In the first sign of Government’s softening of the two per cent levy on foreign exchange transactions, Prime Minister Freundel Stuart this evening said that his administration was prepared to make “minor adjustments” to the controversial tax.
Speaking to reporters during his walk-through of BMEX 2017, Stuart noted that in keeping with the 2017-2018 Budget, the new levy was due to take effect in just under a month from now on July 1, which he said gives concerned sectors time to react.
In fact, the Prime Minister said the July 1 implementation date was “deliberate because we wanted to hear what people thought might be some of the challenges they were likely to face as a result of it.
“So we still have time to listen and to make any minor adjustments that need to be made to facilitate those persons who will be affected by the two per cent commission,” he said.
Delivering the Budget on Tuesday, Minister of Finance Chris Sinckler announced that “in an effort to signal the need to reduce the demand for consumption goods, I propose that, effective July 1, a broad-based foreign exchange commission be charged on all sales of foreign currency at a rate of two per cent.
“This will extend to, inter alia, all wire transfers, credit card transactions, and over the counter sale of foreign currencies,” he explained at the time.
Sinckler also said the measure was expected to raise an estimated $52.5 million over the remainder of the current financial year and $140 million over a full financial year.
Standing amid the exhibition booths mounted by local manufacturers this evening, Stuart said “the whole rationale of the imposition of the two per cent commission is to get people to focus on Barbados, and on supporting Barbadian workers and Barbadian businesses, rather than continuing to use Barbados’ foreign exchange to support manufacturers in other parts of the world”.
However, he said in imposing the tax, his administration recognizes that in some instances the inputs of manufacturers have to come from abroad, so “account will be taken of that because you don’t want to frustrate people’s spirit of innovation, spirit of entrepreneurship by making access to inputs burdensome”.
Stuart said that Barbadians had been talking for a long time about earning foreign exchange, and while he conceded that there was nothing wrong with that, he stressed that “we’ve spent too little time concentrating on saving foreign exchange”.
Therefore, in his estimation, the two per cent imposition was “another way of disciplining the consumer in Barbados”.
Nonetheless, Stuart said citizens were still free to carry out foreign exchange transactions.
“Nobody is going to stop nobody from importing or using foreign exchange to support businesses overseas.
“All we are saying is if that is what you prefer to do, this little penalty comes along with it, because it cannot be that Barbados’ future development will rest on the extent to which we support businesses elsewhere rather than supporting our own here in Barbados,” the Prime Minister stressed.
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Laurie Lornza, I was discussing black BLP bloggers disowning their black ancestors. Respond in kind. Don't dodge the topic and switch from Stuart big nose to Stuart big car. Man or woman or whatever you are, you seem to like putting your foot in your mouth. Do you have two feet? Please put the other foot in the orifice located at the lower part of your body.
Laurie Lornza, I was discussing black BLP bloggers disowning their black ancestors. Respond in kind. Don't dodge the topic and switch from Stuart big nose to Stuart big car. Man or woman or whatever you are, you seem to like putting your foot in your mouth. Do you have two feet? Please put the other foot in the orifice located at the lower part of your body.
Uoan Worrell is that the best you got you are pathetic I asked you about the PM new ride and you gone back to same sex unions are you Dr lowe or his relative because you sound so childish it is unbelievablego and look for a job instead of pimping around Barbados Today.Just so you know I care nothing about you or what you think of me because anytime I see you on these blogs defending nonsense I coming for you.,you do not frighten me.
Uoan Worrell is that the best you got you are pathetic I asked you about the PM new ride and you gone back to same sex unions are you Dr lowe or his relative because you sound so childish it is unbelievablego and look for a job instead of pimping around Barbados Today.Just so you know I care nothing about you or what you think of me because anytime I see you on these blogs defending nonsense I coming for you.,you do not frighten me.
Loren za or Laurie or whatever is your name, go and read the report on cases of HIV on the island. You are a same-sex advocate. Twice I engaged you in a dialogue recently and you ended up on both occasions putting your foot in your mouth. . I prefer to be branded a DLP yardfowl than a BLP transvestite . You just see BLP and start cussing without reading the subject matter. Yes, I love attacking Mia but in this column, I am addressing the ignorant moon donkeys , who don't know anything about their ancestry and resort to derogatory remarks about big nose Stuart. I reminded them that Straughn has a big nose and Mascoll has a face like Malik according to your leader. Presumably you are one of the hate mongers in the BLP who ran big nose Don Blackman from the Party because he stood up the half white skin Tom Adams. Wunnuh real ignorant fuh true. Once before I would have told you to get off muh back but you might think that I am ''one of you'' if I tell you so now.
Loren za or Laurie or whatever is your name, go and read the report on cases of HIV on the island. You are a same-sex advocate. Twice I engaged you in a dialogue recently and you ended up on both occasions putting your foot in your mouth. . I prefer to be branded a DLP yardfowl than a BLP transvestite . You just see BLP and start cussing without reading the subject matter. Yes, I love attacking Mia but in this column, I am addressing the ignorant moon donkeys , who don't know anything about their ancestry and resort to derogatory remarks about big nose Stuart. I reminded them that Straughn has a big nose and Mascoll has a face like Malik according to your leader. Presumably you are one of the hate mongers in the BLP who ran big nose Don Blackman from the Party because he stood up the half white skin Tom Adams. Wunnuh real ignorant fuh true. Once before I would have told you to get off muh back but you might think that I am ''one of you'' if I tell you so now.
Joan Worrell you yardfowl why you don,t give it a rest .You o n another blog criticizing ms Caddle for saying there are too many pit toilets in St Michael South Central,now youae on here criticizing Mia motley and you are not a Dem yardfowl.Seriously how much they paying you to be on every blog as a know all defending foolishness.find out from the AG when something will be done about the gun violence in Barbados.The PM after talking about the heavy jockey ,a day later is seen to be driving a new Mercedes Benz what is your feeling on that?Instead you on these blogs talking about same sex unions and people going to sleep hungry.You care nothing about Barbados or it,s people,you are just a DLP yardfowl.
Lorenzaa, Lorenzaa, Lorenzaa, Are you a Killer bee or just a stool pigeon
Joan Worrell you yardfowl why you don,t give it a rest .You o n another blog criticizing ms Caddle for saying there are too many pit toilets in St Michael South Central,now youae on here criticizing Mia motley and you are not a Dem yardfowl.Seriously how much they paying you to be on every blog as a know all defending foolishness.find out from the AG when something will be done about the gun violence in Barbados.The PM after talking about the heavy jockey ,a day later is seen to be driving a new Mercedes Benz what is your feeling on that?Instead you on these blogs talking about same sex unions and people going to sleep hungry.You care nothing about Barbados or it,s people,you are just a DLP yardfowl.
Lorenzaa, Lorenzaa, Lorenzaa, Are you a Killer bee or just a stool pigeon
In other words wunnuh moon donkeys, wunnuh have rich white families in Barbados who would shoot wunnuh if wunnuh ever set foot on their properties. That is not the case with big nose Straujghn, Malik-face Mascoll or Pinocchio Stuart.
In other words wunnuh moon donkeys, wunnuh have rich white families in Barbados who would shoot wunnuh if wunnuh ever set foot on their properties. That is not the case with big nose Straujghn, Malik-face Mascoll or Pinocchio Stuart.