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Government can afford to give Barbadians the Christmas VAT Holiday.
Stating this is Minister in the Ministry of Finance Ryan Straughn. He said it is “very much affordable for government to be able to sustain it.”
The government of Barbados could have collected about BBD $4.5 million on the VAT (Value Added Tax) Holiday in 2022.
Speaking to the media this week, Minister Straughn said that on average in the month of December, government collects approximately BBD $90 million in V.A.T. Therefore, as it pertains therefore to the cost for skipping collection on one day, he said, “So on average it’s about three, three-and-a-half, four [million Barbados dollars] depending on when people shop.”
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He said that last year, when the assessment was done, “It came in at just around four-and-a-half [million Barbados dollars] given obviously in respect of the increase in sales on the day.” But with government workers’ payday just passing on December 19, he is projecting “an increase in sales over the coming days.”
Straughn also disclosed that next year on the cards with the Statistical Department is a plan to work on a retail sales index, “to better track sales across the economy”. He asserted that they will “embark on this in 2023”.
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