Barbados Financial Statement and Budgetary Proposals for 2017

Barbados Minister of Finance and Economic Affairs Christopher Sinckler delivered the Financial Statement and Budgetary Proposals for 2017 on 30 May 2017. The main tax-related proposals include:

• An increase in the National Social Responsibility Levy from 2% to 10% on all taxable imports and domestic production from 1 July 2017;
• The introduction of a 2% foreign exchange commission on all sales of foreign currency from 1 July 2017, which will extend to, inter alia, all wire transfers, credit ca…