For Indviduals

• All INDIVIDUALS who earn income should register with the TAMIS online tax filing software of the Barbados Revenue Authority: https://tamis.bra.gov.bb/
• An INDIVIDUAL may be either an Employee or Self-Employed or both.
• Income from ALL sources should be included in an individual’s tax return.
• Each Partner in a Partnership should declare his/her share of the profit as income in his/her individual tax return.
• ALL Individuals must file a PERSONAL INCOME TAX RETURN by APRIL 30^th each year.

For Companies

All COMPANIES should register with the TAMIS online tax filing software of the Barbados Revenue Authority: https://tamis.bra.gov.bb/

Companies must file a CORPORATION INCOME TAX RETURN each year by March 15^th or June 30^th, depending on the fiscal year-end of the company.

Value Added Tax

A business is required to register for VAT  if it provides “taxable supplies” with gross income of $200,000 per year or more.

Rates are: 17.5% (standard rate for most goods and services); 10% (hotel accommodation); 22% (mobile telephone services); 0% (certain food items). Medical and dental services are exempt.

Once registered, a business must file a Vat return every 2 months and pay the net Vat due on sales minus Vat paid on expenses incurred in the 2 month period. The penalty for late payment is 10% of the Vat due.

For further details visit:   https://taxsummaries.pwc.com/barbados/corporate/other-taxes

Want to benefit from more tax tips?

Our team at Transforming Business Inc stands ready to provide you or your business with more tax tips to help you save money.

Contact us, because we care!