Speaking in the House of Assembly on Tuesday, government backbencher and chairman of the National Insurance Board, Sir Henry Forde urged the Barbadian authorities to include interest when paying out tax refunds to taxpayers, arguing that this is only fair, as interest is charged by the government for late payments.
Sir Henry observed that most jurisdictions with modern tax legislation have a provision for the tax authority to pay interest on monies owed.
The Barbados Advocate reported on Wednesday that the NIB chief also expressed concern over the increasing size of the cash economy in Barbados.
According to the newspaper, during the debate on a bill to amemd the jurisdiction's Income Tax Act, Sir Henry: 'estimated that there could be 30,000 persons in the informal sector who do not make any contributions to state funds, but who reap all the benefits tax and national insurance payng persons do.'
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