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Fiscal Reform Needed In Barbados, IMF Says

by Mike Godfrey, Lowtax.net, Washington
25 February, 2014

The International Monetary Fund (IMF) has recommended that Barbados should look to broaden its tax base to boost revenues. The recommendations were included in the IMF's Article IV consultation with Barbados, published on February 10, 2014.

The executive board of the IMF discussed the challenges the Barbadian economy faces, including low growth, a high fiscal deficit and debt, and declining foreign exchange reserves.

The IMF commended the Barbadian authorities for undertaking the necessary measures to stabilize the economy, but said there is still scope to broaden the tax base, reduce tax exemptions, and improve tax and customs administration.

The central government deficit widened to 8.1 percent of Gross Domestic Product (GDP) in 2012/13 (year ending in March) and is expected to reach 9.6 percent of GDP in 2013/14.

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