regarding the timeline when these new tax based rules were DESIGNED. Didn’t find such (still searching) Asked if you could avail the audience of such info but you’ve gotten all pissy (talking bout being emotional) You informed us to search, so I presume you have it? Am I right?
These internationally based rules serve to benefit the ‘white’ overlords not the small Nations and small states comply because they are threatened. Cowards will always buckle to threats.
Why can’t ‘small states’ form their own accounting,auditing and taxation principles sans the European and US? Why the hell do we always sit on our hands and await the slave masters’ instruction. Aren’t ‘we’ bright enough to plan and implement our own rules based on our needs and economies? What is your free ‘top class’ education good for?
Can Barbados or any other ‘small actor’ march into the City of London or the US Feds and demand to see their books? Failing such can they penalise them? Why are we allowing them to lord over us?
The worldwide financial system is designed to bleed and penalise small states while the ‘big dawgs’ suck their blood and laugh in their faces. The few crumbs Barbados gets aren’t enough fill their coffers. Its just enough to keep the wheels turning.
but I got news for you. The western ‘rules based order’ is DEAD DEAD DEAD. Putin and China killed it and the Sahel Region has dug the grave and is about to bury it.
So don’t get mad at me for being able to see the road ahead.
My friend, never in any of my contributions I made any specific reference to ‘Hopi.’ If such is your belief, then so be it. Surely, according to current sayings, ‘you have issues.’ However, I mentioned in a subsequent contribution that CARICOM is 50 years old and member states have not been able to unite to formulate and implement regionally accepted financial and economic policies, as opposed to the EU, which was formed 20 years after CARICOM. I will state the facts as there are, while avoiding meaningless ‘tit for tats or back and forths, to trade insults.’
“Free top class education?” Surely you jest. Your insult-filled response to ONLY to my opinion on non-contributory pension, which was also shared by John A, clearly indicated you believe I’m an idiot. But, you’re not alone. Another ‘brilliant’ individual was so upset that he made referring to my ‘appalling ignorance and learning by rote’ a part of his daily routine on BU…. and was silently supported by others. Surely you’ll agree free education was ‘wasted on me.’
CARICOM was formed 50 years ago on August 1, 1973…… and the EU 20 years later, on November 1, 1993. Fifty-years is more than enough time for Caribbean territories to develop regionally accepted economic and financial principles, influenced and ratified by international standards. Also, a common currency (similarly to the €), monetary, tax, trade etc policies. OECD and G20 member states have been able to successfully formulate and implement tax rules to which a group of independent Caribbean islands (collectively, CARICOM), must adhere.
@Artax….why are you constantly in your feeling like a bytch. Are you on the rag? Just scroll up a bit and prove yourself wrong. Get over yaself man. Ain’t nobody coming @ you. We are discussing OECD and a timeline in the formation of their legislation. You interjected with shyte about being ill-informed and emotional and doing a search. Are you privy to some ‘TS Knowledge’ that’s shouldn’t be availed to the plebs?
Man to fuck up ARTAX and stop being a bytch. Ninga Pls!
My friend, you can’t find simple information, but could find the time to hurl personal abuse and insults. All that is left for you to is hold your dress above your head and ‘block.’ Anyhow, I’ll repeat. If you believe my comment referred to you specifically, then so be it. I intend to present the facts as they are, while NOT engaging in any meaningless ‘tit for tats or back and forths’ to trade insults or ‘pick fights,’ which obviously seems to be your agenda. My FINAL comment to you is, it’s better to focus on the substantive topic so as to facilitate a meaningful discussion, rather than waste time on personalties. You may have the last word.
Source: Nation
Source: Nation
I am glad to see the editorial today in Barbados Today also touches on why this single value for land tax, insurance and sale price can not work.
I mean how can you tax a man or woman, up front on a sale price that they are yet to collect? So you doing away then with the property transfer tax and stamp duty on the sale then I would imagine?
When I insure my house i insure it for replacement cost LESS foundation cost. I do not insure the land either. How de hell you could get that and the sale price to be the same based on the above!
So your plan is to deduct then the land price from the improved value and tax me only on the difference? Cause you would have to if you want to line up land tax value with my insurance value. As for my sale price only God could give you that, cause my crystal ball want batteries. Also with many properties still worth less today than in the pre 2008 boom, how you planning to arrive at a selling price?
As the young people say “wheel and come again Mr Minister.”
The government can do what it wants John A. Revenue opportunities are limited.
