BRA Income Tax Brackets in Barbados for 2024-2025

The official tax body, the Barbados Revenue Authority (BRA) maintains TAMIS (Tax Administration Management Information System), an electronic tax management platform accessible to both individuals and corporations. Users can view account information, file returns, view statements, make payments and submit enquiries.

The Income Tax Act, Cap. 73 (known as the Income Tax Act) provides income tax tables for both individuals and businesses. 

How do you calculate income tax? Familiarizing yourself with these income tax brackets and tax rates is essential for effective tax planning and to stay compliant with Barbadian tax laws. Different tax brackets apply depending on whether you operate as a sole proprietor, corporation, trust or partnership.

Here you will learn more about:

• headline tax rates 
• personal income tax rates for individuals
• corporate income tax rates
• property transfer tax rates
• withholding tax rates
• value-added tax rates

Headline Tax Rates in Barbados

Personal Income Tax (PIT) Brackets for Individuals in Barbados 2024-2025

An individual resident and domiciled in Barbados is taxed on their worldwide income. If resident but not domiciled, the individual is taxed on income derived from Barbados and any income from other sources outside Barbados to the extent that a benefit is obtained in the country. However, a non-resident individual is only taxed on income derived in Barbados.

Personal Income Tax Due Dates

Corporate Income Tax (CIT) Brackets in Barbados 2024-2025

Corporate Income Tax Due Dates

Property Transfer Tax in Barbados

While Barbados does not impose Capital Gains Tax (CGT), property transfer taxes are levied as tabulated below:

Withholding Tax Rates for Residents and Non-Residents in Barbados

Withholding tax (WHT) is levied on residents and non-residents in Barbados. For non-residents, WHT varies depending on the applicable tax treaty in place and is levied on dividends, interest, royalties and management fees.

Where royalties are derived for literary, artistic, scientific work, cinematographic films, and films, discs, or tapes for radio or television broadcasting, the rate is 0%. Dividends are only taxable in the state in which the beneficial owner is a resident. 

Value-Added Tax Rates in Barbados