Scrapping VAT Risks Revenue Loss, Threatens Public Services, Says Finance Minister Straughn

• The Minister of Finance, Ryan Straughn, opposes the removal of VAT, citing a potential loss of a billion dollars in revenue.
• Straughn argues that eliminating VAT would jeopardize funding for essential services like education and healthcare.
• He emphasizes the government’s strategy to achieve debt sustainability by 2035, which relies on indirect taxation.
• The minister questions how the revenue gap would be filled if VAT is removed, given commitments to public services.
• Straughn mentions efforts to reduce the cost of living by working with the private sector to source cheaper goods.

Source: barbadostoday.bb

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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