TohidA/MONA · Datasets at Hugging Face

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2020-12-09

P1

R4

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Government to launch a training and outplacement programme to help mitigate effects on the vulnerable from the restructuring of SOEs.

6

12/31/2018

M

N/A

4

6

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2020-12-09

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Government to establish a Sandbox regime for regulation for fintech start-ups

1

12/31/2018

M

N/A

4

1

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2020-12-09

P1

R4

BLANK

SB

27

8. International trade policy, excluding customs reforms

Customs Department to establish a trusted trader program that gives defined benefits to program members and have at least eight companies participating

1

03/31/2020

M

N/A

4

1

2020-03-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2020-12-09

P1

R4

BLANK

SB

27

8. International trade policy, excluding customs reforms

Relocate ASYCUDA World so that it is housed in, and under the control of, the Customs and Excise Department, and ensure that both the BRA, the Ministry of Finance, and the CBB have all real time access to the database for domestic compliance and tax policy analysis purposes on a need to know basis. The selectivity module of ACYCUDA World must also be functioning ans in use.

2

06/30/2020

M

N/A

4

2

2020-06-30

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2020-12-09

P1

R4

BLANK

SB

29

10. Economic statistics (excluding fiscal and central bank transparency and similar measures)

The Barbados Statistical Services (BSS) to publish a calendar of statistical publications covering national accounts, prices and the labor market.

1

03/31/2021

SB

N/A

4

1

2021-03-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2020-12-09

P1

R4

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Parliament to adopt new Town and Country Planning legislation, aimed at streamlining and accelerating the process for providing permits.

1

12/31/2018

MD

N/A

4

1

2018-12-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2020-12-09

P1

R4

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Government to adopt a new business plan and staffing strategy for the Corporate Affairs and Intellectual Property Office (CAIPO), with a view of streamlining the registration of new business and strengthening maintenance of commercial records of existing business.

2

03/31/2019

M

N/A

4

2

2019-03-31

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

PA

20.5

1.5. Debt Management

Government to launch exchange offer for debt restructuring of the stock of central government domestic debt held by private creditors and eligible for debt restructuring consistent with EFF supported program objectives

1

Program Prior Action

M

N/A

5

1

2023-09-23

N/A

PA_20.50_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

PA

21.1

2.1. Central bank operations and reforms

Government to submit to Parliament an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the Government to short term advances.

1

Program Prior Action

M

N/A

5

1

2023-09-23

N/A

PA_21.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Government to conduct a comprehensive review of the tax system, with inputs from IMF technical assistance.

1

06/30/2019

M

N/A

5

1

2019-06-30

N/A

SB_20.20_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

The Barbados Revenue Authority (BRA) to adopt measurable performance targets that increase on-time filing for corporate Income Tax and VAT from current levels (less than 50 percent for both respectively) to 75 percent over calendar year 2019.

2

12/31/2019

M

N/A

5

2

2019-12-31

N/A

SB_20.20_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

The Large Taxpayer Unit (LTU) to (i) update all LTU taxpayer accounts ensuring they reflect accurate balances, and (ii) commence the conduct of audits targeting the most current tax period.

3

12/31/2018

M

N/A

5

3

2018-12-31

N/A

SB_20.20_3

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Customs Department to (i) deploy staff to the exemption monitoring unit and undertake at least eight exemption verification assignments in 2019; (ii) train and deploy at least 6 officers in the post clearance audit unit and undertake at least 8 field audits in 2019; (iii) establish a trusted trader program that gives defined benefits to program members by the end of 2018 and have at least eight companies participating by the end of 2019; and (iv) undertake post release verification of entries and subject at least 3500 entries to this control by the end of 2019.

4

12/31/2019

MOD-DATE

N/A

5

4

2019-12-31

N/A

SB_20.20_4

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Customs Department to (i) deploy staff to the exemption monitoring unit and undertake at least eight exemption verification assignments in 2019; (ii) train and deploy at least 6 officers in the post clearance audit unit and undertake at least 8 field audits in 2019; (iii) establish a trusted trader program that gives defined benefits to program members by the end of 2018 and have at least eight companies participating by the end of 2019; and (iv) undertake post release verification of entries and subject at least 3500 entries to this control by the end of 2019.

4

08/31/2020

M

N/A

5

4

2020-08-31

N/A

SB_20.20_4

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

BRA (i) to execute an initial 20 "issue based" audits on taxpayers in the large taxpayer segment, and (ii) to develop a risk-based compliance plan to improve "on-time" filing and payments compliance rates.

