Barbados has been assured the raft of measures announced by Prime Minister Mia Amor Mottley to help Barbadians cope with the high cost of living will not ‘break the bank’.
According to Senior Economic Advisor, Dr. Kevin Greenidge, Government is utilizing the limited fiscal space to impact the widest cross section of citizens.
Ms. Mottley announced a reduction of the Value Added Tax on electricity for households for six months.
From August 1st until January 31st, the VAT will be reduced from 17.5% to 7.5% on the first 250 kilowatt hours.
Over 40 new items have also been added to the basket of goods.
These items will no longer attract VAT, while the duties on others have been removed.
Speaking on CBC TV8’s Morning Report, Dr. Greenidge sought to allay concerns about the six month time frame.
He says expenditure plans in place relating to projects won’t be affected.
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