Corporate Deductions Tax Advice in Barbados

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Last Updated 31/07/2024

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AT A GLANCE

Corporate Deductions in Barbados

Here’s a quick guide to what your company in Barbados might be able to deduct from its taxable income.

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Business Expenses

Most reasonable expenses directly linked to earning your business income are deductible. However, capital expenditures are only if there are specific exceptions.

Depreciation

Depreciation is typically calculated on a straight-line basis for assets like machinery or vehicles. Additional allowances can boost depreciation in the first year.

Capital Allowances

Investments in assets can also benefit from capital allowances:

Plant and machinery have various rates.
Industrial buildings are deductible at 4%.
Intellectual property gets a special rate, allowing a deduction of 5% of the cost.

Renewable Energy Initiatives

Going green? There’s a 50% additional allowance on top of the regular depreciation for renewable energy investments.

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Depletion Allowance

Oil and gas sectors can apply a depletion rate of 20% or 10% over and above the standard depreciation rates.

Non-Deductibles

Certain costs like goodwill, fines, penalties, and income taxes are not deductible.

Start-up Costs

Start-up expenses are typically non-deductible as they are considered capital expenditures.

Interest and Bad Debts

Interest on borrowings is deductible if paid on time. Bad debts are deductible, too, but only if they’ve been included in your income and turn bad within the fiscal year.

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Contributions

Charitable contributions are deductible, but only if they go to registered charities.

Pension Expenses

Contributions to registered pension schemes are favourably deductible.

Losses

Net operating losses can be carried forward for up to seven years, helping to reduce taxable income in future profitable years.

Payments to Foreign Affiliates

These are deductible as long as the amounts are no more than what would be paid to an unrelated party. However, there are specific rules around deductions for management fees and interest paid to foreign-related parties.

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SPOTLIGHT ARTICLE

OECD’s Crypto Reporting Framework (“CARF”)

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	Become a curator TAX NATIVES: CURATOR — Curator The Curator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives. The Curator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives. However, the Curator has additional responsibilities. They are tasked with the responsibility of managing and updating one of the jurisdiction pages. There is only one Curator membership available for each jurisdiction. Where a Curator fulfils their commitments then they receive a 100% discount against their monthly membership fee. READ MORE	Become a creator TAX NATIVES: CREATOR — Creator The Creator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives. However, the Creator has additional responsibilities. They commit to their other Natives that they will produce at least one piece of quality content each quarter – whether an article, video or other valuable content. There are multiple Creator memberships available for each jurisdiction. Where a Curator fulfils their commitments then they receive a 100% discount against their monthly membership fee.	Become an adviser TAX NATIVES: ADVISOR — Adviser The Adviser is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives. The Adviser Native is a care-free soul and has made no other commitments to his fellow Tax Natives to generate content or curate a jurisdictional page. That's cool. However, the Adviser will be eligible to pay the full monthly membership fee.
Initial admin fee	£250 Free	£250 Free	£250 Free
Minimum membership term	12 months	12 months	12 months
Article contentCreator and Curators must create at least one piece of original, quality-approved content each quarter.	No	YesCreator and Curators must create at least one piece of original, quality-approved content each quarter.	No
Managing and updating your jurisdiction page	Yes	No	No

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Curator

The Curator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives.

However, the Curator has additional responsibilities. They are tasked with the responsibility of managing and updating one of the jurisdiction pages.

There is only one Curator membership available for each jurisdiction.

Where a Curator fulfils their commitments then they receive a 100% discount against their monthly membership fee.

Initial admin fee	£250 Free
Minimum membership term	12 months
Article contentCreator and Curators must create at least one piece of original, quality-approved content each quarter.	No
Managing and updating your jurisdiction page	Yes

FREE

Become a creator

TAX NATIVES: CREATOR —

Creator

The Creator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives.

There are multiple Creator memberships available for each jurisdiction. Where a Curator fulfils their commitments then they receive a 100% discount against their monthly membership fee.

Initial admin fee	£250 Free
Minimum membership term	12 months
Content creationCreator and Curators must create at least one piece of original, quality-approved content each quarter.	YesCreator and Curators must create at least one piece of original, quality-approved content each quarter.
Managing and updating your jurisdiction page	No

£65 / month

Become an adviser

TAX NATIVES: ADVISOR —

Adviser

The Adviser is a fully-fledged member of the Tax Natives team.

As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives.

The Adviser Native is a care-free soul and has made no other commitments to his fellow Tax Natives to generate content or curate a jurisdictional page.

That's cool.

However, the Adviser will be eligible to pay the full monthly membership fee.

Initial admin fee	£250 Free
Minimum membership term	12 months
Content creationCreator and Curators must create at least one piece of original, quality-approved content each quarter.	No
Managing and updating your jurisdiction page	No

RELATED CORPORATE DEDUCTIONS TAX ADVICE IN BARBADOS ARTICLES

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Corporate Deductions Tax Advice in Barbados

Ask a free Corporate Deductions Tax Advice in Barbados tax question

AT A GLANCE

Corporate Deductions in Barbados

Tax experts in the region

How Tax Natives works.

STEP ONE

STEP TWO

STEP THREE

Business Expenses

Depreciation

Capital Allowances

Renewable Energy Initiatives

Depletion Allowance

Non-Deductibles

Start-up Costs

Interest and Bad Debts

Contributions

Pension Expenses

Losses

Payments to Foreign Affiliates

OECD’s Crypto Reporting Framework (“CARF”)

What are the membership types available?

Curator Native

FREE

Creator Native

FREE

Adviser Native

£65 / month

Curator

Creator

Adviser

FREE

Curator

FREE

Creator

£65 / month

Adviser

RELATED CORPORATE DEDUCTIONS TAX ADVICE IN BARBADOS ARTICLES

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Contact us

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