Bridgetown.
President of the Barbados Chamber of Industry &Commerce (BCCI) Lalu Vaswani has warned Barbadians that layoffs were looming in the private sector for the new year.
Vaswani outlined a litany of woes facing the private sector, they included delayed value added tax (VAT) and corporate tax refunds to companies as well as increased operational cost linked to new labour legislation.
He noted that in spite of the economic challenges, members of the BCCI in the retail and distribution sector have not resorted to layoffs but have lower costs by curtailing over time.
According to Vaswani, workers are facing internal devaluation because of rising cost and no increase in salary. He stated that there is a pressing need for the Government to release the VAT refunds to companies.
The BCCI president says not having the funds has made the operating environment more acute for businesses.
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