What's Happening

Stay up-to-date on the latest news and happenings within the Barbados Revenue Authority system.

Guidance Notes

 

CbC Exchange Jurisdiction Listing as at January 2023

The pubic is asked to take note of those jurisdictions, which, as at January 13, 2023, Barbados intends to have a Qualifying Competent Authority Agreement (exchange relationship) with and the jurisdictions that Barbados has a Qualifying Competent Authority Agreement with to facilitate the exchange of Country-by-Country Reports under the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports.

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VAT Free Day December 21, 2022 

The Ministry of Finance has announced that Wednesday, December 21, 2022 shall be a value-added tax holiday in Barbados. The Barbados Revenue Authority has issued a Guidance Note which explains the changes in the VAT treatment of certain supplies for this initiative.

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Filing Extension for Submission of Country by Country Reports

The Barbados Revenue Authority has issued a Guidance Note advising Multinational Enterprise (“MNE”) Groups that an extension has been granted until Tuesday, January 31, 2023, to facilitate the submission of Country-by-Country (“CbC”) reports for any MNE Group whose first reporting fiscal year ends on December 31, 2021.  

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Country by Country Exchange Jurisdictions

The pubic is asked to take note of those justifications, which, as at October 24, 2022, Barbados intends to have a Qualifying Competent Authority Agreement (exchange relationship) with and the jurisdictions that Barbados has a Qualifying Competent Authority Agreement with to facilitate the exchange of Country-by-Country Reports under the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports.

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Country by Country Reporting - Frequently Asked Questions 

These are the answers to the most frequently asked questions about Country-by-Country Reporting (CbCR).

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Estate Clearance Applications

The Public is reminded that per Section 28(3) of the Succession Act, Cap.249, no personal representative may proceed to distribute the assets of an estate unless the Barbados Revenue Authority (“the Authority”) has certified that all such taxes, duties and other payments due to the State have been discharged.

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Country by Country Reporting Notification Form

The Barbados Revenue Authority (“the Authority”) advises resident constituent entities of multinational enterprise (“MNE”) Groups that the Country-by-Country (“CbC”) electronic notification form is available for completion.

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Country by Country Reporting - AEOI Web Portal

The Barbados Revenue Authority (“the Authority”) advises multinational enterprise (“MNE”) Groups that the Country-by-Country (CbC) Reporting Module of Automatic Exchange of Information (“AEOI”) web portal will be open from today, Friday, September 23, 2022, to facilitate the registration and filing of CbC Reports for any fiscal year beginning on or after January 1, 2021.

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Mutual Agreement Procedure (MAP) Statistics 2021 

The Barbados Revenue Authority (“the Authority”) is providing feedback on its Mutual Agreement Procedure (MAP) Programme. The MAP Programme is a service provided by the Global Relations Unit of the Authority with the support of the Office of the General Counsel to assist taxpayers in resolving cases of double taxation or taxation not in accordance with the provision of the relevant double taxation agreement. 

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Barbados' Tax Treaties - Rates  BEPS Action 6 minimum standard

This list contain all of the Treaties to which Barbados is a party. 

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Opening AEOI portal for CRS & FATCA filing period 2021

The Barbados Revenue Authority (“the Authority”) advises Reporting Barbados Financial Institutions (“RBFIs”) that the Automatic Exchange of Information (“AEOI”) web portal will be open from Wednesday, June 1, 2022, to Wednesday, August 31, 2022, to facilitate the filing of Common Reporting Standard (“CRS”) and Foreign Account Tax Compliance Act (“FATCA”) reports for the reporting period of 2021.

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Impact of Currency Fluctuations on the agreed EUR 750 Million Filing Threshold

The Barbados Competent Authority in an effort to ensure the effective implementation of the Country-by-Country (“CbC”) Reporting regime imposed under the Income Tax (Country-by-Country Reporting) Act, 2021-27 (“the Act”) has developed guidance on the impact of currency fluctuations on the agreed EUR 750 million filing threshold.

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Guidelines On The Appropriate Use Of Information Contained In Country-by-country Reports

The Barbados Competent Authority (“the Authority”) in an effort to ensure the effective implementation of the Country-by-Country (“CbC”) Reporting regime imposed under the Income Tax (Country-by-Country Reporting) Act, 2021-27 (“the Act”) has developed guidelines on the appropriate use of the information contained in the CbC Reports.

Barbados’ exchange of CbC Reporting Information will be facilitated through the Multilateral Competent Authority Agreement on the Exchange of Country-by-County Reports (“CbC MCAA”).

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Filing Country-by-Country Reporting Jurisdiction List of Exchange Relationships

The Income Tax (Country by Country Reporting) Act, 2021-27, was enacted on December 31, 2021 and is the domestic, legal, and administrative framework to impose and enforce country-by-country reporting requirements on in-scope multinational enterprises in Barbados.  It allows Barbados to implement the BEPS Action 13, Country-by-Country Reporting. 

This legislation signals Barbados’ continued commitment, as a member of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), to implement the four minimum standards of the BEPS Project.

See a copy of the Act here.

Click here to download the Jurisdiction List for Exchange Relationships under the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports by clicking the PDF icon below.

