The Barbados Light & Power Company (BL&P) has given its full support to the Government’s decision to maintain a lower Value Added Tax (VAT) rate on electricity until the end of September.The utility company said on Thursday that customers can expect additional savings on their electricity bills.Minister in the Ministry of Finance and Economic Affairs Ryan Straughn announced in Parliament on Tuesday that BL&P’s domestic customers will pay 7.5 per cent VAT on the first 250 kilowatt-hours (kWh), instead of the usual 17.5 per cent rate, for another eight months, extending the arrangement that was put in place from August 1, 2022, to January 31, 2023.According to Rodney Dottin, Manager, Customer Care at BL&P, this represents a monthly savings of about $14, based on February’s Fuel Clause Adjustment (FCA) for customers using a minimum of 250 kWh.
By Shamar Blunt
Barbadians will continue paying a lower Value Added Tax (VAT) rate on electricity until the end of September.
However, no decision has been made on a new compact with the private sector which would provide further relief for consumers.
Minister in the Ministry of Finance and Economic Affairs Ryan Straughn announced in Parliament on Tuesday that as was the case
The island’s two main private sector organisations are open to discussions about extending the Social Compact under which Barbadians are paying reduced prices for select items.With the compact set to expire on January 31, 2023, chairman of the Barbados Private Sector Association (BPSA) Trisha Tannis and president of the Barbados Chamber of Commerce and Industry (BCCI) Anthony Branker, said they were willing to sit down with the Government to discuss the future of the compact.However, Tannis reported that some businesses had recorded some losses as a result of the measure and they would have to determine whether they could afford to maintain prices at the current level.
With tourism summer bookings for 2023 not looking bright, the Barbados Hotel and Tourism Association (BHTA) has embarked on a sales campaign to attract visitors to the island.This was revealed in the BHTA’s CEO Report which was presented during the association’s fourth quarterly meeting.Outgoing chief executive officer Geoffrey Roach predicted that summer arrivals would not return to pre-pandemic levels until 2024.However, he expects strong bookings for the winter season, with occupancy levels for December, January and February at 70 per cent, 68 per cent and 73 per cent, respectively.