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Government squeezing the small man

Ryan Straughn and Mia Mottley

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How many small businesses have found themselves facing closure because of the secret piece of legislation which is strictly enforced by CAIPO leading to deregistering? 

Is the government really serious about a small business driven economy when such draconian laws are imported wholesale under the guise of the OECD. This secret law needs to be challenged via judicial review. A prime example of profiting from bad governance.

Notice Waiver for the Late Filing of Annual Returns Corporate Affairs and Intellectual Property OfficeDownload

John A commented on the above as follows.

I have cuss over this $100 money grab sinkyuh introduced for years. All businesses registered with CAIPO with an annual revenue of under say $750,000 need to be exempted from this nonsense. On top of that CAIPO is at least 2 years behind on the filing of the documents once submitted by the companies  to begin with!

Barbados is already one of the most frustrating places to do business in and to add this nuisance requirement to small business means they now need to hire a corporate secretary on top of everything else. If CAIPO and by extension the state, so hard up for the $100, then CAIPO needs to introduce a simple form that requests the small business ONE question once they are already on file. This form for those selling under $750k annually, would replace the 5 page form with ONE simple question as stated below on a one page form.

HAS THE ENTITY HAD ANY CHANGE IN ITS DIRECTORS OR SHAREHOLDERS OVER THE LAST YEAR? YES OR NO IF YES PLEASE STATE THE RELEVANT CHANGE (leave a box below for them to state change).

Seeing that 90% plus of these small entities will have no change, tick the blasted NO box attached a cheque for the $100 money grab, sign the form and date it then drop the envelope in the RH collection box which should be placed at the door to CAIPO. Wunna could then mail out the receipt or request on each form that the entities email address be supplied on the filing. The receipt can then be sent to the entity  by email 2 years later when wunna get around to actually filing the people return!

If the Minister of Finance said that the VAT returns for small entities was choking and slowing the system and hence raised the VAT threshold, how come the annual return with the $100 bill not chocking the same damn system now? Stupes.

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22 responses to “Government squeezing the small man”

  1. SBA member Avatar
    SBA member

    A friend told me he had to pay $16,500 despite his company hardly trades as he has gotten old. The option was to dissolve the company and get a bad name or find money from what he had set aside for his pending retirement. I understand the penalty is $10 daily plus the $100 filing fee. Another poorly conceived law to satisfy OECD.

  2. David Avatar
    David

    So what is all this talk about improving business facilitation in Barbados?

    All this talk bout business facilitation, driving meh mad, mekkkin me sad…

  3. John A Avatar
    John A

    @ David

    If you recall this and the Fx charges on the purchase of foreign exchange were 2 money grabs sinkyuh placed on us. Both of these are still with us under this party. One grab simply makes the cost of living higher and the other grab simply frustrates small businesses and helps to keep us where we are, which is newrly at the bottom of The Ease Of Doing Business Survey.

  4. David Avatar
    David

    @John A

    Was it only a money grab? Is there a case that it was meant to dampen demand for foreign exchange as well?

  5. Donna Avatar
    Donna

    Not you alone, David.

  6. John A Avatar
    John A

    @ David

    Well if dampening the need for FX was the arguement from what the Governor tells us we are tripping up over FX now with massive reserves!

  7. David Avatar
    David

    @John A

    Do we want to feed the consumption habit with borrowed foreign dollars?

  8. Terence M Blackett Avatar
    Terence M Blackett

    THE ENTIRE HISTORY OF LOS BARBADOS FROM 1625 UNTIL TODAY HAS BEEN BASED ON A COLOSSAL LIE!!! THE DARK, DEVIOUS, DEMONIC FORCES OF HISTORY GELLATIFIED BY ITS IMPERIAL, SOVEREIGN MASTERS HAVE ALSO BEEN BIRTHED IN A RANCID, STINKING, PUS-FILLED, DIABOLICAL LIE!!! THE HARVEST OF WORM-INFESTED, WITHERING, BAD FRUITS BEING REAPED TODAY, AS SEEN WITH #GEN_Z & SOON #GEN_ALPHA HAS BEEN NOTHING SHORT OF THE UGLIEST, FRANKENSTEINIAN FORM OF UNGODLINESS EVER SEEN OR WITNESSED ANYWHERE ON THIS PRIMORDIAL SPHERE

    Can Britain ever atone for the “EVIL” she has done in the world, especially amongst her “WRETCHED, DYSTOPIAN, SEWAGE-PIT OF SLAVE-HOLDING COLONIES”? Is there any “PRICE” that can be “PAID” that would “AMELIORATE” for all the forms of “SPIRITUAL CANNIBALISM” that have been done to a specific group of “ADAMIC INDIGENOUS PEOPLES”???

