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Monday, September 18, 2006
The International Monetary Fund (IMF) has called for the Barbados government to increase its 15% value added tax revenue. In recommendations following the 2006 Article IV Consultation with Barbados, the IMF also urged the government to help consolidate its finances and pass on any increases in oil prices directly to consumers. But Minister of Economic Affairs and Economic Development, Mia Mottley has rejected that advice, saying that such a move would cause undue hardship for Barbadians. The Minister noted that the IMF had suggested the VAT hike three years ago but Governments decision was then and continues to be a resounding no. "We did not raise VAT then and we are not going to do it now," she said. "Government is satisfied that the process that we are engaged in is one that keeps people at the centre of the development process while at the same time not putting at risk the health of the Barbadian economy."
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