As Sandals Grande Resort & Spa makes its first payment under a newly reached Antigua & Barbuda Sales Tax (ABST) agreement, the government’s lead negotiator claims “over EC $100 million” in potential revenue was forgone under the previous one.
The revelation was made by the Chairman of the Subcommittee of the Cabinet on negotiations with Sandals Resorts International (SRI), Sir Robin Yearwood.
Sir Robin said that funds in excess of EC $100 million were lost under the 2009 concession whereby Sandals Grande remitted only a portion of the ABST collectable on rooms. He was speaking during the 2017 Budget debate.
“If you pick up the book for the Customs that’s a different set,” Sir Robin said indicating that the cumulative value of revenue lost from other concessions granted for certain imports were also hefty.
More in today’s Daily Observer.