5

06/30/2020

M

N/A

5

2020-06-30

N/A

SB_20.20_5

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Create in BCED an Information Technology Division of at least six employees.

6

03/31/2021

M

N/A

5

6

2021-03-31

N/A

R5

SB_20.20_6

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

Large Taxpayer Unit (LTU) to implement its compliance improvement plan and achieve ‘on-time’ filing of returns for all large taxpayers of at least 90 percent for all core taxes (VAT, CIT, PAYE).

7

03/31/2021

NM

On-time filings fell short of target

5

7

2021-03-31

N/A

R5

SB_20.20_7

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

BRA to establish a program to address pre-TAMIS debt using a dedicated task force for a two-year period.

8

09/30/2021

SB

N/A

5

8

2021-09-30

R5

N/A

SB_20.20_8

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

BCED to improve performance management by: (i) harmonizing departmental key performance indicators with ASYCUDA measures; (ii) implementing the Performance Review and Development System; (iii) developing and automating trade and commercial compliance dashboards to be populated at the unit level on a weekly basis and presented to senior management via monthly reports.

9

10/31/2021

SB

N/A

5

9

2021-10-31

R5

N/A

SB_20.20_9

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.2

1.2. Revenue administration, including customs

BCED to improve trade facilitation and risk management by: (i) collaborating with the trade community to define clear benefits for the BCED Trusted Trader Program’s participants; (ii) streamlining and standardizing the cargo import process in the marine mode; and (iii) improving traceability of shipments in the customs system.

10

12/31/2021

SB

N/A

5

10

2021-12-31

R5

N/A

SB_20.20_10

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Governor General to proclaim the Financial Management and Audit (FMA) Act.

1

07/31/2019

M

N/A

5

1

2019-07-31

N/A

SB_20.60_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

The Management and Accounting Unit (MAU) to prepare a dashboard that analyzes the financial performance of government’s 19 priority oversight SOEs as input to quarterly progress updates based on this dashboard to Cabinet.

2

03/31/2021

M

N/A

5

2

2021-03-31

N/A

R5

SB_20.60_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Government to table legislation for a fiscal rule to enhance fiscal transparency, and lock in the gains of fiscal consolidation, developed with the support of IMF technical assistance.

1

06/30/2020

MOD-DATE

N/A

5

1

2020-06-30

N/A

SB_20.70_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Government to table legislation for a fiscal rule to enhance fiscal transparency, and lock in the gains of fiscal consolidation, developed with the support of IMF technical assistance.

1

12/31/2020

MOD-DATE

N/A

5

1

2020-12-31

N/A

SB_20.70_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Government to table legislation for a fiscal rule to enhance fiscal transparency, and lock in the gains of fiscal consolidation, developed with the support of IMF technical assistance.

1

06/30/2021

MOD-DATE

N/A

5

1

2021-06-30

N/A

SB_20.70_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Government to table legislation for a fiscal rule to enhance fiscal transparency, and lock in the gains of fiscal consolidation, developed with the support of IMF technical assistance.

1

09/30/2021

MOD-SB

The test date was modified to end-September 2021, as the COVID-19 postponed the IMF technical assitance mission.

5

1

2021-09-30

N/A

SB_20.70_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

The Minister of Finance to issue regulations for a procedural fiscal rule, specifying hierarchical fiscal objectives, accounting basis, monitoring bodies and correction mechanisms.

2

12/31/2021

SB

This SB replaces SB_23.10_1: Government to table legislation for a fiscal rule to enhance fiscal transparency, developed with the support of IMF technical assistance, and lock in the gains of fiscal consolidation.

5

2

2021-12-31

R5

N/A

SB_20.70_2

SB_20.70_1

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Minister of Finance to table a fiscal framework including projections for revenue, expenditure and debt for FY2022-23 and two following fiscal years in parliament by August 15, 2021

3

08/15/2021

SB

N/A

5

3

2021-08-15

R5

N/A

SB_20.70_3

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

The NIS to submit all outstanding financial statements for audit by the Auditor General.

4

03/31/2022

SB

N/A

5

4

2022-03-31

R5

N/A

SB_20.70_4

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.8

1.8. Budget preparation (e.g., submission or approval)

Government to table a revised Financial Management and Audit (FMA) Act to establish a permanent binding budget calendar, envisaging budget approval prior to the fiscal year.

