Barbados Regulatory Update Alert

Further to the Prime Minister of Barbados’ recently delivered Budget Proposals and Financial Statement for the fiscal year 2022 – 2023, please see attached the various Policy Notes issued by the Barbados Revenue Authority (“BRA”) on Friday 1st April, 2022 in support of four (4) of the budgetary announcements.

We note the following highlights from the Policy Notes issued by the BRA:

• Pandemic Contribution Levy – Companies
  
  1. In respect of net income for 2020
  2. In respect of net income for 2021
• Pandemic Contribution Levy – Individuals
  
  1. Employed persons
  2. Self-employed persons
• Items Zero-rated For Value Added Tax (Personal Care Et Al)
• Excise Tax On Sweetened BeveragesIncrease in Goods and Services Tax Rate