Press Releases

Caribbean Credit Unions Shocked by Taxes Placed on Credit Union in Barbados

Credit Unions in Barbados are receiving support from the wider Caribbean Credit Union Faternity. Leagues around the region are supporting the call to reverse the imposition of a 0.2% Tax on Credit Union Assets. 

Read more: Caribbean Credit Unions Shocked by Taxes Placed on Credit Union in Barbados

Tax on Credit Unions The Wrong Move

The Barbados Co-operative & Credit Union League is very concerned about the proposed move by Government to impose a 0.20% tax on the assets of financial institutions, including credit unions.  The credit union sector only learned of this tax imposition when it was announced by the Honourable Minister of Finance during the recently concluded Estimates Debate for the fiscal year 2014/2015.

The League as the representative body for credit unions is extremely disappointed that there was no consultation with the sector prior to the announcement by the Minister of Finance.  We reasonably would have expected to have an opportunity for dialogue before a tax such as this is implemented.  We therefore wish to register our concerns about the process; a movement that represents over 160,000 persons is certainly deserving of an opportunity to enter into dialogue on behalf of its membership, which represents well in excess of 50% of the adult population of this country.

 

Read more: Tax on Credit Unions The Wrong Move

You are here: BCCULL Homepage News Press Releases
Stay in touch with the BCCULL. Sign up to receive our email alerts. Register Now!

Contact Us

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

email-reply-icon2
Tel: 246-429-7075
Fax: 246-436-5848

Share Us