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Barbados - Other taxes and levies

Barbados - Other taxes and levies

Taxation of international executives.

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Social security tax

Are there social security/social insurance taxes in your country/jurisdiction? If so, what are the rates for employers and employees?

The rates of the national insurance contributions for employees are 11.10 percent and for employer’s 12.75 percent, up to the maximum insurable earnings of BBD4,820 per month from income in the year 2019.

Type of insurance

Paid by employee

Paid by employer

Total

National Insurance

6.75%

6.75%

13.50%

Non-Contributory

2.00%

2.00%

4.00%

Employment Injury

0.00%

0.75%

0.75%

Unemployment

0.75%

1.00%

1.75%

Severance

0.00%

0.00%

0.00%

Training Levy

0.50%

0.75%

1.25%

Catastrophe Fund

0.10%

0.00%

0.10%

Health Service Contribution

1.00%

1.50%

2.50%

Total

11.10%

12.75%

23.85%

Pension Plan

Not applicable.

Employment insurance

Not applicable.

Gift, wealth, estate, and/or inheritance tax

Are there real estate taxes in your country/jurisdiction?

None.

Real estate tax

Are there real estate taxes in your country/jurisdiction?

Land tax is levied on the owner of property on the value determined by the Town and Country Planning Department at the Ministry of Finance.

Sales/VAT tax

Are there sales and/or value-added taxes in your country/jurisdiction?

Value-added tax is generally levied at 17.5 percent. However, with respect to the supply of accommodation at hotels, guest houses, and similar places there is a concessionary rate of
10 percent. The VAT rate on certain mobile services is 22 percent. Certain supplies are zero- rated and exempt supplies are not subject to VAT.

Unemployment tax

Are there unemployment taxes in your country/jurisdiction?

None.

Other taxes

Are there additional taxes in your country/jurisdiction that may be relevant to the general assignee? For example, customs tax, excise tax, stamp tax, and so on.

Expatriates should consider the applicability of customs duties and/or excise taxes which may apply to items imported to Barbados (such as automobiles).

Foreign financial assets

Is there a requirement to declare/report offshore assets (e.g. foreign financial accounts, securities) to the country/jurisdiction’s fiscal or banking authorities?

Currently for Barbados nationals. Upon request for non-nationals; possible for bank account purposes.

Disclaimer:

All information contained in this publication is summarized by KPMG Barbados and the Eastern Caribbean, a KPMG, a Barbados and Eastern Caribbean partnership, registered in Barbados, Antigua and Barbuda, Saint Lucia and St. Vincent and the Grenadines, and a limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

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