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OECD continues to flex on SIDs

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Ryan Straughn
Ryan Straughn, Minister in the Ministry of Finance
Minister of Finance
The Honourable Prime Minister Mia Mottley, Minister of Finance

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:

Barbados-Announces-Pillar-Two-ProposalsDownload

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124 responses to “OECD continues to flex on SIDs”

  1. David Avatar
    David

    @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.

  2. Hopi Avatar
    Hopi

    @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!

  3. John A Avatar
    John A

    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.”

  4. David Avatar
    David

    The government can do what it wants John A. Revenue opportunities are limited.

  5. John A Avatar
    John A

    @ 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?”

  6. Artax Avatar
    Artax

    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.

  7. Artax Avatar
    Artax

    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.

  8. Pachamama Avatar
    Pachamama

    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.

  9. TheOGazerts Avatar
    TheOGazerts

    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.

  10. An alert for small picture guys Avatar
    An alert for small picture guys

    @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.

  11. David Avatar
    David

    @Artax

    Could not agree more. We know there is a dearth of financial intelligence. We are quick to take the easy positions.

  12. Pachamama Avatar
    Pachamama

    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.

  13. That was not me Avatar
    That was not me

    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..

  14. I bet you a dollar Avatar
    I bet you a dollar

    I bet you a dollar it was The Geezer TheO
    as he was loitering at the scene of the crime

  15. Artax Avatar
    Artax

    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.

  16. Hopi Avatar
    Hopi

    Below what weight….featherweight?

  17. I doubt you have a dollar Avatar
    I doubt you have a dollar

    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

  18. David Avatar
    David

    Other obstacles beyond grey list

    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.

    Attorney General Dale Marshall made that point noting that although Barbados could be a step closer to being removed from the Financial Action Task Force’s (FATF) grey list, there were other obstacles on the horizon.

    “We are almost there and this is vital for our national interest because we run the risk of losing companies and we may also run the risk of not being able to send money to pay for medication or transfer money to the United States to pay for a child’s education.

    “However, as soon as we move off one list, somebody puts you on another. We’ve just been put on another list because our fishermen’s fishing nets are not of the standard that would release the green turtle. What that means is the White House can determine whether to allow funding for us for various things,” Marshall said.

    He made those comments on Friday during a panel discussion at Carisec Global Inc.’s Anti-Money Laundering & Cybercrime Regional Hybrid Conference which was held at Sagicor School of Business, Cave Hill, St Michael.

    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.

    When asked about the Professor’s comments, Marshall said it was not always that simple.

    “While it would be great to be at the table, the truth is our voices are so small . . . I don’t think there is any realistic prospect of us being there. That is the unfortunate thing because we have been required to meet exactly the same standard as all the other countries,” the AG said.

    He recalled that with the assistance of the Caribbean Financial Action Task Force, Barbados made submissions to the FATF. He said that their officials were scheduled to visit in January.

    Marshall is confident that the country would be delisted, noting this would then confirm to correspondent banks, existing and prospective investors that Barbados was a safe and reputable jurisdiction to continue to do business.

    Marshall also suggested there was a need for small island developing states such as Barbados to be held to another standard.

    “All of our countries have to meet the same standards as those nations and it is disproportionate because when we have to set up a compliance unit to hire five people, that’s five nurses the Queen Elizabeth Hospital can’t get because we had to divert those resources. We need to follow the World Trade Organisation model where we have something called preferential treatment . . . they set a lower threshold,” he added.

    Chief compliance officer at CIBC FirstCaribbean International Bank Candice Huggins who addressed the session, said there were other threats including the United States’ anti-money laundering legislation that was passed in 2020.

    “That hasn’t received a lot of attention in the Caribbean, but it could be potentially devastating. The extra territorial reach of that legislation allows them to issue a subpoena and get information directly from financial institutions that have a presence in the US, or conduct business, or have corresponding banking relationships.

    “This seems to be bypassing our law enforcement rules and agencies. This is something that the Caribbean community needs to get together and we need to deal with this,” she said. (TG)


    Source: Nation

  19. David Avatar
    David

    Tax moves ‘timely, sound’

    By Tony Best

    Barbados is simply meeting its global tax obligations, probably staving off reprisals from rich nations and their organisations.

    So said Bruce Zagaris, a prominent international tax expert in the United States., who said Barbados’ moves announced in Parliament by the Prime Minister Mia Amor Mottley last week were “timely, necessary and sound”.

    He said while the country was taking a risk, such as possibly causing some multi-national firms to leave Barbados all because of the global minimum corporate 15 per cent tax, the country could also end up attracting more foreign investment to its shores.

    Zagaris said the steps the country was taking could also help boost its offshore financial services sector.

    “Barbados’ moves tell me it is doing what it needs to do in order to comply with the global minimum tax (agreement) which it signed up to do and which many other countries are already doing,” said Zagaris from his office in Washington D.C.

