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- Liverpool Football Club Announcement
- Sunday Independent Article
- Pat Cash Tennis Academy
- Trader Vic's Restaurants
- Puerto Plata Emerges as the New Coast of Eco-Style and Activity
- Growth in Dominican Republic
- Caribbean attractive to Indian Investors
- Property Price quotes and information
- St. Vincent and The Grenadines: Tourism and Economy Statistics and Government Incentives
- St. Lucia: Tourism and Economy Statistics and Government Incentives
- Barbados: Tourism and Economy Statistics and Government Incentives
In 2006 the breakdown of international visitors to Barbados breaks down as so:
UK 211,523 (37.6%)
US 130,767 (23.2%)
Other Caribbean 82,989 (14.8%)
Canada 49,198 (8.7%)
T&T 34,480 (6.1%)
Other Europe 29,400 (5.2%)
Rest of World 24,201 (4.3%)The number of UK visitors to Barbados in 2006 was 211,523, 37.6% of the total number of visitors to the island (562,558). The total number of arrivals has increased by 13% since 2002 at an average rate of 3.13% per year during this period.
In 2006 the total Expenditure by tourists was $ 763.2 Million. This averaged out to $127.48 per day for each tourist in Barbados.
(Figures from Caribbean tourism organisation, “Barbados 2006”)
Economic growth for Barbados in 2007 was 4.3%.(St. Lucian Budget Address for Financial year 2008/2009)
When considering the welcoming nature of the locals to settling tourists it is worth considering the Bajan Governments policies. Described as “far-sighted,” All its beaches are available for use by the whole population as they are national property. This encourages integration between visitors and Bajans.
(Ft.com, January 23 2004)
One of the main tax incentives offered by the Bajan government is the tourism development act. This was designed to offer incentives to expand the tourism and hospitality sector by offering incentives and corporation, Import Duty and other tax concessions.These incentives also include provision for “investors in tourism projects to benefit from write off of capital expenditure and 150% of interest. There is also exemption from import duty, value added tax and environmental levy in respect of furniture, fixtures and equipment as well as building materials, supplies and equity financing.”
- Concessions under this act include:
- Duty-free importation (including waivers of Value Added Tax (VAT) and Environmental Levy) of building materials and equipment during construction and rehabilitation
- Duty-free importation (including waivers of Value Added Tax (VAT) and Environmental Levy) of supplies for refurbishment of hotels, restaurants, villas and sports and recreation facilities for tourism purposes;
- Extended tax holidays/write-off of capital expenditure and accelerated write-off of interest;
- Training of employees;
- Marketing
(Barbados Tourism Investment Inc, “Legislation and Incentives”)
Barbados also offers other tax concessions. Land tax is calculated and payable on only 50% of the improved value of the property for hotel developments.(PriceWaterHouseCoopers, Tax, Facts and Figures: Barbados 2006.)
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