The Barbados Ministry of Finance confirmed on Friday that thousands of qualifying low-income taxpayers will receive financial relief this holiday season through the Reverse Tax Credit (RTC) program. The $1,300 payments are scheduled to commence distribution as early as next week, providing timely support during the Christmas period.
Finance Minister Ryan Straughn announced that eligible recipients can expect direct bank deposits around December 18-19, coinciding with the government’s accelerated payroll schedule. “Once people have provided the correct bank account information, payments will go straight into their accounts,” Straughn stated. Those without banking facilities will receive physical checks through postal services, though with potentially longer processing times.
The RTC constitutes an annual December disbursement designed to supplement household incomes during the festive season. Minister Straughn emphasized that late tax filers remain eligible for payments within a two-year window but encouraged timely submissions to expedite processing.
In parallel developments, the government confirmed near-complete distribution of its one-time Solidarity Allowance, with over 200,000 taxpayers receiving $300 payments via electronic transfers or checks as of October. “We transferred all the money that National Insurance requested through the registration process,” Straughn noted, acknowledging minimal outstanding cases undergoing financial reconciliation.
Regarding potential consumer relief measures, the Minister indicated that a VAT-free day remains under consideration despite economic improvements. Originally implemented during pandemic hardships, such measures now face evaluation against current economic indicators including tourism recovery, employment growth, and scheduled minimum wage increases in June and January.