    The Trans-Atlantic Slave Trade into the Caribbean was marked by inhumane conditions, words cannot express – resulting in a staggering “HIGH” mortality rate!!!

    WHY ARE BARBADOS & OTHER BLACK LOCALIZED AREAS” still the “EPICENTER” of “MURDER, DEATH & VIOLENCE”??? Simple: the “SLAVE MASTERS” sowed the seed from which this “GENERATIONAL CURSE” has sprung!!!

    Enslaved #BlackAfricans forced to live in “OVERCROWDED, SARDINE-LIKE CANS” – overcrowded & unsanitary conditions on board “SLAVE” ships, with limited access to food, water, & medical care – “WITH BLACK WOMEN GANG-RAPED BY SUB-HUMANOID PIRATES” (ALTHOUGH THEIR PUSSIES WEREN’T WASHED)!!!

    These insidious acts led to the spread of all kinds of “SEXUALLY-TRANSMITTED DISEASES” amongst women who “NEVER” knew what it meant to have “VAGINAL VIRUSES” like “SYPHILIS”, GONORRHOEA”, “HERPES” et al – notwithstanding, communicable diseases such as “SMALLPOX” (the cousin of “MONKEY POX” BRED IN A LAB*), “INTESTINAL FLUKE & WORMS”, & “OTHERS” which further exacerbated the already dire situation our forbears had to undergo!!!

    Research suggests that the mortality rate of “ENSLAVED KIDS” under the age of [5] “YEARS was a shocking 40% – most dying from “WHOOPING COUGH”, DYSENTERY” & host of childhood unmentionable diseases!!!

    “FORCED LABOR WAS BRUTAL” under even more brutal conditions, with little rest or respite!!! Both men & women were “TARRED”, “FEATHERED”, “FILETED”, “BEATEN”, “WHIPPED”, & “TORTURED WITHIN AN INCH OF THEIR LIVES”, for any perceived disobedience or attempts to escape. The “PHYSICAL & EMOTIONAL ABUSE” was “RELENTLESS”, leading to a form of “WIDESPREAD TRAUMA” & “SUFFERING” that imminent psychologists like Dr Joy De Gruy label -“POST TRAUMATIC SLAVERY DISORDER”!!!!!!!!!!!!!!!!!!

    The TransAtlantic Slave Trade introduced a system of slavery that was “RAPACIOUSLY” commercialized, “BLACK-IDENTIFIABLY” racialised, & “PERNICIOUSLY & ADVANTAGEOUSLY” inherited – “EVIL PASSED DOWN FROM GENERATION 2 GENERATION”, where “ENSLAVED BLACK PEOPLE” were treated as “MERE DISPOSABLE COMMODITIES”, with their “BODIES” & “LABOR” exploited for “SHEER” profit. This “MONETIZATION” OF THE BLACK HUMAN SOUL” was the “FIRST” of its kind in human history, – a racialised system that dehumanized enslaved people, denying them any rights, privileges, freedoms or dignity!!!

    DOES IT NOT TAKE A DUMP-TRUCK FULL OF *FAITH* TO LOVE THESE “*EDOMITES*”, FAR LESS, MARRY THEM, HAVE SEX WITH THEM & MAKE KIDS WITH THEM, OR EVEN SHARE A SOLITARY, SINGLE SPACE WITH THEM???

    The same slave trade that led to the displacement & cultural erasure of Indigenous populations from “AFRIKA”, the “AMERICAS”, “OZ” & God knows where else – these “DIRTY< STINKING< BASTERDS" – imperialist "BRITISH" & EUROPEAN COLONIZERS", forcibly removed (ALL) indigenous peoples from their lands, killing "MOST" & (dis)placing others into "HARSH, SERVILE BONDAGE"!!!

    Such a "LEGACY" continues to impact postmodern, contemporary society, where the ongoing struggles for "RACIAL JUSTICE", "REPARATORY JUSTICE", & the "ACKNOWLEDGMENT" of the trauma "INFLICTED" upon "OUR FORBEARS" & "WE WHO ARE THEIR DESCENDANTS" remain the gargantuan elephant in the room!!!