David, perhaps we should read the legislation before making certain assumptions. These are issues whereby the media should seek objective analysis fo the benefit of Barbadians. We could get an entire event from a political party’s annual conference televised on CBC TV8, but only snippets from a discussion held at the Central Bank’s ‘Grand Salle.’ UWI professors continually produce working and research papers that go unnoticed by the media. There seems not to be interest in public education on economic and financial issues, other than what is written by ‘Wild Coot’ Russell.
@Artax
Could not agree more. We know there is a dearth of financial intelligence. We are quick to take the easy positions.
@ David
True with a 30 to 0 all at them to do as they want. Thing is though the developer can keep his cheque book in the desk too, if he sees the taxation for his transaction being unreasonable.
You see who fly up and say we like it? The banks, the agents and the insurance companies. Cause more money for all dem. You see any home owners fly up and say “yes i ready to pay more tax for a sale i aint got bring it?”
We are forecaating a deep recession in the American economy, and all others so dependent, by the beginning of the Third quarter 2024.
Indicators abound! Permit us to cite demand for cardboard boxes as a popular leading indicator with orders strinking to historic lows, the levels just before the Great Recession.
Of course there are many more. Comercial real estate is another, in which rising interest rates, récord levels of vacant office space, speak to the enduring nature of the problems the West faces. Problems for which war is their only answer.
The residencial side, though faced with supply side inflation, continues to experience some level of demand, younger prople are largely on the sideline while the babyboomer types are making a reletively high rate of cash purchases.
Gold, for example, currently around 1900 dollars, could move close to 3500 dollars per once even if these recessionary forces are contained. Driven by global realignment dynamics.
The usd itself is taking a beating. Nobody wants to hold it, except countries like Barbados. The irrational printing of money to fund the wars on the world is sinking the West.
Central to all this are four assholes – Joe Biden, Donald Trump, Voldomyr Zelenksi and Benjamin Natnnyahu. Of course, the supporting actors will share their fate as well.
All of whom, these four, will either end up dead or in prison. So we have an elite gang of criminals at centre stage as the West goes to hell in a handbasket as all they are seeking to do is to save their skin or avoid imprisonment.
And what advice can be given to the GoB? None! For as a lawful captive in the hand of a mighty nation there is the implicit acceptance of their master’s fate already baked-in.
A thousand beggars can sit and develop the best financial plans that there is, but in the morning they have to go back to egging as they don’t have the funds to launch these plans.
Don’t get caught up by the word countries and nations. It is the adjective that precedes that you need to pay attention to. Beggar nations/countries are not the equal of lending nations/countries. Stop thinking above your weight.
@Pacha
You usually have some great posts, but I think you are not seeing the big picture.
There was time when it was predicted that the Japanese economy would surpass that of the US. It never happened.
Do you recall the expression ‘when America sneezes the world catches cold’. It is quite possible that the US experienceS a recession, but I suspect that other COUNTRIES will be catching even more hell. You don’t really want the US to go belly up.
Look at the big picture.
Kiki
You may be right. Pacha therefore wrong.
But if wrong there’s a lot to lose in a few market positions.
No one wants the emergence of the Global Majority more than this writer.
For we’ve been awaiting it all this life, the promise of the Ancestors.
However, we always see the big picture, maybe too much.
Our case is that the big picture, meaning the dominance of the Global Majority, has not yet got all the elements within it’s economic architecture in place to deliver the death knell to the dying hegemon, to overthrow the USD as the leading reserve currency, to make inert the influence of Washington.
But they’re working on it. Significant advances have been made. Fot example, trading in national currencies is a good device but the next steps must be made.
In any event, the West has no ability, no resources, no inclination to, internally or externally, stem the slide into obsolescence.
These are facets of the biggest picture which we see.
In other words a dying empire, seeking wars everywhere to create chaos, for it’s own sake, even as it fails economically, may still do great harm to countries like China, Russia, India, Iran, Brics, which are in the passing lane for it’s still influential as measured by most global metrics.
Pacha that wasn’t me above.
it was some other guy called “An alert for small picture guys ”
But, here a story, when I was in America and told someone that Japan was buying up their property, they said “Don’t worry we will take it all back again”
i.e. USA was responsible for the fall of Japan and Soviet economies by hook and crook..