1

12/31/2018

MD

N/A

5

1

2018-12-31

N/A

SB_20.80_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.9

1.9. Inter-governmental relations

Government to develop plans to recapitalize the CBB and address medium and long term challenges for the NIS stemming from the debt restructuring.

1

06/30/2020

MOD-DATE

N/A

5

1

2020-06-30

N/A

SB_20.90_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.9

1.9. Inter-governmental relations

Government to develop plans to recapitalize the CBB and address medium and long term challenges for the NIS stemming from the debt restructuring.

1

12/31/2020

MOD-DATE

N/A

5

1

2020-12-31

N/A

SB_20.90_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

20.9

1.9. Inter-governmental relations

Government to develop plans to recapitalize the CBB and address medium and long term challenges for the NIS stemming from the debt restructuring.

1

06/30/2021

MOD-DATE

The test date was modified to end-June 2021, as the COVID-19 postponed the IMF technical assitance mission.

5

1

2021-06-30

N/A

SB_20.90_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Parliament to enact an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the government to short term advances. The revised CBB law, prepared in consultation with IMF staff, will also clarify the mandate of the CBB, and strengthen its decision-making structures.

1

06/30/2019

MOD-DATE

N/A

5

1

2019-06-30

N/A

SB_21.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Parliament to enact an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the government to short term advances. The revised CBB law, prepared in consultation with IMF staff, will also clarify the mandate of the CBB, and strengthen its decision-making structures.

1

12/31/2019

MOD-DATE

N/A

5

1

2019-12-31

N/A

SB_21.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Parliament to enact an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the government to short term advances. The revised CBB law, prepared in consultation with IMF staff, will also clarify the mandate of the CBB, and strengthen its decision-making structures.

1

12/31/2020

M

N/A

5

1

2020-12-31

N/A

SB_21.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

21.1

2.1. Central bank operations and reforms

Government to submit to Parliament an amended Central Bank Law aimed at enhancing the Central Bank's institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing to the Government to short-term advances.

2

09/30/2020

M

N/A

5

2

2020-09-30

N/A

SB_21.10_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

06/30/2019

MOD-DATE

N/A

5

1

2019-06-30

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

06/30/2020

MOD-DATE

N/A

5

1

2020-06-30

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

09/30/2020

MOD-DATE

N/A

5

1

2020-09-30

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

12/31/2020

MOD-DATE

Proposed to be reset to end-June 2021

5

1

2020-12-31

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

06/30/2021

MOD-DATE

N/A

5

1

2021-06-30

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

12/31/2021

MOD-DATE

N/A

5

1

2021-12-31

R5

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Government to conduct an actuarial review of the civil service pension system with a view to reform it as discussed in MEFP paragraph 21.

2

12/31/2019

MOD-DATE

N/A

5

2

2019-12-31

N/A

SB_23.10_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Government to conduct an actuarial review of the civil service pension system with a view to reform it as discussed in MEFP paragraph 21.

2

06/30/2020

MOD-DATE

N/A

5

2

2020-06-30

N/A

SB_23.10_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Government to conduct an actuarial review of the civil service pension system with a view to reform it as discussed in MEFP paragraph 21.

2

09/30/2020

MOD-DATE

N/A

5

2

2020-09-30

N/A

SB_23.10_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Government to conduct an actuarial review of the civil service pension system with a view to reform it as discussed in MEFP paragraph 21.

2

11/30/2020

MD

N/A

5

2

2020-11-30

N/A

SB_23.10_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Parliament to adopt a revised Financial Management and Audit (FMA) Act conferring greater autonomy to the Ministry of Finance and Economic Affairs to oversee SOEs, including prior approval of all borrowings and assumptions of other liabilities. Revisions to the FMA Act will also establish clear definitions for the classification of public entities, and their related roles and responsibilities; and establish tighter and more precise reporting requirements for SOEs, and sanctions for noncompliance.

1

12/31/2018

MD

N/A

5

1

2018-12-31

N/A

SB_24.00_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Government to ensure that all SOEs listed in TMU paragraph 2 prepare and submit to the government standardized quarterly financial reports.

2

12/31/2018

M

N/A

5

2

2018-12-31

N/A

SB_24.00_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Government to submit to parliament a consolidated report on the performance of SOEs, together with budget estimates.

3

03/31/2019

MD

N/A

5

3

2019-03-31

N/A

SB_24.00_3

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Government to conduct a comprehensive review of all tariffs and fees charged by SOEs.

4

06/30/2019

MOD-DATE

N/A

5

4

2019-06-30

N/A

SB_24.00_4

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Government to conduct a comprehensive review of all tariffs and fees charged by SOEs.

