Tax Profressional usually responds in minutes

Our tax advisers are all verified

Unlimited follow-up questions

  • Sign in
  • Barbados

    AT A GLANCE

    OUR JURISDICTIONS —

    Barbados

    LAST UPDATED 11/01/2024

    AT A GLANCE

    Introduction:

    Dive into the beautiful Caribbean island of Barbados, exploring its history, economy, and tax system in a way that’s easy to understand for everyone.

    A Historical Milestone:

    Barbados, a picturesque island located on the eastern edge of the Caribbean, became an independent nation in 1966. While it retained connections to the British monarchy through the Governor General, the island nation transitioned into a parliamentary republic on November 30, 2021. The president, elected indirectly, serves as the ceremonial head of state, while the prime minister holds the role of head of government. Bridgetown is the bustling capital city, and English is the official language.

    The Barbados dollar (BBD) is the local currency, pegged to the United States dollar at a rate of USD 1 = BBD 2.

    Economic Evolution:

    Initially relying heavily on sugar agriculture, Barbados’ economy has evolved since the 1970s to become a largely free-enterprise, open-market system. The island now focuses on four main industries: tourism, international financial services, agriculture, and manufacturing. Additionally, construction and real estate services have experienced significant growth. The country aims to achieve stable economic growth by boosting foreign exchange earnings and generating employment, with a particular emphasis on tourism and international financial services.

    Key Tax Rates and Due Dates:

    • Corporate income tax (CIT) rates range from 5.5% to 1%.
    • CIT return due dates vary based on the fiscal year end: 15 March for companies with fiscal year ending between 1 January and 30 September, and 15 June for companies with fiscal year ending between 1 October and 31 December.
    • Personal income tax (PIT) rates stand at 28.5%.
    • PIT return due date is set at 30 April.
    • Standard value-added tax (VAT) rate is 17.5%.
    • Withholding tax (WHT) rates on dividends, interest, and royalties vary for residents and non-residents.
    • There are no capital gains tax, net wealth/worth tax, inheritance tax, or gift tax rates in Barbados.

      How Tax Natives works.

      Tax Natives is an international tax network that connects Explorers (taxpayer clients) with Natives (qualified and regulated tax advisers) from one jurisdiction to another.

      Ask a question to get started

      STEP ONE

      Select the 'Ask a question button located on the top of each page and follow through the process to compose your question

      STEP TWO

      Once your question is confirmed and your account is set up, navigate to your user dashboard to view the message exchange between you and your Tax Native.

      STEP THREE

      Each Tax Native has to accept a question from an Explorer before a conversation can begin. Once the Tax Native has accepted your question, a quote will be submitted for approval through the messaging portal.

      Bring your knowledge to the world.

      Become a tax native

      Contact us

      If you’re having any problems with your membership, account, or just generally loving Tax Natives. Drop us a line here and we’ll get back to you.

      Contact

      We collect personal information when you enquire about our services. We will use this information to provide the services requested, maintain records and, if you agree below, to send you marketing information. We will not share your infromation for marketing purposes with any other companies. For more information explaining how we use your information please see our Privacy Policy(Required)
      This field is for validation purposes and should be left unchanged.