I bet you a dollar it was The Geezer TheO
as he was loitering at the scene of the crime
Sometimes we also become a bit too preoccupied with ‘thinking BELOW our weight.’ Perhaps a sign of low self esteem? Do we actually believe regional territories had to approach the World Bank, IMF or any other international financial institution for loans to facilitate formulating and implementing policies relating regional integration, which, in some cases, may only require updating pre-existing legislation? Caribbean nationals can travel freely through the region and stay in any island for 6 months. Did regional governments have to beg for funds to joinly implement that policy? LIAT shareholders approached the Caribbean Development Bank to purchase 3 ATR aircraft for that airline.
Below what weight….featherweight?
That is the second time you mistook me for 000. I will assume that it was not your intention to insult though you have ruined my weekend.
There are several ways you can differentiate between the two of us
(1) 000 lacks a sense of humor
(2) the numerous videos or scratchings posted by 000
(3) 000’s tendency to make posts when he gets his hands on good stuff.
But he is right; it happens now and then.
Somehow, I do not see the US just letting itself become ‘irrelevant’.Operation ‘hook and crook’ may already be in place
@5:42 a.m.
Excerpt 1
“While having a seat at international tables would be ideal, the inclusion may not always be effective because global institutions can move the goal post.”
I am trying but failing.
If you have a loan from a bank, please go to the office tomorrow and demand a seat at the table when they are holding a meeting.
I have oversimplified the issue, but my point is that ‘this is not a relationship of equals’. Your officials can make all kind of fancy speeches, but these are only for your ears
Excerpt 2
“Recently, director of the Sir Arthur Lewis Institute of Social and Economic Studies, Professor Don Marshall, suggested that Caribbean jurisdictions needed to have a seat at the table where international decisions were made, as he raised concern that regional financial centres were being unfairly labelled by international watchdog agencies”
This sounds sweet and sensible, but this official knows better. Can he tell me ‘besides caps in their hands, what are they bringing to the table?’
I may have been unnecessarily harsh, but I have not told you tall tales. As you listen to these officials remember this phrase “Reality is a bitch with a harsh bite and not a sound bite”.
It pains me to be negative, but their truths are positive and all lies.
My dear friend,
Has it not yet dawned on you that we do not know our own weight?
Our egos make us think we are a heavyweight but our circumstances say otherwise.
The desire to be better than we currently are is admirable, but we should never accept that having the desire means ‘mission accomplished’. There remains much to be done.
I believe that EWB realized that we were on a path of self deception when he asked us about our mirror image.BIf EWB was alive today he would repeat this question and instruct us to get on the scale again.
Most flyweights can punch above their weight.
Sir, I urge you to establish a relationship with your scale. Knowing your true weight might help you to properly assign weights to other items.
Have a great day.
You may notice that I approach heavy issues from a tangent and never head-on.
Why is this? Head-on means accepting and discussing a big lie; it means I would be participating in trying to deceive you; there will be no verbal masturbation resulting in the ejaculation of highfalutin nonsense.
I love you too much to do that to you and above all I must respect myself.
Here is how to cut through the madness.. when you read a piece that make you feel that you are the equal of England, France … remember that 12″l men on an island are also a nation and a country. Be grounded in reality.
—x—-
Have a great day and enjoy your cup of coffee.
@John A
You may have heard ICAB personnel on the afternoon talk show expressing you same concern regarding how the monthly payments will be made given the tax is committed in advance filing.
David, there is a reason why I presented information relative to the GloBE rules, and suggested we should read the legislation, rather than rely on snippets of information from the media. Currently, corporations and self-employed individuals are required to make prepayments to the BRA, of corporation and personal income taxes respectively.
The amount payable by corporations is calculated on the total tax payable for the previous year, and due by predetermined dates according to the entity’s fiscal year. If, for example, XYZ Co. Ltd. year end was March 31, 2023, then a corporation tax prepayment of 50% of the total tax payable for FY ended 31/03/2022 was due by September 15, 2023…… and 50% by March 15, 2024.
When developing yourself for self improvement you do not need to be concerned about anyone else to be the best in the world and the only competition is with yourself, making small gains with consistent effort as a daily practice one step at a time.
@ David
No I did not hear it unfortunately. Profit is not linear hence profit can not be taxed in a linear manner.
Vat is a different thing, that is based on sales over a 60 day period. The amount is then paid in by the 21st of the following month.
If i lose money for 8 months of the year, then i shoild file a return showing a lost for those 8 months. I can not file for 8 months a return based on 2/3rds of my annual profit, when all my profit js made in the last 4 months of the said year. Once again an idea based on theory as opposed to phsical application.
