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Value-Added Tax (VAT) Advice in Barbados
Last Updated 18/11/2024
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VAT regulations in Barbados can be a real challenge, but you need to stay compliant if you want to protect your business and keep profits high. Only with expert guidance can you protect your bottom line while staying on the right side of the law. Get in touch with your very own VAT advisor now.
VALUE ADDED TAX (VAT):
In Barbados, VAT (also known as sales tax) is charged at 17.5% on a wide range of goods and services imported or supplied by VAT-registered persons. Several services, such as financial services, real estate, medical services, and education, are exempt. Intergroup transactions are taxable.
Businesses must register for VAT if their annual turnover exceeds BBD 200,000, while voluntary registration is allowed for those with lower turnovers. Some supplies, like exports, basic food items, prescription drugs, crude oil, and certain services for the international financial sector, are zero-rated.
CUSTOMS DUTY
Customs duty is applied to various imported goods at rates specified in the Customs Act. Rates for most items range from 0% to 20%, with luxury items subject to higher rates. Some goods produced within Barbados and CARICOM are subject to a 60% duty rate when imported from outside the region. Manufacturers and agriculturists are exempt from duty on inputs for their businesses, and certain organizations are also exempt from customs duty.
EXCISE TAXES
Excise taxes are imposed on five categories of goods: sweetened beverages, motor vehicles, spirituous beverages, tobacco products, and petroleum products. Most excisable goods are taxed at a specific rate, while motor vehicles and sweetened beverages are subject to ad valorem rates. Some individuals and goods are exempt from excise taxes.
FUEL TAX
Introduced on 1 July 2018, a fuel tax is levied on importations of gasoline and diesel at a rate of BBD 0.40 per liter and kerosene at a rate of BBD 0.50 per litre
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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.
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Become a curator
TAX NATIVES: CURATOR — CuratorThe 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. |
Become a creator
TAX NATIVES: CREATOR — CreatorThe 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. |
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TAX NATIVES: ADVISOR — AdviserThe 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. |
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|---|---|---|---|
| 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
Read moreTAX 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.
| 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
Read moreTAX 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 |
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