FHA TAX ALERT – Barbados 2016 Budget

A review of the Barbados Budget Proposals 2016 by FRANHENDY Attorneys

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FRANHENDY ATTORNEYS TAX ALERT

Growth Returns to the Barbados Economy. Trajectory is Not Assured. No Additional Direct Tax Measures to Support the International Business and Financial Services Sector (IBFSS). Emphasis on Public-Private Sector Partnership to Spur Growth in the IBFSS

Summary of the  2016 Budgetary Proposals:

  •  Removal of the imposition of duty on yachts remaining in Barbados waters for more than six months will be removed and replaced with an annual licence fee of BBD$2,000 per boat.
  • An increase in the Bank Asset Tax from of 0.2% to 0.35%.
  • Levy to be introduced at a rate of 2% on the customs value of all imports with the exception of goods for the manufacturing, agriculture and tourism sectors. It will also apply to domestic output. This measure will assist with offsetting the costs of financing public health care, and servicing of a loan intended to provide the Sanitation Services Authority (SSA) with a new…

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