Finance Minister Chris Sinckler has announced a significant increase in the National Social Responsibility Levy (NSRL), which was introduced in September last year.
Effective July 1, the NSRL will move from two per cent to ten per cent.
According to Sinckler, this increase will result in “increased revenue of $291 million for a full financial year and $218 million for the remaining nine months of the current fiscal year”.
The NSRL was imposed on goods imported into Barbados and on domestically manufactured goods. The NSRL was designed to finance the burgeoning cost of health care on the island and to assist with maintaining a clean environment.