Press Releases

Tax on Assets of Credit Unions

Announcement of Tax on Assets of Credit Unions

The Minister of Finance in a Ministerial Statement during his contribution to the 2014/2015 Estimates of Revenue and Expenditure announced that all financial institutions, inclusive of credit unions, will be required to pay a tax on their assets at the rate of 0.20% of assets for a defined period.

Particulars Relative to Payment of Tax

The start date for the payment of this tax for Credit Unions is unclear.

What we do know is that Parliament passed into law the Banks (Tax on Assets) Act, 2013 which identified the financial institutions on which the tax would be levied as banks licensed under Part II of the Financial Institutions Act (FIA), Cap. 324A.

Read more: Tax on Assets of Credit Unions

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.”

Read more: Credit Unions United in the Fight against 0.2% Asset Tax

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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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