Government looking at duty-free zones

GOVERNMENT is seriously looking at the prospect of creating duty-free zones. 

 

That revelation came from Minister of Finance and Economic Affairs, Chris Sinckler, during his presentation of the Annual Financial Statement and Budgetary Proposals 2016 yesterday in the Lower House. 

 

“These zones would occupy particular geographic spaces and would allow within that sterile environment duty-free shopping for Barbadians and visitors alike. This proposal, Sir, not only has 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,” he explained.

 

The Minister maintained that areas identified for this activity included the City of Bridgetown, Holetown, Hastings/Worthing on the South Coast and at the two main ports of entry. 

 

“Obviously Sir, it will be important that we examine all of the pros and cons of such an initiative before moving to bring the legislative framework here to this House. In this regard, I propose to establish a Special Committee to review the initiative with a directive to report its findings and recommendations to me within three months so that a firm proposal can be brought to the Cabinet Committee on Economic Policy for review and forwarding to the main Cabinet for approval. This Committee shall comprise: 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,” he revealed.

 

Furthermore, the decision/initiative “will give Barbados a competitive advantage in the area of shopping which most studies have found to be an area of concern for visitors to Barbados”. Minister Sinckler maintained that the hope is that “at least have the City of Bridgetown ready for this type of business before Christmas”.