The one value is another load of foolishness. How you going have my insurance value and land tax value as the same, when i only insure the house and not the land. The land tax which we are charged on though is the improved value, which INCLUDES the land value.
As for the valuation for the bank now let me again show the folly of this idea. When valuing a house for the bank most valuators know they have to knock off around 20% of the value for the bank. If they dont do it the bank does, as it is what they view as their buffer risk. So again how you lining that up now with the land tax and insurance? Lol
@John A
Nobody wants to pay taxes but we want to benefit from government paid services. How would that work? There is a process being gone through to determine the best system. All you mentioned above about different requirements for determining land value for different stakeholders is correct but it doesn’t change the fact the current system needs to be rationalized.
On a related note. The financial challenges Barbados finds itself is in some way created by our actions by being greedy and indisciplined with casual interest in our civic responsibility.
Constantly boasting about punching above our weight has forced us to live beyond our means.
All these TAXES and INTEREST on every damn thing we trade has been implemented/demanded by the same Tribe that’s killing Palestinians today. In the Muslim World there’s no such thing as interest. Such practice is known as Riba and its Haram to the Muslims. Somehow, we BLACK people have no qualms when it comes to robbing the Natives to please their masters.
Barbados can’t even print her own money. That’s never allowed because the Central Bank owners don’t trust Blacks. Yet some are happy to stay yoked to them.
What’s the difference between chattel slavery and voluntary slavery? Time!
Not much has changed in our financial structure. Where once our foreparents slaved away w/o pay, we now slave away under heavy taxation and the threat of losing everything or imprisonment for non-compliance. The slave master has found a way to maintain the yolk and the so-called educated ones (like Straughn) have volunteered with pride to reinforce chains.
Tell future generations not to build any structures that would allow these greasy bankers to steal their coins.
STOP PAYING LAND TAXES. That’s GOD’s land not theirs.
AVOID MORTGAGES whenever possible AT ALL COST.
LIVE FREE OR DIE! BUCK THEIR SYSTEM!
I admit to being a little confused. How could the West have no choice but to wage war to save its economy but yet the printing of money to fund the same wars will sink the same West?
John A,
Correct me if I’m wrong but couldn’t a house’s foundation be destroyed by an earthquake? And if it could, why would you exclude it from the valuation for insurance purposes?
I have this uncanny ability to detect when posts are made immediately after smoking a joint.
Ease off the peace pipe.
@ Donna
When I speak to the foundations i refer to the footings and work below the ground level. It could be damaged by an earthquake but I think the probabilty is vey low seeing where we are located. Normally in a hurricaine evn if everything above ground went, the foundation and footing work below ground would be in tack
I do know what a foundation is. 🙂 I was of the impression that chasms can open up in the earth as a result of earthquakes. I figured that not even a foundation is safe.
What is there about our location that indicates relative safety from such chasm causing earthquakes?
@ David. 4.08am
The problem we face is that we cant collect our taxes as it stands, so we create more taxes which we channel through the same inefficient collection system that recently forgave $500 million in VAT. Rather than fix the probelm we throw more money at it in taxes hoping some will reach the treasury.
Accountants will be delighted to charge large for the extra work required to calculate monthly payments and may even start to funnel some of it into their pockets
Artax,
You are wasting your time hoping for something other than emotional outbursts and insults.
Although, I have always shared Bush Tea’s idea regarding our “albino-centric” orientation. My position is and has always been that our national problems begin in our minds. We see the world through the white man’s eyes. We aspire to the white man’s dreams. We attempt to use the white man’s strategies while attempting to beat him at his own game on a playing field built for his success.
Our experience with cricket should show us that if we ever manage it, the white man will simply change the playing field and the rules.
There is something wrong when our idea of a successful life is fake glitz and glamour, big house, big car, brand name gear, frequent flying etc. simply to lord it over other Barbadians . This though, is our national mindset.
And where does our national mindset take us? It takes us to a place of the endless pursuit of foreign exchange via “begging and borrowing”.
So yes, we have become a superficial society, a society that does not understand what success really is, what we need to do to get it and worst of all, who we need to be to even dream of getting there.
I agree with you Donna. I also understand, for example, people believing a vehicle is a priority because of inconveniences caused as a result of an inefficient, unreliable public transportation system, especially servicing rural Barbados. Or, the desire by people to own their own homes. But, we have systematically applied the rules of a competition to those desires. That neighbours, relatives, friends and collegues are competing with each other to create a false image of superiority. If I buy a Swift, you have to buy a Nissan X-Trail, and the next person a Range Rover, and not to be out done, another friend a Jaguar SUV, even if it means ‘sucking salt to keep up appearences,’ similarly to ‘Mrs. Bucket (Búckét).’
