A businessman has suggested that the Freundel Stuart administration introduce higher taxes for some industries and professions in an effort to raise revenues. In addition, Robert Pitcher, marketing director of Fun ’N’ Sun Publishing Inc., said that Government should improve its tax collection and monitoring systems as one sure way of getting more money into its coffers.
However, one leading accountant said while he agreed with the latter, he was not in favour of introducing higher taxes on some professions.
Pitcher had suggested that doctors, lawyers and top executives in the banking and insurance industries pay more taxes across the board.
“We need to use a greater tax form for deciding taxes on bankers and the top executives in insurance companies whose take home pay is enormous and taking home the different perks. That niche market that they are working in needs to be taxed a little more,” stated Pitcher, adding that architects and engineers would also fall into that category.
He told Barbados TODAY he was aware that some companies were guilty of not paying their full corporation taxes.
“We need to be able to have a better monitoring system to be able to collect the taxes from these people,” said Pitcher.
“All you have to do is train the current people that you have that you are paying, to be able to do it. It is a retraining process. Don’t just pay them to sit down and do nothing. Pay them to function and bring money into the Treasury that the Government can function and the country can prosper and thrive,” he added.
However, asked if those were measures that could help at this time, president of the Institute of Chartered Accountants (ICAB), David Simpson, said he was not in agreement with putting some people under more taxes because they simply could not afford it.
“I am not supporting any further taxes on anyone, I don’t care what profession,” Simpson told Barbados TODAY.
“But I totally agree with the implementation of better monitoring and collecting of taxes. That could be improved,” added Simpson.