Barbados Budget 2017 At A Glance

BRIDGETOWN, Barbados – The Hon. Christopher Sinckler, Minister of Finance and Economic Affairs, has delivered his long-awaited Financial Statement and Budgetary Proposals today. You can download a copy of the document here (PDF, 58 pages).

Barbados Budget 2017 At A Glance:

Revenue Measures (BDS):

  • National Social Responsibility Levy – Introduced in September 2016 at 2%, to be increased to 10% effective July 1 2017- $218m.
  • Commission on Foreign Exchange Transactions – Effective July 1, a foreign exchange commission charged on all sales of of foreign currency of 2%. (extending to wire transfers, credit card transactions, and OTC sale of foreign currencies) – $52m.
  • Excise on Gasoline and Diesel Fuels – Effective June 1, excise tax on gasoline will be increased by 25 cents per litre from $0.74 to $0.99 and on diesel by $0.24 from $0.20 to $0.44. June 2017  retail prices will now be: Gasoline $3.05 per litre and Diesel $2.25 per litre (current prices are $3.00 and $2.15 respectively) – $50m.
  • BNTCL sale – $70m.
  • Government stake in Hilton Hotel sale – $100m.

Expenditure Measures:

  • Interest rate savings on domestic debt held by statutory corporations – $70m.
  • Savings in overall expenditure will be identified – $82m.

Other Measures:

  • Tax Amnesty for 6 months – $25m.

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