“I have this uncanny ability to detect when posts are made immediately after smoking a joint”
That would explain why your thoughts and ideas have not evolved like the caterpillar on the ground looking at the butterflies* flying in the sky.
(*) Butterflies are generally seen as good omens. Their appearance often signifies transformation and new beginnings.
“I admit to being a little confused. How could the West have no choice but to wage war to save its economy but yet the printing of money to fund the same wars will sink the same West?”
a couple of random edited cut and pastes may help ya overstand their scams
✂️ Copy and 📋 Paste
US empire is bolstered by its military-industrial complex
Its growth and development in the postwar period has become deeply intertwined with US global strategy. It serves and influences that strategy.
The military industry is the core of the existing manufacturing industry in the US. Most of the manufacturing industry revolves around the survival and development of military industry and its supplies. This part of the industry is estimated to account for more than 60 percent of the total US manufacturing industry.
The US arms industry is in an indispensable position in US export system.
✂️ Copy and 📋 Paste
During wars against major powers the United States turned to the printing press to help finance the war. The result in each case was a substantial inflation. In wars against lesser powers, for the most part, the printing press was avoided.
That does not answer the question. What I was questioning is the seeming contradiction between the statement that The West, aka the USA, has to resort to warfare to save its economy and yet resorting to warfare will wreck its economy. How are you saving and wrecking the same economy with one action?
@Donna
You must ask ‘what is geopolitics’?
Ok so here is a classsic example of governments poor collection agencies at work.
Anyone going to pay duty in the port this morning would have been met with a closed door at customs. The reason was “this body sick and the next aint come work.” Alternative is get back in your car and drive to the airport to pay it there. Yes you will lose half day and burn fuel but this is Bim so we dont care!
Solution carry up land tax.
You must forgive me. There are some things that distract me and then I cannot leave them alone. I think my main weakness is that I like to be amused or to amuse myself.
I am glad that you are showing some progress towards self acceptance. Today a butterfly, tomorrow a fairy, and a week later your proper place in the LBTQ+ spectrum. Continue on your journey of self discovery. I love them all.
(weak, childish, but I found it highly amusing.
All international standards should not be accepted or signed on to by us.
However, we have spent more time analyzing so- called global matters than CARICOM.
There are several CARICOM positions and innovations that work, from which we benefit.
We have to start setting our own rules and standards , and relentlessly letting the world know that’s how we intend to operate.
However, it is painfully obvious that none of the current leaders are prepared to really walk that path.
One may be forced to ask , if we have such difficulty in basic things such as keeping buildings safe from affecting the health of workers and why we can’t properly collect garbage and effectively managed a public transport system, how are we going to be able to deal with more complex matters.
For example, anyone of us , who walking home from primary school and enjoying the incredible water from standpipes would ask : how the hell we now drinking brown water.
PS. Let me state here, that in reading this thread , I have not read any contributor , stating that we should sign international agreements or standards that are disadvantageous to us.
Caricom states cannot agree to a final appellate court or single air space. What Caricom what.
“How are you saving and wrecking the same economy with one action?”
the next scam is tax payers monies diverted into MIC shareholders pockets
= less services for poor
1% vs 99%
the rich get richer and the poor get poorer
the little that the poor has will be taken way
USA is richest country in world but has 11.5 percent poverty
poverty rises (micro) while the economy grows (macro)
but the capitalistic system fails when consumers cannot afford spend
Recent IMF staff report
https://www.imf.org/en/News/Articles/2023/11/13/cs111323-barbados-staff-concluding-statement-of-the-2023-article-iv
The short answer is wars are scams
Is Minister Straughn’s incoming law to standardise property values for insurance, land tax sale a part of the New Structural Reform?
The Central Bank will be given autonomy… meaning that it has been under external influence/control? Will this autonomy be printing its own currency or is this autonomy merely to set interest rates in accordance with IMF’s/WB’s demands?
Doesn’t the Central Bank not see a moral need to unpeg Barbados $ from a ‘BLOODY’ $. A $ mired in blood, guts, gore and theft as we see right before us today.
How does the US get to print $$B and give it to Israel to run their shithole murderous nation and Barbados (a righteous, ‘GOD’-fearing nation) stay pegged to that blood?
Why can’t Barbados return to the Sugar Cane growth as a source of income?
