BARBADOS—Credit unions here are breathing a small sigh of relief after successfully shielding 80% of this island’s credit unions from a new tax. The Barbados Co-operative Credit Union League has been battling a new tax on assets here for more than a year, according to Barry Hunte, CEO of the BCCUL.
Under the new tax plan, credit unions are to pay an 0.20% tax on their total assets. The BCCUL has been rallying opposition to the plan, including gaining support from neighboring countries’ CU associations.
The Barbados government estimates that the new tax generated $2.5 million in revenue during 2014.