Thursday 9 July, 2020

Mascoll: Debt-restructuring savings bringing tax and garbage relief

Garbage pilled high in a Christ Church community over the weekend of November 24, 2019.

Garbage pilled high in a Christ Church community over the weekend of November 24, 2019.

The Barbados Labour Party (BLP) government is to deliver two Christmas gifts to Barbadians - reverse tax credit cheques and empty garbage bins.

The number of garbage trucks in rotation from the Sanitation Service Authority (SSA) is set to increase.

Revealing this fact was Chief Economic Advisor to the Minister of Finance, Economic Affairs, and Investment and the Chairman of the Trust Loan Fund, Ambassador Clyde Mascoll.

"[...] We need to rectify the social sectors, that is, we're experiencing some difficulties now in terms of garbage collection, but I'm here to tell you that will soon be solved because the trucks have been purchased." 

Delivering brief remarks at the church service to mark the first anniversary of the Trust Loan Fund at St Luke's Anglican Church in St George, he said:

"So I sit back, I hear all the cries and I understand it. But last year at this time, we got two more, just before this time we had only 12 garbage trucks. We now have 22, working, and we've imported more, but they will come. And it's time for us to sit back and let it happen."

He however did not state whether the trucks are new or reconditioned or used.

And as the holiday season rolls around, Mascoll was truly the bearer of good news, as he declared that the Mia Mottley-led administration will be putting money in the pockets of the "poor" or low-income individuals from this month.

"Because of the savings that we've gained from the debt restructuring we have been able to give Barbadians unprecedented tax relief and that started in July of this year."

In Barbados those who make less that $25,000 annually will get there reverse tax credit at the end of the year.

He said, "the problem with tax relief, you can only give tax relief to those that pay taxes" and under the new regime, those under the $25,000 no longer pay taxes. So he explained that they have used the transfer or credit technique to deliver this end-of-year relief to this segment of the population.

"It can't be given monthly, so they don't see the immediate effect but starting this month in fact, Barbadians earning less than $25,000 a year will receive a reverse tax credit to the tune of $1,300.

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