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Barbados forming revenue authority

chris sinckler5

BRIDGETOWN, Barbados—Barbados will establish a revenue authority this year because of a number of issues including inconsistencies in revenue collection, particularly at Customs.

  Finance and Economic Affairs Minister Chris Sinckler recalled an instance last year, when Barbados was asked to explain to the World Customs Organisation the discrepancies in revenue collected for goods imported from Japan.

  "... last year 2012,Japanreported exporting in value US $68 million in reconditioned or used vehicles to Barbados. However, when Barbados put up its figures, based on the submissions of the persons who imported, the reported value was BDS $30 million (One Barbados dollar = US $0.50).

  "It meant, therefore, that Barbados was basically saying that there was under- invoicing to the extent of almost BDS $30 million. That is a startling figure. Of course you can understand why the World Customs Organisation would want to ask Barbados why there was such a big variance between what Japan was reporting."

  Sinckler also recalled another occasion when a vehicle was imported in Barbados and had a reported value of US $9,000. But he said that the real value sheet, which was left on the dashboard, was actually US $60,000 for the used car.

  "I started to think [about-Ed.], if this type of situation is occurring on a regular basis, the amount of revenue that Government is losing in the Port because of under-invoicing. I know a lot of you in here know that it goes on; it is a very serious situation and it has to be corrected.

  "And with the coming of the Barbados Revenue Authority, things down there will change and change significantly. So brace yourselves for the coming storm," he warned.

  Sinckler promised that the Freundel Stuart government would work assiduously with the private sector and other stakeholders in an effort to turn around the sluggish economy. ~ Caribbean360 ~