ICAB: VAT delay leaves businesses in limbo

Uncertainty over the government’s delay in raising the threshold for valued added tax (VAT) registration is making it difficult for businesses to plan their finances and operations, the Institute of Chartered Accountants of Barbados (ICAB) said.

The guild has called for a clear timeline for the change and guidance for businesses that may wish to deregister once the new threshold takes effect.

The threshold at which businesses must register for VAT was due to rise from $200 000 to $350 000 on October 1, a change announced by Minister of Finance Ryan Straughn in the Budget presented in the House of Assembly on March 16. He told Barbados TODAY that the legislation needed to implement the change was still being completed.