Chairman of Williams Industries, Ralph ‘Bizzy’ Williams (left), speaking with Minister of Finance and Economic Affairs, Christopher Sinckler, yesterday at the launch of the Warrens branch of Burger King.

CONSUMERS BE WARY

Tue, 08/30/2016 - 12:00am

Sinckler: Price increases not immediate

Minister of Finance and Economic Affairs, Christopher Sinckler, says all is on target for the two per cent National Social Responsibility Levy to start later this week.

Sinckler told media personnel yesterday morning that the Barbados Revenue Authority is preparing to impose the levy, and that office is expected to issue guidance notes to businesses and individuals as to how it will function. However, he insisted that while the levy will cause the price of imported goods to rise, such prices should not increase automatically from Thursday.

The Finance Minister explained that it is “only natural” that the cost of goods will rise given that most of what Barbadians consume is imported. However, he said that considering that the levy is being imposed to help the country better manage the growing cost of providing a high quality public health-care service,

he does believe “all reasonable and right thinking Barbadians who believe that the health of the nation is the wealth of the nation” will give the levy their support, in spite of the price increases that are expected.

“I view with much interest the alacrity with which some business people seem to be almost gleefully announcing all of this high price increases… There should be no immediate change in price in the product being provided on the 1st of September, that would have to come when the restocks come in some time later. So it is interesting days and we will see what the immediate reaction will be,” he said.

Sinckler added, “I am supposing that if I go to the supermarket and see it fully stocked on the 31st of August, that on the 1st of September, the 2nd of September that we don’t go back and see that the prices have increased by two per cent, because that would have nothing to do with the tax because those stocks can’t just immediately go up in price like that.”

The Finance and Economic Affairs Minister has made it clear that the price of none of the products imported prior to September 1 should reflect the two per cent increase, and he is therefore urging the public as well as the public and private agencies responsible for consumer protection to “be very wary and alert” as it relates to the levy. He said while there are no specific penalties for price gouging, the Ministry of Commerce has the responsibility to monitor prices and alert Barbadians where that occurs. Nonetheless, he said the best penalty is for those who see unreasonable pricing to use the power they have and shift their purchases elsewhere. (JRT)

CONSUMERS BE WARY

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