News Release 14/12

Published on
March 7, 2012 No. 14/12-BD CDB TO PROVIDE BARBADOS WITH A LOAN FOR IMPLEMENTING A CENTRAL REVENUE AUTHORITY The Caribbean Development Bank (CDB) is to provide the Government of Barbados with a technical assistance loan equivalent to USD3,583.1 million to finance consultancy studies and other activities associated with implementing a Central Revenue Authority. Establishment of the Central Revenue Authority will be a means of addressing some of the key weakness that currently weigh on the efficiency of revenue administration. The objective of the project is to develop a transparent and sustainable public management system, thereby promoting efficiency and effectiveness in the current system of tax administration and collection. This Authority will be established through the amalgamation of the Inland Revenue Department, the Value Added Tax Division, the Land Tax Department, the revenue collecting arm of the Liscensing Authority and the Customs and Excise Department. The Special Projects Unit of the Ministry of Finance will be the executing agency for the project.

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