Government has announced a wide range of concessions to individuals and businesses in its 2025 budget calling it sharing the bounty.
Delivering the budgetary statement and financial proposals, Minister in the Ministry of Finance Ryan Straughn commenced his presentation outlining what he says has been significant economic progress since 2018 under the current administration.
He declared that the Mottley government has protected the Barbados dollar from what had been the real prospect of devaluation, while lowering the national debt and growing the foreign reserves.
Mr. Straughn says job creation remains a priority with the economy remaining strong driven by tourism.
And with the economy doing well and government’s finances improved, Mr. Straughn announced an extension of the range of VAT free foods, slashed import taxes on others, and announced an annual increase in the minimum wage.
Not only is the minimum wage being raised but an annual increase is being granted.
The meal allowance for hotel workers is to be tax free, pensioners are to get a tax break, maternity leave for mothers is being increased and for the first time, men in this country are to get paternity leave.
There is an introduction of a new one-off solidarity allowance to everyone over 18 who has made NIS payments.
There will also be a five-million-dollar home improvement fund to provide grants to homeowners.
Turning to other key issues of national concern, Mr. Straughn acknowledged the challenges experienced by water customers in St. Lucy and announced that they will be compensated.
Mr. Straughn highlighted the extent of obesity and chronic non-communicable diseases in Barbados and detailed government’s response which includes a tax on certain foods.
Mr. Straughn spoke of efforts to tackle crime at the regional level, but locally outlined a plan to increase the numbers of the police force, a first step being the conversion of special constables.