    WHAT WE HAVE NOW INHERITED IS A CLASS OF HOUSE "*NIGGAS*" WHO DO THE WORK OF ARSE*-LICKIN' & ARSE-KISSIN', BACK-SCRATCHIN' & BENDING-OVER BACKWARD* TO THE NEO-PLANTOCRACY, FEUDAL LORDS BY MAINTAINING THIS NEW FORM OF HUMAN SUBSERVIENCE TO BOTH THE "*DAMNABLE LETTER*" & "*EVIL SPIRIT*" OF THE LAW – A FORM OF JACKASSERY THAT MUST BE CRUSHED BY ANY & ALL MEANS NECESSARY IF THERE IS TO BE LIBERTY FROM THE SHACKLES & CHAINS OF THE TRADE IN THE SOULS OF BLACK MEN & WOMEN!!!!!!!!!!!!!!!!!!!!!!!!!!

  9. John A Avatar
    John A

    @ David

    With the increase in freight coming in the last quarter of this year doing away with the fx fee will at lease ease the increase a bit to the consumer.

    John A

  10. David Avatar
    David

    @John A

    What does an aggressive cut in interest rate by the FED mean for Barbados?

  11. John A Avatar
    John A

    @ It really does not help us here as a consumer. What is going to be tough over the next few months is the shipping rates. You can bet the wholesalers overseas are not going to drop their price because prime has dropped a few points.

  12. NorthernObserver Avatar
    NorthernObserver

    The GoB debt service charges are the primary local beneficiary.

  13. David Avatar
    David

    _@NO

    What about the mainly private sector with US investment holdings?

  14. NorthernObserver Avatar
    NorthernObserver

    The fixed income instruments which gained share, will require managing, as rates decline. Otherwise, business as usual.

  15. Terence M Blackett Avatar
    Terence M Blackett

    WHO WERE THE DIRTY BASTERDS WHO PROFITEERED FROM COVID-19 FROM 2020 TO TODAY??? WAS THE MOTTLEY-CREW GOV* IN BED WITH THE SLIMY PIT OF SLITHERING SERPENTS??? HAS THERE BEEN A #VaccineInjury REPORTING SYSTEM SET UP BY THAT DAMNABLE GOV’T WHO PUSHED THIS UNTRIED, UNTESTED, COCKTAIL OF SNAKE VENOM UPON THE PEOPLE OF BARBADOS??? HOW MANY HAVE DIED DUE TO COMPLICATIONS FROM THAT NEFARIOUS JAB??? WILL THERE BE ANY TRANSPARENCY OR WILL IT HAVE TO BE FORCED DOWN THE THROATS OF DEVIOUS LYING, WICKED #PoLIEticians WHO ALSO FEATHERED THEIR NEST DURING THE PLANDEMIC???

    #StayTunedFolks as international “PRESSURE MOUNTS”!!! It may take a while yet, but as day meets night, there will be guaranteed “FALLOUT” which will dawn a new day for many who will have to face “NUREMBERG II”!!!

    Here’s a “DEEP DIVE” into the “FILTHY BASTERDS” who “PROFITEERED” from this “BIOWEAPON”, engineered as a “CATALYST OF MASS DESTRUCTION” for “BLACK POPULATION GROUPS” – developed, edited & released to cause “MAXIMUM DEATH”!!!

    #ButGod – had His Divine Hand over “AFRIKA” & did not allow “HIS PEOPLE” to be “RAVAGED” by that “PESTILENCE CRISIS” – instead, the “PIT THAT WAS DUG” by those “EVIL BASTERDS” LIKE “ANTHONY FAUCI”, RALPH BARIC (@ The University of North Carolina at Chapel Hill) & THE OTHER LAUGHING, CRAPPY-SMELLING HYENAS & VULTUROUS PRAIRIE DOGS IN WUHAN* – they “ALL” fell into it (WITH THEIR PEOPLE HAVING TO INNOCENTLY SUFFER & DIE) for their “IGNOMY”!!!

    #BillGatesOfHELL* & #NastyAlbertBourla (CEO of Pfizer) along with the other “POSSE” of “INFECTIOUS BORG” will one day have a price to seriously pay – as no amount of “MONEY” will be able to com[pensate] for the malevolent destruction of human life (FOR THE SAKE OF A FEW STINKING DOLLAR BILLS)!!!