    “It also tells me the steps taken by the Prime Minister was in the country’s best interest because if it doesn’t raise its corporate income tax then other countries will do so to the republic’s disadvantage”. Winston Cox, a former Governor of Barbados’ Central Bank who now lives in Quebec, echoed this view, noting: “Barbados has done what it has to do in order to live up to its tax obligations and I agree entirely that it has taken the correct and necessary stance on the issue of international taxation, specifically the global minimum tax of 15 per cent, no questions asked.

    The action by the Minister of Finance was dictated by the global agreement on minimum taxation. There is nothing more to it. It’s part of the international agreement.”

    In a ministerial statement last week Tuesday, Mottley told the House of Assembly that from January 1 next year, the Income Tax Act, Cap 73, would be amended to include the imposition of a range of new corporate taxes, including a top-up tax levied against multi-national firms subject to the global anti-base erosion.

    Model rules to ensure that they were subject to an effective tax rate of 15 per cent.

    In addition, multi-national enterprises whose parents or related entities have not implemented or are subject to an income tax inclusion rule will pay 5.5 per cent to one per cent corporation tax and no qualifying minimum.

    Some companies, including small businesses, will not be required to pay the higher tax.

    Zagaris, a partner in the Washington law firm of Berliner Corcoran & Rowe, said Barbados stood to reap some benefits from its early action on the global tax agreement signed by almost 150 countries, including some of the world’s richest states led by the US, Canada, Japan, the United Kingdom and Germany and some of the smallest – Barbados, The Bahamas, Jamaica and Trinidad and Tobago among them Costa Rica and Trinidad and Tobago.

    “Barbados’ action makes sense to me. Some countries are delaying their actions for a year of the effective day (of implementation), but Barbados is taking the bull by the horns by doing what it is supposed to, meaning implementing it from January 1, 2024. Some countries are delaying it because the (international agreement) is very complex and they are not sure how they want to do it.”

    But delaying it or failing to move forward has its risks, he warned. With the Organisation for Economic Cooperation and Development, OECD, the rich nations’ club with headquarters in Paris evaluating the pace of implementation, countries which failed to act could get a “bad evaluation” and suffer the consequences.

    “If they don’t fulfil their obligations they would look like renegade countries. The OECD has already acted against countries that it thinks are not fulfilling their obligations. I don’t think Barbados wants to be in that situation.”

    As Zagaris saw it, what Mottley told the House was that the island was still going to use other means that are “okay in order to provide incentives”.

    However, the tax expert thinks Barbados, indeed, most of CARICOM, should undertake a thorough review of all their network of international investment treaties because they were obsolete.

    “All Caricom member-states need to re-think their international investment treaties considering the implementation of the Global Minimum Tax (agreement). All of their treaties are out of date and although Caricom has said about three times that it must look at the treaties, they haven’t taken any action.

    It is doing what it needs to do in order to comply with the global minimum tax (agreement)

    Source: Nation

  20. TheOGazerts Avatar
    TheOGazerts

    @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.

  21. TheOGazerts Avatar
    TheOGazerts

    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.

  22. A letter to 'A friend' Avatar
    A letter to ‘A friend’

    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.

  23. David Avatar
    David

    @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.

  24. taking one step at a time Avatar
    taking one step at a time

    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.

  25. John A Avatar
    John A

    @ 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.

  26. John A Avatar
    John A

    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

  27. Hopi Avatar
    Hopi

    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!

  28. David Avatar
    David

    @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.

  29. David Avatar
    David

    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.

  30. Donna Avatar
    Donna

    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?

  31. Donna Avatar
    Donna

    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?

  32. TheOGazerts Avatar
    TheOGazerts

    I have this uncanny ability to detect when posts are made immediately after smoking a joint.

    Ease off the peace pipe.

  33. John A Avatar
    John A

    @ 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

  34. John A Avatar
    John A

    @ 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.

  35. looking for the pocket Avatar
    looking for the pocket

    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

  36. Donna Avatar
    Donna

    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.

  37. Butterflies Avatar
    Butterflies

    “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.

  38. Son of a Gun Avatar
    Son of a Gun

    “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.

  39. Artax Avatar
    Artax

    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).’

  40. Artax Avatar
    Artax

    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.

  41. Artax Avatar
    Artax

    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.

  42. John A Avatar
    John A

    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.

  43. Butterflies are welcome Avatar
    Butterflies are welcome

    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.

  44. William Skinner Avatar
    William Skinner

    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.

  45. David Avatar
    David

    Caricom states cannot agree to a final appellate court or single air space. What Caricom what.

  46. Donna Avatar
    Donna

    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?

  47. Donna Avatar
    Donna

    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?

  48. David Avatar
    David

    @Donna

    You must ask ‘what is geopolitics’?

  49. Breaking Point Avatar
    Breaking Point

    “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

  50. wars are scams Avatar
    wars are scams

    The short answer is wars are scams

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