BRIDGETOWN, Barbados - Barbadians will be faced with yet another tax called the Municipal Solid Waste Tax (MSWT) which is to be paid by all property owners in two instalments annually. Property will be counted as land where a structure has been constructed.
Property owners are required to make their first payment by 30th June, 2014, and again at the 31st December 2014, to the Barbados Revenue Authority, or face a penalty.
The tax seeks to charge property owners based on their site value(s) for solid waste generated from residential households, apartment buildings, commercial and business establishments, institutional facilities, construction and demolition activities, municipal services and treatment plant sites. The rate of the tax will be 0.3% on the site value, which is described as the value of the land only.
Persons who fail to pay the tax will incur a 5% increase on the amount that is outstanding, in additional to a monthly interest at a rate of 1% per month on any unpaid tax to the BRA. However, persons may be exempted based on financial hardship.
The Municipal Solid Waste Tax was announced in the 2012 Financial Statement and Budgetary Proposals to assist in meeting the extensive costs associated with the treatment of the solid waste produced on the island.
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