    THE PLANDEMIC BIOWEAPON WAR PROFITEERS HAVE NOT BEEN OPENLY IDENTIFIED BUT HERE ARE A FEW THAT MOST WOULD NOT HAVE THOUGHT OF:

    Technology & Healthcare companies like #ADOBE: Shifted to cloud-based services, benefiting from remote work & content creation – while “FAUCI’S Moderna developed the “SO-CALLED SCIENCE” BEHIND THE COVID-19 “JAB”, gaining significant profits & recognition!!!

    “ENPHASE ENERGY” provided solar energy solutions, benefiting from increased demand for renewable energy during the planDEMIC as disruption was felt across the planet!!!

    Delivery & Logistics companies like “ZTO EXPRESS” operated a profitable line-haul segment, benefiting from the surge in e-commerce during those critical 2 years – as the “DRUGS” & OTHER CRAP” had to be moved to meet staggering demand!!!

    Copper Mining & Renewable Energy companies like “FREEPORT-McMORAN” saw copper prices more than double from March 2020, driven largely by increased demand for e-vehicles & renewable energy technologies. Also, “ALBEMARLE” benefited from the energy transition, as copper is a critical component in renewable energy technology!!!

    E-commerce & Online Marketplaces like “ETSY”, “AMAZON”, & eBAY ET AL saw opportunities for handmade masks early on in the planDEMIC, with 10% of gross merchandise sales coming from masks by the end of September 2020!!!

    BRITAIN STILL HAS £303 MILLION OF USELESS, WASTED STOCKPILES OF PPE THAT CANNOT BE USED SITTING IN AN OPEN FIELD IN THE SOUTH EAST OF ENGLAND ROTTING AWAY

    SEE: https://www.independent.co.uk/news/health/covid-ppe-omicron-stockpile-uk-latest-b1986637.html

    Software & AI companies like “NVIDIA” benefited from increased demand for AI technology & data analytics during this period – while #BIGPHARMA* & #BIGBIOTECH* companies like “SAMSUNG BIOLOGICS” gained “BIG-TIME” from striking deals with “VIR BIOTECHNOLOGY” & “GSK” to produce COVID-19-neutralizing antibody products ( WHATEVER THE HELL THOSE ENTRAILS WERE)!!!

    Tech corporations as a whole have “PROFITEERED” from COVID-19, with pharmaceutical & tech companies enriching mostly “ALBINO-CENTRIC, PALESKIN AMERIKKKANS & EUROPEAN CONGLOMERATES!!!

    NEOPLANTOCRACY ON WASH>RINSE>REPEAT CYCLES FOR THE LAST 400-ODD YEARS

    OXFAM* advocated for a “RESURRECTION” of the World War II-era “EXCESS PROFITS TAX” to raise funds for COVID relief & recovery, particularly benefiting “POOR” marginalized communities disproportionately affected by the planDEMIC!!!

    NOW THE SHYTE IS HITTING THE FAN & THE PANDORA BOX IS OPEN – THERE WILL BE NO GOING BACK 4 THE GENIE IS OUT OF THE BOTTLE

  16. David Avatar
    David

    Interest rate cut ‘one piece of puzzle’

    With inflation now deemed to be near the targeted two per cent, the world’s leading central banks have shifted their monetary policy towards reducing interest rates. The most significant signal in this direction happened last Wednesday when the United States (US) Federal Reserve reduced interest rates for the first time in four years.

    The half percentage point cut (50 basis points) moved the US federal funds rate to a range of 4.75 per cent to five per cent. Fortress Fund Managers chief executive officer and chief investment officer Peter Arender gives his assessment of this decision, including what it means for investors in Barbados and elsewhere.

    As an investment manager, what is your view of this shift in monetary policy by the US Federal Reserve and other leading central banks?

    In the last couple of years, the Fed and other central banks have been raising interest rates or keeping them high, and that was to fight inflation and, all things being equal, higher interest rates tend to be a headwind for financial assets of all kinds – stocks, bonds and so on. And now, with interest rates being cut, it really would suggest that the headwind is abating and, that all things being equal, that this should be positive for financial markets.

