Organisations representing consumers, small businesses and retirees are all hoping for an ease when Minister of Finance Ryan Straughn delivers Budgetary Proposals in the House of Assembly tomorrow.
The Barbados Consumer Empowerment Network (BCEN), Small Business Association (SBA) and Barbados Association of Retired Persons (BARP) all say their various constituents face financial challenges that warrant some fiscal relief.
BCEN executive chairman Maureen Holder yesterday urged Straughn to focus on “practical measures that can ease the financial pressures facing households”.
“BCEN believes there are several immediate actions that could help reduce the cost burden on consumers within a relatively short period of time. Ultimately, Barbadians are hoping to see a Budget that balances fiscal responsibility with practical measures that help stabilise the cost of living,” she said.
“Electricity costs remain one of the largest monthly expenses for Barbadian households. BCEN believes greater transparency in how electricity prices are determined could help improve public confidence and ensure consumers clearly understand the factors driving their bills.”
BCEN is recommending an expansion of “incentives for energyefficient appliances, solar water heaters, and small-scale renewable energy systems” to help households “reduce their dependence on grid electricity over time”.
Holder urged consumers to “watch for any changes in import duties, taxes or other policies that affect the cost of basic food items”.
“Possible measures could include adjustments to duties on essential food products, incentives to support local agriculture; policies designed to stabilise food supply chains, such measures could influence price trends over time,” she suggested.
SBA chief executive officer Dr Lynette Holder highlighted the need for budgetary measures to help micro and small enterprises to thrive.
The association is recommending the introduction of factoring, where a company sells its invoices to a third party at a discount to receive immediate cash.
With the Central Bank’s instant payment system BiMPay going live on March 31, Holder is hoping the Budget will include technology-related “capacity building” measures for micro and small enterprises.
This not only included “training to help with building the skills to use the technology”, but “the actual devices to be able to access the instant payment system – I’m not talking about cell phones, I’m talking about tablets with SIM cards”.
Holder said thirdly that the SBA wants the mandatory value added tax (VAT) registration threshold to be raised from the existing $200 000 in annual income to about $300 000 or $350 000.
This, she underscored, would “help release a number of micro firms from that administrative headache that they have to go through in completing forms, filing VAT returns and all that”.
BARP president Marilyn Rice-Bowen detailed several recommendations her organisation was hopeful would be included.
“The first thing we want is support for seniors living with disabilities. We are recommending the introduction of subsidies or targeted assistance to help offset the cost of wheelchairs, prosthetics, hearing aids and other assisted devices and mobility aids,” she said.
“We are also seeking some assistance with the modifications such as ramps, bathroom rails and grab bars and related equipment which allows the latter, which allow us to age in place.
“We’re seeking some assistance with hip and knee replacement surgeries. We want to recommend that we get a subsidy for seniors earning $35 000 or less annually unless, of course, the procedures are available at the Queen Elizabeth Hospital (QEH).”
Rice-Bowen continued: “We want some accelerated access to cataract surgery. We want the Government to negotiate reduced fixed fees based on volume or a shared payment arrangement where Government covers part of the surgical costs and the patient contributes the remainder.
“We also seek assistance with community and home care support, and we want to propose the development of support programmes that assist families in caring for elderly relatives at home.” (SC)
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