Thursday, April 25, 2024

Big gift for businesses

Date:

Share post:

A massive corporate tax ease is coming for Barbadian companies.

After raising the standard corporation tax rate from 25 to 30 per cent effective last month to generate an additional $57 million in tax revenue, Government has changed course as it moves to dismantle a 40-year tax regime by next month to avoid “severe” international sanctions.

It means that the majority of companies will now pay between one per cent and 5.5 per cent on taxable income, and Prime Minister Mia Amor Mottley is urging these entities to pass on some of the benefits.

She said Government’s revenue would not be impacted by the new schedule of taxes. In its recent third quarter review, the Central Bank said Government earned $159.6 million in corporate taxes between April and September. (SC)

Subscribe now to our eNATION edition.

For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Body found near Culpepper

There are reports reaching The Nation that a body was found in the area of Culpepper, St Philip. Initial...

Time to focus on national issues

ARE THE DEMS united, or are they fragmented? The reason I ask though is because shortly after Member of...

Dominica High Court overturns ban on same-sex relations

Dominica's High Court has overturned a ban on consensual same-sex relations in the Caribbean island nation. The court ruled...

Usain Bolt named ICC Men’s T20 World Cup 2024 Ambassador

ST JOHN’S, Antigua – The International Cricket Council (ICC) have announced Olympic legend Usain Bolt as an ambassador...