The Barbados government Wednesday outlined a series of new fiscal measures aimed at “staying the course” in turning around an ailing economy.
Prime Minister Mia Mottley delivering the 2019-20 budget presentation, told Barbadians the island has “left base camp and are climbing the mountain.
In a presentation lasting more than five hours, she said that the taxation policies of her administration, which came to power in May last year, would be a balance between direct versus indirect taxation; taxing income versus taxing wealth and consumption and sharing the burden of taxation across businesses and households and locals versus foreigners and tourists.
Mottley said beginning for the income year 2018, the government is offering protection to an additional 7,000 individuals at a cost of nine million dollars, noting that this is the direct result of raising the qualification income to BDS$25,000, which is effective immediately.
She said that once an individual within this income bracket submits the income tax form for the income year 2018, that individual qualifies for the first time for the Reverse Tax Credit and that the money would become available around September of this year.