|
|
Income Tax > Barbados income tax structure |
| General tax rates for individuals/corporations |
|
|
General Tax Rate for individuals
- For Income year 2003
- 22.5% of every complete dollar of taxable income up to
and including $24,200.
- 40% of every complete dollar of taxable income about $24,200.
- For Income Year 2004
- 20% of every complete dollar of taxable income up to and including $24,200.
- 40% of every complete dollar of taxable income above $24,200.
- For Income Year 2005
- 20% of every complete dollar of taxable income up to and including $24,200.
- 37.5% of every complete dollar of taxable income above $24,200.
- For Income Year 2006
- 20% of every complete dollar of taxable income up to and including $24,200.
- 35% of every complete dollar of taxable income above $24,200.
General Tax Rate for Corporations
- With effect from Income Year 2003, the tax payable by a company upon its taxable is 36% of every complete dollars of that taxable income.
- With effect from Income Year 2004, the tax payable by a company upon its taxable income is 33% of every dollar of that taxable income.
- With effect from Income Year 2005, the tax payable by a company upon its taxable income is 30% of every complete dollar of that taxable income.
- With effect from Income Year 2006, the tax payable by a company upon its taxable income is 25% of every complete dollar of that taxable income.
- Life Insurance Companies 5% of gross investment income
- International Business Companies 1% - 2 ½%
In addition to Corporation Tax, companies carrying on life insurance
business and general insurance business must pay a tax on premium
income.
- Life Insurance Business
Resident and non-resident companies 5% on new businesses
- Resident companies 3% on renewal.
- Non-resident companies 5% on renewal.
- General Insurance Business
- Resident and non-resident companies 3.75%.
|
Job Seekers