Duty-free zones still on the cards
The creation of duty-free zones is still in the pipeline.
This is according to Minister of Finance and Economic Affairs, Christopher Sinckler, while speaking to The Barbados Advocate on the sidelines of the annual Democratic Labour Party’s (DLP) St Michael North West’s Kite Flying Competition and Fun Day at Carlton Club on Easter Monday.
He initially revealed government’s proposal for duty-free zones during his presentation of the Annual Financial Statement and Budgetary Proposals 2016, highlighting that areas identified for this activity include the City of Bridgetown, Holetown, Hastings/Worthing on the South Coast and at the two main ports of entry.
Duty-free zones, he explained, not only have the capacity to earn foreign exchange from shopping by visitors from our region and elsewhere, but will also save foreign exchange since most Barbadians could have the option of no longer having to travel in order to shop.
“They are still working on the duty-free zones. The parties put a basic frame in place, and just as we were about to launch they came back into the Ministry of Finance and said to let us hold it a little bit,” the Finance Minister revealed of the Special Committee, which is made up of the Barbados Tourism Investment Inc.; officials of the Ministry of Finance and Economic Affairs; representatives of the Central Bank of Barbados, Barbados Chamber of Commerce and Industry, and the Private Sector Association of Barbados.
“They said let’s go and see some other places where such zones are in operation, examine some other laws because there are pieces of legislation it will affect that they immediately did not contemplate – Exchange Control Act – other pieces of legislation that have to be addressed, so they have asked for some more time.”
With a duty-free regime already in place, he further explained, “What we were thinking about doing is expanding that regime to different parts of Barbados and making it a lot more inclusive than it is currently. Because at the moment it is restrictive to certain types of businesses, types of products and in certain ways.”
(TL)