There is no longer a cap on retail prices and Value Added Tax (VAT) for gasoline and diesel in Barbados.
Originally, Prime Minister Mia Amor Mottley said that the cap would be put in place for six months, commencing March 2022, but in August on review and revisiting, the Minister of Finance extended the cap until January 31, 2023.
And in addition, the prime minister also capped the Value Added Tax (VAT) on these fuel products as well. In her 2022 Budget speech, she said, “Similarly, in the case of diesel, we will cap the dollar amount of value added tax payable to 37 cents per litre effect midnight on the same March 16, initially for six months. this means that the current international prices should bring down a litre of diesel from $3.46 to $3.32.”
Source: barbados.loopnews.com
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