4

09/30/2019

M

N/A

5

4

2019-09-30

N/A

SB_24.00_4

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Government to introduce a system for monitoring SOE arrears on an ongoing basis.

5

03/31/2019

M

N/A

5

2019-03-31

N/A

SB_24.00_5

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

24

5. Public enterprise reform and pricing (non financial sector)

Government to launch a training and outplacement programme to help mitigate effects on the vulnerable from the restructuring of SOEs.

6

12/31/2018

M

N/A

5

6

2018-12-31

N/A

SB_24.00_6

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Government to establish a Sandbox regime for regulation for fintech start-ups

1

12/31/2018

M

N/A

5

1

2018-12-31

N/A

SB_25.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Parliament to pass the Fair Credit Reporting Act1

2

10/31/2021

SB

N/A

5

2

2021-10-31

R5

N/A

SB_25.10_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

27

8. International trade policy, excluding customs reforms

Customs Department to establish a trusted trader program that gives defined benefits to program members and have at least eight companies participating

1

03/31/2020

M

N/A

5

1

2020-03-31

N/A

SB_27.00_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

27

8. International trade policy, excluding customs reforms

Relocate ASYCUDA World so that it is housed in, and under the control of, the Customs and Excise Department, and ensure that both the BRA, the Ministry of Finance, and the CBB have all real time access to the database for domestic compliance and tax policy analysis purposes on a need to know basis. The selectivity module of ACYCUDA World must also be functioning ans in use.

2

06/30/2020

M

N/A

5

2

2020-06-30

N/A

SB_27.00_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

29

10. Economic statistics (excluding fiscal and central bank transparency and similar measures)

The Barbados Statistical Services (BSS) to publish a calendar of statistical publications covering national accounts, prices and the labor market.

1

03/31/2021

M

N/A

5

1

2021-03-31

N/A

R5

SB_29.00_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

29

10. Economic statistics (excluding fiscal and central bank transparency and similar measures)

The CBB to compile and disseminate a first set of quarterly core indicators for FSIs for deposit takers (excluding credit unions) in line with the guidance provided by the IMF TA in 2019.

2

12/31/2021

SB

N/A

5

2

2021-12-31

R5

N/A

SB_29.00_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Parliament to adopt new Town and Country Planning legislation, aimed at streamlining and accelerating the process for providing permits.

1

12/31/2018

MD

N/A

5

1

2018-12-31

N/A

SB_30.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Government to adopt a new business plan and staffing strategy for the Corporate Affairs and Intellectual Property Office (CAIPO), with a view of streamlining the registration of new business and strengthening maintenance of commercial records of existing business.

2

03/31/2019

M

N/A

5

2

2019-03-31

N/A

SB_30.10_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-06-16

P1

R5

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

The Supreme Court Registry to launch its e-Filing system.

3

09/30/2021

SB

N/A

5

3

2021-09-30

R5

N/A

SB_30.10_3

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

PA

20.5

1.5. Debt Management

Government to launch exchange offer for debt restructuring of the stock of central government domestic debt held by private creditors and eligible for debt restructuring consistent with EFF supported program objectives

1

Program Prior Action

M

N/A

6

1

2023-09-23

N/A

PA_20.50_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

PA

21.1

2.1. Central bank operations and reforms

Government to submit to Parliament an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the Government to short term advances.

1

Program Prior Action

M

N/A

6

1

2023-09-23

N/A

PA_21.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

Government to conduct a comprehensive review of the tax system, with inputs from IMF technical assistance.

1

06/30/2019

M

N/A

6

1

2019-06-30

N/A

SB_20.20_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

The Barbados Revenue Authority (BRA) to adopt measurable performance targets that increase on-time filing for corporate Income Tax and VAT from current levels (less than 50 percent for both respectively) to 75 percent over calendar year 2019.

2

12/31/2019

M

N/A

6

2

2019-12-31

N/A

SB_20.20_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

The Large Taxpayer Unit (LTU) to (i) update all LTU taxpayer accounts ensuring they reflect accurate balances, and (ii) commence the conduct of audits targeting the most current tax period.

3

12/31/2018

M

N/A

6

3

2018-12-31

N/A

SB_20.20_3

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

Customs Department to (i) deploy staff to the exemption monitoring unit and undertake at least eight exemption verification assignments in 2019; (ii) train and deploy at least 6 officers in the post clearance audit unit and undertake at least 8 field audits in 2019; (iii) establish a trusted trader program that gives defined benefits to program members by the end of 2018 and have at least eight companies participating by the end of 2019; and (iv) undertake post release verification of entries and subject at least 3500 entries to this control by the end of 2019.

