Fee reduction expected to help SMEs

A PIECE of legislation aimed at reducing the proposed annual registration fee for a number of small and medium businesses, thereby reducing overheads, went before the Upper House yesterday.

 

Minister of Labour, Senator Dr. Esther Byer-Suckoo, led the debate on the Profession, Trade and Registration Bill where she reminded Honourable Members that it was back in 2015 the Minister of Finance announced that among the strategies he was putting forward to sustain and intensify growth in Barbados, he was seeking to reduce costs in Barbados, particularly small and medium businesses.

 

With the goal of laying the foundation for entrepreneurs to establish and grow, Minister Byer-Suckoo reminded that one of the things proposed in June 2015 was reducing fees and licences related to certain professions, trades and businesses.

 

It was proposed that there would be a 25 per cent reduction in fees and licences related to operating a number of businesses with a further 25 per cent reduction to be undertaken the next year. She explained, however, that since that time this has not come to fruition.

 

“My Ministry and the Labour Department responsible for collecting some of these fees have been collecting at the old rates because there never was the legislation prepared to give effect to this proposal. We are in 2017, January 25 and so it is important that we try to get this particular matter resolved so that the new fees can take effect.”

 

She noted that the new legislation is expected to reflect the new structure that will be imposed henceforth and also to repeal the fourth and fifth schedule of the Professional Trade and Business Registration Act. She explained that the fourth schedule looks at new fees and the fifth looks at the temporary registration fee, all with the view of reducing the overheads of these small businesses. (JH)