Seek out nations outside of the EU and US for markets. Maybe China, Russia.
What has made “Barbados highly vulnerable to climate change” when the rock called Barbados has long existed before there was a Bajan?
The OECD, a Eurocentric gang HQ’d in France, a group of which Barbados is not a member because Barbados has not met its high standards of a High Income Generating nation nor does it possess a High Human Development Index, yet Barbados is in obeyance to this gang, being one the the first nations to fall in line with a monthly tax compliance, while others are running on their own time.
The OECD’s home country France, is a criminal state which cannot be held to any international law, yet Barbados obeys rules set by France.
Barbados, it is high time to decouple from the US and the EU.
The truth and fact is that the ‘RULING POLITICAL CLASS’ of Barbados is nothing but a servant class to the Globalists Gangsters. They are not bright. They possess no new ideas to lead the nation into true in-inter-dependence.
If you were to enter a burning house with this gang on fire, pls don’t piss on them.
https://www.cbc.ca/news/world/cyprus-leak-russian-oligarch-icij-1.7028531
The ICIJ strike again. Note Cyprus is not grey or black listed!!
records show Quebec-based drugmaker Pharmascience routed its European sales through a Cyprus subsidiary, which then paid intellectual property royalties to a Barbados subsidiary — in a move that legally avoided at least $4.6 million in Canadian taxes for 2014, 2015 and 2018-2020.
Does this mean Barbados is a tax haven? Does it mean Barbados will perennially be found on the grey list? Once we play in this space it will always be a challenge to deal.
What it means, is we have a whole bunch of people employed and they need to show they are doing something?
And you know the blow back from including some places, is too much. The Caribbean island nations are low hanging fruit. With minimal protection.
That Cyprus fails to make any list says it all?
We know there is heavy concentration of Canadian funds in Caribbean offshore. This might save us.
Some serious accusations by the head of the BHTA, why would the Unions bite the hand that feeds some of its members? A decline in tourism would put union members on the breadline and if the BHTA’s claims are correct the unions are playing a losing game.
https://barbadostoday.bb/2023/11/15/bhta-accuses-labour-movement-of-smear-campaign-that-could-damage-tourism-sectors-reputation/
@Sargeant
Union membership is on the decline. A union is a business, its main revenue driver is member dues.
David, perhaps the unions have decided its time to ‘speak out.’ Why would a union, the two heads of which are former and current members of parliament, would seek to sabotage an industry they know is of vital importance to the Barbados economy, for the purpose of soliciting new members? For years hotel employees have endured nonsense from racist, white expatriates hotel owners hire for management positions. Remember, the BHTA represents the interests of owners and not employees. The Association’s president should let Barbadians know why are hotels, ESPECIALLY Sandy Lane, are unable to receive suitable applications from Barbadians for management positions, but host ‘job fairs’ at which hundreds of Barbadians are forced to ‘line-up’ to apply for jobs in front office, pool & beach, gardens, housekeeping or security.
@Artax
The issue is mot about speaking out, it is preventing facts to support. All f what is being vented in public should be addressed at the bargaining table. If the unions have the support of their members it should not be an insurmountable problem.
@Artax
With regards to the hiring of expatriates to perform jobs in the tourism sector, Sandy Lane is only doing what impotent Gov’ts is allowing it to do. Everyone knows that this state of affairs doesn’t pass the smell test but no one in authority has the balls to do anything about it.
@Sargeant
Those that pay the large bills and have great influence will be permitted to play the tune.
In fact, isn’t it the same in all capitalist societies? The challenge we face in Barbados, tiny republic that it is, relationships often trump governance processes.
Everyone knows that this state of affairs doesn’t pass the smell test but no one in authority has the balls to do anything about it
~~~~~~~~
Sarge
Most in authority don’t have ‘balls’ to begin with…
“Those that pay the large bills and have great influence will be permitted to play the tune.”
All people should be allowed to play their tune without any objection or any exception with straight through processing in my humblest opinion David King it’s the small islands developing states way of life in case you didn’t know
Penny for my song..
Top 100 in de whole wirl.
https://www.nationnews.com/2023/11/16/mottley-among-time-100-climate-leaders/
@David
The Gov’t touts its spending on free tertiary education and its commitment to training people for the hospitality industry, what’s the point if graduates can’t even qualify for jobs in the major employment sector in the country?
@Sargeant
Agree with you but it is a two edged sword, government accepts a situation where it prostitutes itself for the investment dollars.
Source: Nation