Press Releases

Credit Unions United in the Fight against 0.2% Asset Tax

“The members of the Barbados Co-operative & Credit Union League Ltd. are united in their strong opposition to the proposed 0.20% per annum tax on the assets of credit unions”, stated Hally Haynes, President of the Barbados Co-operative & Credit Union League Ltd.  Haynes further stated that, “ the League will be launching a vigorous campaign with the full support of its membership, in an effort to have this decision revisited by Government.”

Haynes was reporting on the outcome of a meeting which was held on Saturday, April 12, 2014 at the headquarters of Co-operators General Insurance Company on Collymore Rock.  The League had convened the meeting to update members on the issue of the proposed tax on the assets of credit unions and also to discuss the findings of the Financial Sector Assessment Programme (FSAP) recently released by the International Monetary Fund.

The League also got strong support from its member societies who represent 160,000 persons to have dialogue with Government on the issue.  Further, the consensus from the meeting was that there should have been consultation with the leaders of the movement prior to making such a decision.

The meeting was also informed of the strong support on the issue received from sister Leagues in other territories including Bermuda, St. Vincent & the Grenadines, Trinidad & Tobago, St. Lucia, Jamaica, Belize and Dominica.  Haynes also informed the meeting that support had been requested from CCCU, the regional apex body and the World Council of Credit Unions, both of which have pledged their full support to this very worthy cause.

Members also deliberated on strategies in a closed-door session.  Though not divulging too much detail, Haynes concluded by stating that, “the credit union sector must be taken seriously and in the coming weeks all the elements of the campaign will be fully revealed, the campaign will highlight the credit union difference and why its tax exempt status is fully justified.”

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Barbados Co-operative & Credit Union League Ltd.
1st Floor, Co-operators General Insurance Building
Upper Collymore Rock, St. Michael, Barbados

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Tel: 246-429-7075
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