A “deep and wide” consultation is what is needed with the manufacturing sector following this week’s Financial Statement and Budgetary Proposals.
Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, shared this view while addressing the official opening of the Barbados Manufacturers’ Exhibition, (BMEX), at the Lloyd Erskine Sandiford Centre this morning.
Stating that Government must be “ever mindful” of the impact that the new measures will have on some sectors, Mr. Inniss said that ways must be found to alleviate their impact.
“The National Social Responsibility Levy (NSRL) is moving from two per cent to 10 per cent by July 1…My own view on the matter is that it will certainly land within the laps of the manufacturers the issue of [the] ability to be very competitive,” he noted.
The Industry Minister pointed out that while the NSRL was not applicable to the input of the manufacturing sector, or when manufacturers sold their furnished goods to other manufacturers. However, he maintained that it was applicable when they sold on the retail end.
“The harsh reality is that it can affect our competitiveness of our products in Barbados. And, that is something that we cannot ignore. So, we will put our heads together to determine ways in which we can counteract this,” he affirmed.
Mr. Inniss hinted that the manufacturing sector would hopefully receive an opportunity within the next four weeks to engage with the Ministry of Finance.