4

12/31/2019

MOD-DATE

N/A

6

4

2019-12-31

N/A

SB_20.20_4

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

Customs Department to (i) deploy staff to the exemption monitoring unit and undertake at least eight exemption verification assignments in 2019; (ii) train and deploy at least 6 officers in the post clearance audit unit and undertake at least 8 field audits in 2019; (iii) establish a trusted trader program that gives defined benefits to program members by the end of 2018 and have at least eight companies participating by the end of 2019; and (iv) undertake post release verification of entries and subject at least 3500 entries to this control by the end of 2019.

4

08/31/2020

M

N/A

6

4

2020-08-31

N/A

SB_20.20_4

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

BRA (i) to execute an initial 20 "issue based" audits on taxpayers in the large taxpayer segment, and (ii) to develop a risk-based compliance plan to improve "on-time" filing and payments compliance rates.

5

06/30/2020

M

N/A

6

5

2020-06-30

N/A

SB_20.20_5

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

Create in BCED an Information Technology Division of at least six employees.

6

03/31/2021

M

N/A

6

2021-03-31

N/A

R5

SB_20.20_6

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

Large Taxpayer Unit (LTU) to implement its compliance improvement plan and achieve ‘on-time’ filing of returns for all large taxpayers of at least 90 percent for all core taxes (VAT, CIT, PAYE).

7

03/31/2021

NM

On-time filings fell short of target

6

7

2021-03-31

N/A

R5

SB_20.20_7

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

BRA to establish a program to address pre-TAMIS debt using a dedicated task force for a two-year period.

8

09/30/2021

M

N/A

6

8

2021-09-30

R5

R6

SB_20.20_8

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

BCED to improve performance management by: (i) harmonizing departmental key performance indicators with ASYCUDA measures; (ii) implementing the Performance Review and Development System; (iii) developing and automating trade and commercial compliance dashboards to be populated at the unit level on a weekly basis and presented to senior management via monthly reports.

9

10/31/2021

M

N/A

6

9

2021-10-31

R5

R6

SB_20.20_9

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.2

1.2. Revenue administration, including customs

BCED to improve trade facilitation and risk management by: (i) collaborating with the trade community to define clear benefits for the BCED Trusted Trader Program’s participants; (ii) streamlining and standardizing the cargo import process in the marine mode; and (iii) improving traceability of shipments in the customs system.

10

12/31/2021

SB

N/A

6

10

2021-12-31

R5

N/A

SB_20.20_10

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

Governor General to proclaim the Financial Management and Audit (FMA) Act.

1

07/31/2019

M

N/A

6

1

2019-07-31

N/A

SB_20.60_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.6

1.6. Expenditure auditing, accounting, and financial controls

The Management and Accounting Unit (MAU) to prepare a dashboard that analyzes the financial performance of government’s 19 priority oversight SOEs as input to quarterly progress updates based on this dashboard to Cabinet.

2

03/31/2021

M

N/A

6

2

2021-03-31

N/A

R5

SB_20.60_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Government to table legislation for a fiscal rule to enhance fiscal transparency, and lock in the gains of fiscal consolidation, developed with the support of IMF technical assistance.

1

06/30/2020

MOD-DATE

N/A

6

1

2020-06-30

N/A

SB_20.70_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Government to table legislation for a fiscal rule to enhance fiscal transparency, and lock in the gains of fiscal consolidation, developed with the support of IMF technical assistance.

1

12/31/2020

MOD-DATE

N/A

6

1

2020-12-31

N/A

SB_20.70_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Government to table legislation for a fiscal rule to enhance fiscal transparency, and lock in the gains of fiscal consolidation, developed with the support of IMF technical assistance.

1

06/30/2021

MOD-DATE

N/A

6

1

2021-06-30

N/A

SB_20.70_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Government to table legislation for a fiscal rule to enhance fiscal transparency, and lock in the gains of fiscal consolidation, developed with the support of IMF technical assistance.

1

09/30/2021

MOD-SB

The test date was modified to end-September 2021, as the COVID-19 postponed the IMF technical assitance mission.

6

1

2021-09-30

N/A

SB_20.70_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

The Minister of Finance to issue regulations for a procedural fiscal rule, specifying hierarchical fiscal objectives, accounting basis, monitoring bodies and correction mechanisms.

