by Marlon Madden (Barbados Today) Barbadians earning more than $6,250 per month and businesses that emerged from the COVID-19 pandemic largely unscathed will have to contribute to the $1 billion bill for Government’s COVID-19 fight.
Prime Minister Mia Mottley said the “one-off” payments, which are expected to raise a total of $120 million, would be taken as a pandemic contribution levy of one per cent of an individual’s income every month for a year; while businesses in the telecommunications, commercial banking and general and life insurance sectors, and the retail of petroleum products, will pay 15 per cent of their net income over an eight-month period.
The tax for workers with earnings over the threshold will take effect from April 1.
“Where an individual receives an income of more than $6,250 per month or $75,000 per year, the individual shall contribute one per cent of his monthly earnings as a pandemic contribution levy on his income for only 12 months… We estimate that this levy will raise just about $15 million over the course of the 12 months,” the Prime Minister said.
