Thursday, April 25, 2024

Big gift for businesses


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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)

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