2

12/31/2021

SB

This SB replaces SB_23.10_1: Government to table legislation for a fiscal rule to enhance fiscal transparency, developed with the support of IMF technical assistance, and lock in the gains of fiscal consolidation.

6

2

2021-12-31

R5

N/A

SB_20.70_2

SB_20.70_1

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

Minister of Finance to table a fiscal framework including projections for revenue, expenditure and debt for FY2022-23 and two following fiscal years in parliament by August 15, 2021

3

08/15/2021

M

N/A

6

3

2021-08-15

R5

R6

SB_20.70_3

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.7

1.7. Fiscal transparency (publication, parliamentary oversight)

The NIS to submit all outstanding financial statements for audit by the Auditor General.

4

03/31/2022

SB

N/A

6

4

2022-03-31

R5

N/A

SB_20.70_4

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.8

1.8. Budget preparation (e.g., submission or approval)

Government to table a revised Financial Management and Audit (FMA) Act to establish a permanent binding budget calendar, envisaging budget approval prior to the fiscal year.

1

12/31/2018

MD

N/A

6

1

2018-12-31

N/A

SB_20.80_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.9

1.9. Inter-governmental relations

Government to develop plans to recapitalize the CBB and address medium and long term challenges for the NIS stemming from the debt restructuring.

1

06/30/2020

MOD-DATE

N/A

6

1

2020-06-30

N/A

SB_20.90_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.9

1.9. Inter-governmental relations

Government to develop plans to recapitalize the CBB and address medium and long term challenges for the NIS stemming from the debt restructuring.

1

12/31/2020

MOD-DATE

N/A

6

1

2020-12-31

N/A

SB_20.90_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

20.9

1.9. Inter-governmental relations

Government to develop plans to recapitalize the CBB and address medium and long term challenges for the NIS stemming from the debt restructuring.

1

06/30/2021

M

The test date was modified to end-June 2021, as the COVID-19 postponed the IMF technical assitance mission.

6

1

2021-06-30

N/A

SB_20.90_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

21.1

2.1. Central bank operations and reforms

Parliament to enact an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the government to short term advances. The revised CBB law, prepared in consultation with IMF staff, will also clarify the mandate of the CBB, and strengthen its decision-making structures.

1

06/30/2019

MOD-DATE

N/A

6

1

2019-06-30

N/A

SB_21.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

21.1

2.1. Central bank operations and reforms

Parliament to enact an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the government to short term advances. The revised CBB law, prepared in consultation with IMF staff, will also clarify the mandate of the CBB, and strengthen its decision-making structures.

1

12/31/2019

MOD-DATE

N/A

6

1

2019-12-31

N/A

SB_21.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

21.1

2.1. Central bank operations and reforms

Parliament to enact an amended Central Bank Law aimed at enhancing the Central Bank’s institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing of the government to short term advances. The revised CBB law, prepared in consultation with IMF staff, will also clarify the mandate of the CBB, and strengthen its decision-making structures.

1

12/31/2020

M

N/A

6

1

2020-12-31

N/A

SB_21.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

21.1

2.1. Central bank operations and reforms

Government to submit to Parliament an amended Central Bank Law aimed at enhancing the Central Bank's institutional, personal, and financial autonomy and, in particular, limiting Central Bank financing to the Government to short-term advances.

2

09/30/2020

M

N/A

6

2

2020-09-30

N/A

SB_21.10_2

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

06/30/2019

MOD-DATE

N/A

6

1

2019-06-30

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

06/30/2020

MOD-DATE

N/A

6

1

2020-06-30

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

09/30/2020

MOD-DATE

N/A

6

1

2020-09-30

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

12/31/2020

MOD-DATE

Proposed to be reset to end-June 2021

6

1

2020-12-31

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

06/30/2021

MOD-DATE

N/A

6

1

2021-06-30

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

12/31/2021

MOD-DATE

N/A

6

1

2021-12-31

R5

N/A

SB_23.10_1

N/A

772

BARBADOS

316

EFF

2018-10-01

2,018

2022-09-30

2,022

N/A

2021-12-15

P1

R6

BLANK

SB

23.1

4.1. Pension reforms

Government to table a revised public pension law to enhance the sustainability of the public sector pension scheme

1

03/31/2022

MOD-DATE

Revised pension law was delayed owing to insufficient opportunities for essential public consultations, which could so far not take place amidst repeated COVID-19 outbreaks and natural disasters.

6

1

2022-03-31

R6

N/A

SB_23.10_1

N/A