    Now, it’s not always going to be that simple, because all things aren’t always equal. The financial markets aren’t stupid, they’ve already factored in a whole range of rate cuts to come from the Fed. For example, the front end of the bond market has already priced in a three per cent Fed funds rate by the end of 2025 as compared to now just under five per cent. So the rate cuts are already priced in. In addition to that, I think it’s safe to say that some element of what they call the soft landing is priced into the stock market and, by that, I think they mean that the economy remains pretty good, consumer health remains pretty good, and corporate profits remain pretty good while the economy slows and interest rates come down.

    What signal does this send to investors?

    The powerful formula in investing is that happiness equals reality over expectations. Now we’re going to live through the reality and see how happy it makes us because the expectations are already for rates to come down. So in that way the move by the Fed last week was maybe a little more than some expected, but it’s absolutely in the trajectory of what’s already priced in the markets.

    Now we have to find in the coming months, will the rate cuts happen as quickly as thought? And, just as importantly, will the economic backdrop continue to be pretty good? And will they both occur at the same time? Now they very well may, but I’m pretty sure you’re going to find some time along the path where one or the other of those assumptions gets called into question, and that’s what makes a market. So I think we’re now into the reality part of this, and we’ll see whether both of those assumptions can be true at the same time. We’re from our perspective, still finding very good stocks to own. We think bonds still offer good return prospects.

    Is your view of the financial market more positive at this stage given these monetary policy changes?

    We’re still quite positive. We all saw the headwinds that the higher interest rates were causing to financial markets in the last couple of years, and the shift in policy; all else being equal, should at least take away some of that headwind, and may even become a bit of a tailwind. Having said that, as I pointed out, we’ll just have to see what the reality looks like. But our view is among the types of things that we like to own, which would be high quality, well valued stocks that are good, resilient companies, we’re still finding very good things to own and to buy. So we’re constructive, but we just sort of point out the backdrop is, is one where a big interest rate cut last week is a welcome step, but it, on its own, is not going to determine what happens to financial markets going forward.

    Are there any implications of these interest rate cuts for Barbados and the Caribbean?

    US interest rate policy matters a lot to countries all around the world, and I think, in general, easing in the US will tend to create more constructive conditions all around the world, but it’ll do so with an unknown amount of lag, and will do so unevenly. It’s not going to cause some immediate impact here, I wouldn’t expect, but over time if the US continues to ease interest rates, probably that means the economy and the US is going to do better than it would have otherwise, and that helps other economies do well also. And the general, better economic backdrop is better for a place like Barbados than having a poor economic backdrop.

    The thing that’s nice about the Fed having cut last week is that, as you may recall, the market’s been through some periods in the last couple of years where it wasn’t known whether or not the Fed would be able to see inflation come back down towards the level they wanted and not cause immense economic damage. The soft landing, at times in the last couple of years was thought to be maybe the danger of a hard landing, that in order to get inflation down, there might have to be some bad economic pain caused. And it seems so far that probably that’s not the case and that that’s good for probably everywhere in the world.

    Why was this interest rate cut by the US Federal Reserve so highly anticipated more so than similar monetary policy changes by other central banks?

    I think that the Fed is so closely watched because it is still the case that the United States has the largest, deepest capital market in the world, and the US dollar is, in many respects, still central to global trade. And so the price of the US dollar, the cost of funding in US dollars, is still quite central to the global economy. It’s not to say other countries monetary policies aren’t important, of course they are, but global investors, do need to look first and foremost at what the Fed is doing.

    Source: Nation

  17. Bush Tea Avatar
    Bush Tea

    So who did we expect government to squeeze?
    MalMoney and the other multi-million dollar ‘Party financiers’ and political doners?

    Since when small men does ‘pass’ $7500 cheques just so…?
    Since when small men does ‘pass on’ exclusive house spots to politicians?
    The ONLY VALUE of the small man to a politician is every five years, for 10 seconds, when time comes to vote between two of Ali Baba’s forty.

    And therefore, when these ‘small men’ can so EASILY be brought for a couple ‘Grantleys’ and with unlimited UNKEPT promises – Why the Hell would any government upset the MONEY PROVIDERS to please such EASILY BROUGHT brass bowls?

    So wunna thought that it was a COINCIDENCE that the rich keep getting RICHER, while the poor brass bowls keep getting POORER???

