It’s about time banks contribute, says Browne

Minister of State in the Ministry of Health and Wellness with Responsibility for the Queen Elizabeth Hospital (QEH) Dr Sonia Browne is pleased that banks and other commercial entities will have to contribute to Government’s $1 billion bill to fight the COVID-19 pandemic.

Applauding Prime Minister Mia Mottley’s announcement of the Pandemic Contribution Levy which will be applied at a rate of 15 per cent of the net income of companies in the telecommunications and commercial banking sectors, retail sale of petroleum products and general and life insurance, that had a net income above $5 million in 2020 and 2021, Dr Browne said the entire population must contribute to the COVID fight.

Making her contribution to the Appropriation Bill, 2022, in the House of Assembly on Wednesday, the medical practitioner said Government has spent millions keeping the country afloat since the pandemic began, purchasing personal protective equipment for healthcare workers, bringing nurses from overseas, constructing the Harrison’s Point Isolation Facility, and maintaining isolation and quarantine facilities, among other expenses.

She said it was “right” that the businesses identified pay their share of the bill.

The Minister was particularly satisfied that commercial banks were included.

“And I have no regrets here whatsoever because the public of Barbados has been living in a Barbados where you put in money into the banks, they use the money in our savings, and you get back, some months . . . a whole cent in interest. I wonder if I chose to cash in that cent, what would they give me since cents don’t exist anymore.

“The fees for the banks are astronomical. One of my accounts, $5 every month comes off. What happens to somebody that has a salary of even much less than I get, to take $1 off an account? And then you reach the ATMs where you cannot withdraw less than $50 is the last one I saw. So, it is time these institutions contribute to what we have spent not only for their employees but for them as well,” Dr Browne said.

The levy in respect of the fiscal year ended 2021 is due in the July to October 2022 period, and the levy in respect of the fiscal year ended 2022 is due in the November 2022 to February 2023 period.

“I think it is time these corporations step up to the plate and account,” Dr Browne said. “So, my sympathies are really not with them here and I think that it was a wonderful initiative, although I must say now that I am grateful for the donations and the goodwill and monies and vaccines that were donated locally and overseas. I am grateful for the interventions that the local and international community made to us.”

The Pandemic Contribution Levy will also apply to individuals earning more than $6 250 per month or $75,000 annually. They will pay one per cent of their income for a year, starting April 1. (AH)