This means that their full VAT of 17.5 per cent is now fully reinstated.ĭid Barbados make the right decision? That is for Barbadians to decide. Why? The cap on value-added tax ( VAT) and retail prices on gas in place since August 2022 expired on January 31, 2023. Two Sundays ago sections of the regional press reported that gasoline and diesel prices were to increase in Barbados. This is an axiom we must always keep in mind. In this file photo, Finance Minister Dr Nigel Clarke makes a point in Parliament. Clarke had argued that raising taxes now would go counter to his push to have the economy recover in the quickest possible time." ( Jamaica Observer, March 9, 2022) The story also noted these and related details: "Finance Minister Dr Nigel Clarke has said that there will be no new taxes for a fifth consecutive fiscal year, while sidestepping calls for a reduction in the fuel tax in favour of targeted intervention to help the most vulnerable cope with the rising cost of energy. Headline: 'Gas tax stays - $2 billion set aside to support people most adversely affected by higher fuel prices'. I am glad Finance Minister Dr Nigel Clarke did not succumb to the noise of the market, as evidenced in this news item. The SCT on fuel ranges between $37 and $38 per litre. Recall that for much of 2022 His Majesty's Loyal Opposition here clamoured vociferously for a removal of part or all of the additional $7 per litre Special Consumption Tax (SCT) that was placed on petrol by the People's National Party (PNP) Administration in March 2015. Oil prices have been falling in Jamaica, in contrast to our Caribbean counterparts. This news items said, among other things: "Consumers in Barbados will be paying less for gasoline and diesel come Friday, as Prime Minister Mia Mottley announced that the price of fuel at the pump will be capped for the next five months." ( Jamaica Observer, August 16, 2022) Recall this headline: 'Barbados Gov't caps fuel prices'. Some among us, too, have even fallen into the trap of believing that a national economy can be patterned on 'feel good', minus even common sense. Unfortunately some among us have been ensnared by the fake, shiny objects that are flashed before us. The pictures some individuals post of themselves living it up, 24/7, are not reality. With the advent of social media, the temptation is great for people to be misdirected even to the point of financial self-destruction. Again, more of us would do well to adhere. The meaning of this precept is pretty obvious. "Feast today and famine tomorrow," is another proverb I often heard wise kin repeat while growing up. More of us need to attend to the practical and philosophical genius of aphorisms like these.
Our forebears created these adages through hundreds of years lived experiences. That is, focus on your specific objectives and do not let detractors and distractions agitate and derail your direction. "Nuh watch di noise a di market, watch fi yuh correct change." Or, "Don't watch the noise in the market, watch the sale." These sayings have similar meaning.
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