SOME BARBADIANS are smiling all the way to the bank after receiving close to $25 million in income tax refunds over the last two weeks.
They are the first to benefit from Government’s payment of 2017 tax arrears to individual taxpayers that should have been paid since October.
Making the announcement yesterday, Minister in the Ministry of Finance Ryan Straughn told the House of Assembly Government would be working to settle the $116 million in personal income tax arrears due to citizens from between 2008 and 2016, “over the next three years”.
Straughn said there was still approximately $96 million in arrears owed to corporations, $23.8 million in reverse tax credit arrears, and $102 million in VAT arrears, all of which would be addressed in the future. But he said caution had to be exercised at this point as Government needed to monitor and stay on top of its cash reserves.
The aim, he explained, was that as Government embarked on the Barbados Economic Recovery and Transformation plan, it would continue to work on rebuilding the trust of Barbadians by returning the excess monies they had paid in taxes.