Top things to know
- BCCI submitted proposals to revise duty and tax calculations on imports, aiming for lower retail prices.
- The chamber seeks to expand the Price Compact basket and improve the ease of doing business to cut hidden costs.
- Direct shipping routes from South America could reduce food import prices by at least 25 percent.
The Barbados Chamber of Commerce and Industry (BCCI) has formally lodged a set of proposals with the government aimed at lowering the cost of everyday goods for Barbadians. According to BCCI President Paul Inniss, the plan centres on revising the way duties and other taxes are calculated when imported products arrive at the island’s ports, a change he says would translate into immediate retail‑price reductions.
Inniss told reporters that the chamber has been in talks with the Minister of Business and Energy for the past year about the existing Price Compact and the possibility of expanding the basket of items covered by the scheme. The new submission goes beyond simply adding more product categories; it also outlines a revised tax‑computation formula that, based on BCCI’s own modelling, would shave a measurable amount off the final price paid by consumers.
The chamber is also coordinating with the Ministry of International Trade to ensure that any adjustments to duty calculations are paired with broader measures to curb price inflation. “We demonstrated that a change in the entry‑point tax structure can directly lower the price to the customer,” Inniss said, emphasizing that the proposal is part of a coordinated effort to rein in rising living costs.
However, Inniss warned that tax tweaks alone will not solve the affordability challenge. He highlighted the need to improve the ease of doing business in Barbados by eliminating operational friction, wasteful procedures and outdated practices that add hidden costs throughout the supply chain.
In a complementary move, BCCI has identified alternative sourcing options in South America for fruits, vegetables and other foodstuffs. By establishing direct shipping links that bypass the traditionally expensive North‑American routes, the chamber estimates that consumer prices for these items could fall by at least 25 percent.
Council member and former BL&P chief executive Stephen Worme added that the transition to renewable energy may temporarily raise electricity bills, underscoring the broader context of cost‑of‑living pressures. While the chamber’s proposals focus on tax and logistics, Worme cautioned that any short‑term increase in power costs must be managed alongside efforts to keep everyday goods affordable.