    Wuh…
    If YOU(personally) was in charge, and YOUR choice was to fight on the side of some poor, unemployed BB in some village …OR on the side of an albino-centric Muguffy – (probably a SIR Johnny or some shiite,) who rich as shiite,
    – and who just GAVE you a big cheque ’to help your constituents’
    – AND who can be depended on to fund your next election to bamboozle the sheeple with glitzy shiite talk….
    Honestly, as a confirmed BBBB …
    which side YOU would take …?
    ….Bushie said ‘HONESTLY’!!!

    ….EXACTLY!!!!!
    So stop blaming the crooked politicians. We DESERVE them.

    What a world
    What blindness

  18. Hants Avatar
    Hants

    Steel donkey.

    https://caribpix.net/barbados-statement-on-special-audit-report-on-steel-housing-units/

  19. David Avatar
    David

    DEEPER PROBE
    AUDITOR GENERAL’S HOPE INVESTIGATION ‘BIGGER’ THAN ANTICIPATED

    Auditor General Leigh Trotman has revealed that his investigation into the state-owned Home Ownership Providing Energy by (HOPE) housing project is “bigger than [he] thought” and will take longer than expected to complete.
    The probe, one of two investigations into the controversial project, is now targeted for completion by the end of the year.
    Trotman told Barbados TODAY: “It’s bigger than I thought. So, it will probably take a little longer. Hopefully soon though.”
    When pressed on whether the investigation would conclude before year-end, he responded, “Definitely before the end of the year. We will see if we can finish before the end of the year. That is my target.”
    The Auditor General is the constitutionally appointed auditor of all government ministries, departments, funds and government-controlled entities, policing for breaches of the Financial Administration and Audit Act which regulates the receipt, control and issue of public funds. He reports annually to the House of Assembly, and his reports highlight issues requiring the attention of Parliament.
    The HOPE project, unveiled in 2021 with the ambitious goal of constructing 10 000 houses over five years, has come under scrutiny following admissions by Prime Minister Mia Mottley of “teething problems” and embarrassing discoveries by the administration.
    A second inquiry, announced by Mottley during her Budget debate wrap-up in March, is set to be chaired by attorney Alrick Scott. This “departmental investigation” will commence after the Auditor General’s probe is completed.
    At a press conference last Friday, Mottley explained the distinction between the two investigations: “I am aware the Auditor General started the investigation, and we felt that we would give him space to get out because it’s the same files. But his investigation would be different from the departmental investigation that we want at HOPE.”
    The prime minister further elaborated that Scott’s inquiry would “look not just at anything that went wrong, but will also be able to recommend systems – if they have not already been put in place – that need to be put in place to ensure value for money and greater efficiency as we go forward”.
    Addressing the House of Assembly on March 20, Mottley acknowledged the unprecedented scale of the HOPE project for the government.
    “This is the first time the Government of Barbados is seeking to do something at this level of industrial scale,” Mottley said. “Has it had teething problems? Yes, it has. And have we found out things that I don’t like? Yes, we have. And have we taken action with respect to some of them? Yes, we have.”
    The prime minister also refuted suggestions by Opposition Leader Ralph Thorne regarding alleged improprieties in the allocation of $60 million to HOPE. Mottley clarified that the funds came from the Housing Credit Fund.
    “It was intended always to be a revolving fund starting at $10 million. It still is…and, therefore, the monies that have been put into HOPE and in some instances National Housing, will be repaid because it is not a grant, it is a loan,” she told the House. (EJ)

