New Excise Act In The Works

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Minister of Finance and Economic Affairs, Christopher Sinckler (FP)

Plans are in train to consolidate the existing legislation governing the collection of Excise taxes into a new Excise Act that would result in the efficient deployment of customs personnel and greater efficiency in tax collection.

Word of this has come from Minister of Finance and Economic Affairs, Christopher Sinckler, while addressing officials from the Customs and Excise Department, Value Added Tax and other stakeholders recently, during the launch of the VAT and Excise Tax Administration System (VETAS).?? It was held at the Accra Beach Hotel, Rockley, Christ Church.

The Finance Minister revealed that the new Act would merge the Spirits Act Cap 90 B, the Excise Tax Act Cap 69 and the Brewery Act Cap 326 as well as the Storage Petroleum Act Cap 172.?? The modern consolidated act he added, would be structured in keeping with the recommendations of the Revised Kyoto Convention.

Mr. Sinckler noted that the work on the new Act had already started and it would be available for discussion within a few months.

"Government is committed to improving the business climate and implementing measures which have the effect of facilitating growth and reducing the cost to business and the general public, he said."

jwilson@barbados.gov.bb

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