Barbados Tax Update 2023

November 8, 2023

Barbados’ Prime Minister, the Honorable Mia Amor Mottley S.C. M.P. has announced that Barbados has taken the decision to be an early adopter of the Organization of Economic Co-orporation and Development (“OECD”)’s Pillar 2 of the Base Erosion and Profit Shifting (“BEPS”) Initiative - “Global Anti-Base Erosion” (“GloBE”) Rules, which are designed to ensure that multinational entities pay a minimum level of tax on their global income.

Having dismantled its International Business Company (“IBC”) regime in 2018, converged its corporate tax rate down to a range of 5.5 to 1%, removed all but three tax allowances, and introduced economic substance rules in 2019 to meet OECD BEPS requirements, the country will once again see sweeping changes to its corporate tax landscape from the current/upcoming fiscal period 2024.

In what could be considered to be a display of its agility and an ability to be nimble, Barbados’ goal with every wave of change to its corporate regime is not just to be tax competitive but to be business competitive, on its way to becoming a global destination of excellence. 

Download Tricor's "Barbados Tax Update 2023" to learn more.

Contact Us

For more information, please contact our team in Barbados:

Connie Smith
Managing Director, Tricor Barbados
Clennell Jackman
Director – Corporate Services, Tricor Barbados
Terry-Ann Moe
Senior Manager – Tax, Legal & Compliance, Tricor Barbados
Richard Pile
Manager – Business Services, Tricor Barbados
Cyrlene Odle
Manager – Human Resources & Office Services, Tricor Barbados

Topics: Tax, Barbados, Tax Advisory & Compliance, Regulatory Updates

Download Tricor's "Barbados Tax Update 2023"

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