IMF Recommends Permanent VAT Hike For Barbados

IMF Recommends Permanent VAT Hike For Barbados: "The International Monetary Fund (IMF) has suggested that the Barbados government should raise more money from tax in reviewing its medium-term fiscal strategy, aimed at eliminating the territory's deficit by the fiscal year 2014/2015.

The IMF reported that Barbados's fiscal performance remains "worrisome". The FY2010/11 central government deficit widened to about 8.5% of GDP from 8.2%. Expenditures increased by 0.5% of GDP, while revenue weakness, particularly in corporate taxes, implied an overall deficit in excess of the budget target. The overall fiscal deficit for the non-financial public sector (NFPS) reached 7.3% in FY 2010/11. The IMF however repor"

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