I am of the strong belief that, if a taxpayer has worked all his/her life, and becomes a pensioner (which is mostly at a reduced income level compared to that of their working life), they should not be subject to income tax. However, I understand the economic realities facing our nation today. The budget revenue measures were designed at eliminating the fiscal deficit within 1 year. Therefore, I suggest that, if at the time of next year’s budget presentation (circa May/June 2019), and government has recovered at least 80% of the revenues which it set out to do with the announcement of the budget in June 2018, then either:
- Income tax on pensioners be completely abolished going forward; or
- The personal allowance for pensioners be increased from $40,000 annually to at least $60,000, to ease the tax burden on pensioners.
These suggestions are based on the assumptions that pensioners account for approx. 12% of the Barbadian population and approx. 8% of the total Barbadian taxpayers.
by Dawn Williams
I would like to suggest that the Government makes contributions to an RRSP or private pension plan tax free, as currently I have to contribute to my plan with after tax money, and then when I get the pension at age 65 I will have to pay tax again. That means I will be paying tax twice, and I have suspended one of my plans because of this.
Best regards,
Peter Bynoe
I would like to suggest that the pensions and the allowances of the aged and disabled who are in the Government care e.g. District Hospitals etc., be stopped as the families often collect them and the government pays twice - once for their care and again to their families, who in 99% of the cases, do not support their care.
Latest Post: Push Caricom and its various treaties Our newest member: wangkiky Recent Posts Unread Posts
