Upward onward: Bajan excellence 2030
A note from our Territory Leader (continued)
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Green initiatives - the extension of VAT and excise tax holidays on
green vehicles, the purchase of additional electric buses, funding for
the financing of green privately owned public service vehicles (PSVS)
and funding for marine conservation.
Training - at the supervisory and manager level to address productivity
within the public sector. There are also training initiatives focused on
the construction industry, cyber security, software and the police
service as well as employment opportunities for the disabled.
Public health - with funding for the QEH to provide medical equipment
for the next five years and initiatives to address chronic
noncommunicable diseases and mental health. Funds were allocated
to support provision of blood sugar monitoring units to individuals and
discussion of high sodium tax.
Infrastructure - to address both roads and water supply. This included
a key long term outlook with a review of road engineering standards to
address the challenges brought about by the climate crisis, with
heavier rainfall in shorter periods.
To address the longer term challenge of the return to the capital markets to
support Government finances when concessionary IMF financing comes to an
end, there is the creation of the National Fiscal Council to improve
accountability with respect to fiscal affairs.
In what will be of interest to those in both the domestic and international sectors
of the economy, there was a commitment to the introduction of transfer pricing
legislation in the coming financial year and an expected update on the Global
Minimum Tax within six months. Further updates on these issues will be keenly
anticipated.
In preparing this summary we have focused on the key fiscal measures
impacting individuals and businesses rather than the broad range of initiatives
and commitments contained within the budget speech as a whole.
Should you wish to discuss the impact of any of the proposed measures on your
organisation, please reach out to our Tax and Legal Services team.
I trust you will find this summary useful.
Ross Parker
Territory Leader
PwC | 2023/24 Budget review | Barbados
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