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Barbados Budgetary Proposal and Financial Statement 2018

Barbados Prime Minister and Minister of Finance and Economic Affairs Mia Amor Mottley delivered the Budgetary Proposal and Financial Statement 2018 on 11 June 2018. The main tax-related proposals include:

  • An increase in the standard corporate tax rate from 25% to 30% effective 1 October 2018;
  • The introduction of rules for the levy of value added tax (VAT) on all online purchases of goods and services by Barbadian residents, which is intended to be effective from 1 October 2018);
  • The introduction of new 40% individual income tax bracket and other adjustments effective 1 July 2018, resulting in the following brackets/rates:
    • up to BBD 25,000 – 0%
    • over BBD 25,000 up to 60,000 – 16%
    • over BBD 60,000 up to 75,000 – 33.5%
    • over BBD 75,000 – 40%
  • An increase in the VAT rate on hotel accommodation from 7.5% to 15% effective 1 January 2020, with an interim Room Levy introduced from USD 2.50 to USD 10.00 depending on room type effective 1 July 2018;
  • The introduction of a 10% shared accommodation levy on accommodation arranged through platforms like Airbnb
  • The introduction of a 2.5% Product Levy on all Direct Tourism Services effective 1 July 2018;
  • The repeal of the National Social Responsibility Levy effective 1 July 2018; and
  • The replacement of the Road Tax with a Fuel Tax effective 1 July 2018.

Click the following link for the full Budgetary Proposal and Financial Statement 2018.

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