Upward onward: Bajan excellence 2030
New requirements for entities benefiting from concessions under any legislation
Measure announced
The Minister proposed that effective 1 April 2023, all entities receiving concessions will be required to participate in the
business surveys conducted by the Barbados Statistical Service and the Central Bank of Barbados to better measure all
economic activity. The Government intends to establish an independent Data and Analytics Authority in April 2023 to facilitate
this process.
Our view: There are many entities that enjoy various direct and indirect tax concessions under legislation such as The Duties,
Taxes and Other (Payments) Act, Cap 67B or the Tourism Development Act, Cap. 341 and the Prime Minister seems to be
seeking to reestablish the agreed terms with all such entities and to ensure that they are meeting their obligations and
commitments under which the concessions were granted.
The Prime Minister is mandating not unreasonably, that these entities are to respond to business surveys in order to assist in
the collection of data, more specifically as it relates to the recording of foreign exchange and the transfer of technical
knowledge and skills to resident Barbadians.
PwC | 2023/24 Budget review | Barbados
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