    Source: BT

  20. David Avatar
    David

    SBA’S CALL
    URGENT REFORMS NEEDED TO AID SMALL BIZ

    The chief executive officer of the Small Business Association (SBA), Dr Lynette Holder has issued a strong call for urgent reforms to modernise the legislative and financial framework governing small businesses.
    Speaking on the sidelines of a church service on Sunday marking the start of Small Business Week, she suggested an update of the law governing small business growth which has not been amended in 18 years, as she urged the faster implementation of policies to ensure small enterprise survival.
    “For some time now, we’ve been advocating that there’s a need to amend the Small Business Development Act,” Holder said. “The last amendment was in 2006, and in 2024 it’s not fit for purpose.”
    One of the key aspects of the law is a 5.5 per cent preferential tax rate for small businesses, which Holder described as a valuable incentive. However, she questioned whether the legislation needs updating to improve access to this benefit and make it more meaningful.
    “To pay 5.5 per cent on taxable income is definitely an incentive, but how do you access it? You must be on a full small business register,” she explained. Holder called for a review of the conditions required to qualify as an approved small business, noting that if the tax rate remains at 5.5 per cent, further incentives may be necessary to support these businesses.
    Beyond tax reform, the SBA boss highlighted the need for broader access to finance, pointing out that while initiatives like the Trust Loan Fund are helpful, they are not sufficient. She urged the introduction of more diverse financial solutions for small businesses, especially those looking to scale up.
    “Beyond the Trust Fund and beyond seed capital, what else? You cannot just have a few agencies providing seed capital. You must have a wider spread of financial solutions,” she said.
    She also expressed frustration with the slow progress in developing a junior stock market for small businesses, an initiative started in collaboration with the Barbados Stock Exchange in 2019.
    Although the Caribbean Development Bank has provided partial funding, Holder lamented the delay in implementation, declaring: “It is like molasses going up a hill. While the grass is growing, the horse is starving.”
    She was also critical of the sluggish pace of policy implementation, calling it a significant barrier to the growth of small and mediumsized enterprises (SMEs).
    “We get great announcements and pronouncements, but access to these issues continues to be the problem. How do we get policymakers to understand that we cannot take three, four, or five years to enact one policy?” she queried.
    Holder also raised concerns about the Collateral Registry, a mechanism introduced in 2017 to help small businesses secure financing using non-tangible assets like intellectual property. She noted that after some initial reforms, the initiative has stalled, leaving businesses without an important tool.
    She said: “The collateral registry was more or less dusted off and reformed but seems to have now died a sudden death. Nothing is being said about the collateral registry at this time. And that was a mechanism that would help firms to be able to access financing using non-tangible assets. Where is that today?”
    The SBA chief also called for a more supportive business environment, citing regulatory hurdles and bureaucratic inefficiencies as ongoing obstacles. “It just takes too long for things to be done in this country. The intended beneficiary doesn’t benefit because of the length of time it takes.”
    She also addressed the issue of regulatory compliance costs, pointing out that while businesses are willing to comply, the associated costs and red tape often make it difficult.
    “There’s a lot in government’s hands to make the business community more enabled to grow, be competitive, and thrive,” she said.
    Holder called on policymakers to act swiftly to address these concerns, noting that Small Business Week provides an opportunity to raise national dialogue around the sector.
    Despite the challenges, Dr Holder commended the resilience of small business owners, recognising their vital contributions to the economy.
    “We are very, very pleased with the men and women who have stepped up, launched their businesses, and are working day in, day out to manage those operations, feed their families, and bring goods and services to the market,” she said.
    Small Business Week, which ends on Saturday, is marking its 21st edition.
    Organised by the SBA, this year’s theme is Celebrating Our Achievements, Striving for Excellence. The week’s events will include workshops, networking opportunities, and the annual Leo Leacock Memorial Lecture, celebrating entrepreneurship and innovation.
    (RG)

    Source: BY

  21. NorthernObserver Avatar
    NorthernObserver

    It is September 24, 2024. The last Auditor General Report was submitted on August 30, 2023 and laid before the House on September 12, 2023.
    That was the latest in the calendar year any AudGen Report had ever been submitted.
    We are now learning that office is ‘full of work’. Given most public entities do not submit Reports which the Auditor General’s office can Audit, it is being asked to do ‘special audits’ and reportedly given a slew of late reports, 2010-16, from the NIS.
    Hence, apart from the Office’s Annual Report, there are multiple NIS Reports, plus a Special Report on HOPE.
    If I didn’t know better, one might think the AudGen office is being intentionally overloaded, to make his Annual Report go the way of many public entities.
    Note, our fourth estate asks and writes about HOPE, but not a mention of the Office’s Annual Report, nor any of the NIS Reports said Office should be processing prior to being laid before Parliament.
    We like it so?

  22. NorthernObserver Avatar
    NorthernObserver

    The SBA article above, mentions the Annual Leo Leacock Memorial lecture. It is given this year by Allen Chastenet, the former PM of St.Lucia, and now Leader of the Opposition.
    Lest we forget, it was Chastenet who reportedly gave money to Radical to acquire vaccines. Money which Radical was then ‘scammed out of’, or at least, no vaccines were delivered.
    I wonder if any member of the local journalistic crew will be bold enough to ask Chastenet about that deal?
    Also recall Radical was/is a small business registered in St.Lucia.

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