 

Filing Extension for prior-year reports for the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA)

The Barbados Revenue Authority (“the Authority”) advises Reporting Barbados Financial Institutions that a further filing extension has been granted until Friday, April 15, 2022, to facilitate prior-year Common Reporting Standard (“CRS”) and Foreign Account Tax Compliance Act (“FATCA”) reports, or to make corrections to previously submitted prior-year reports, and as such, the AEOI web portal will remain open until that date.

Reporting Barbados Financial Institutions with outstanding reports must first notify the Authority of their intent to (1) file a prior-year CRS and/or FATCA report(s) or (2) to make a correction to a previously submitted report by sending an email to compauth@bra.gov.bb.  

Click here to download GUIDANCE NOTE PPG No. 003/2022 - Feb 2022 - AEOI Prior Year Filing Extension

 

Corrections to the Common Reporting Standard and Foreign Account Tax Compliance Act reports for reporting year 2020

The Barbados Revenue Authority (“the Authority”), after validating the Common Reporting Standard (“CRS”) and the Foreign Account Tax Compliance Act (“FATCA”) data received from Reporting Barbados Financial Institutions for the reporting year 2020, has observed the following:-

1. entities have provided dates of birth for reportable persons which are possibly incorrect; and

2. in the absence of tax identification numbers entities have entered nine A’s, 0s, or 9s, or have used the series of codes developed by the Internal Revenue Service.

Please be advised that the Authority acting in accordance with Regulation 19 of the AEOI Regulations gives notice that Reporting Barbados Financial Institutions that submitted data as described at (1) and/ or (2) are required to make all necessary corrections to their data and file a corrected report with the Authority via its Automatic Exchange of Information (“AEOI”) web portal on or before February 28, 2022. 

Click here to download GUIDANCE NOTE PPG No. 002/2022 Jan 2022 - Reopening AEOI web portal-corrections-new codes (Revised)

 

BRA Publishes Guidance Note on the VAT-Free Day

The Government of Barbados has announced a value-added tax holiday for Monday, December 20, 2021. The Barbados Revenue Authority (Authority) has issued a Guidance Note which explains the changes in the Value Added Tax (“VAT”) treatment of certain supplies for this initiative.

The Guidance Note provides a general outline on goods that will ascribe a VAT rate of zero per cent and indicates the filing and reporting obligations for companies and businesses that may be affected by the temporary change.

Click here to download Guidance Note PPG 006 2021 VAT-Free Day

 

The Registration of Manufacturers of Registration Number Plates

The Road Traffic (Amendment Act) 2017-26 (“the Act”) authorises the Barbados Licensing Authority (BLA) to approve and regulate the manufacture of registration number plates. The Act imposes an initial registration fee and an annual renewal fee on a person who manufactures registration number plates.

Click here to view Guidance Note PPG NO. 003/2021 ROAD TRAFFIC (AMENDMENT) ACT,2017-26 S.I. 2018 NO.93

 

Filing extension - 2020 the Foreign Account Tax Compliance Act and Common Reporting Standard reports

Please be advised that the Barbados Revenue Authority (“the Authority”) has granted an extension until August 16, 2021, to file all 2020 reports for the Foreign Account Tax Compliance Act (FATCA) and/or Common Reporting Standard (“CRS”).

Click here to view the Filing extension - 2020 the Foreign Account Tax Compliance Act and Common Reporting Standard reports

 

Mutual Agreement Procedures (“MAP”) guidelines

The Mutual Agreement Procedures (“MAP”) guidelines provide information on the MAP process in Barbados.

Click here to view the Mutual Agreement Procedures (“MAP”) guidelines

Click here to view the Mutual Agreement Statistics

 

Corporation Tax Filing Requirements for Grandfathered Entities for Income Year 2021

Companies registered under International Business Companies Act Cap. 77 (now Repeal by Act 2018-40); International Societies registered under the Societies with Restricted Liability Act Cap. 318B (now Amended by Act 2018-47); entities registered under the Exempt Insurance Act Cap. 308A and the Insurance Act Cap. 310 were given an option to be grandfathered where the most of the benefits and rights so enjoyed were saved until prescribed dates. The grandfathering period expires on 30 June 2021.

Click here to view the Guidance Note PPG NO 09_2020_Transitioning Grandfathered Entities

 

Application of New Procedures for Land Adjudication and other Land Tax matters

The Barbados Revenue Authority (“The Authority”) continues to streamline its processes to enhance service delivery. Accordingly, the Authority is adjusting the procedures associated with Land Tax Adjudication and other Land Tax matters

Click here to view the Guidance Note PPG NO. 008/2020

Click here to download the Notice of Change of Ownership Form

Click here to download Application to Request a Land Tax Demand Notice Form

Click here to download Application for Certificate of Clearance

 

Application for Rebate (VAT Refund) for First Time Home Owners

Section 55A of the Value Added Tax Act Cap. 87 provides, that a person building or purchasing a dwelling house for the first time is eligible for a rebate of the VAT paid,  when the house was constructed.

Click here to view Guidance Note PPG No. 001/2019

 

VAT Loan Fund

The $40 million VAT loan fund is established to assist companies whose cash flow has been disrupted by the measures taken to contain the outbreak of the Coronavirus pandemic. The loan fund will be capitalized by the Catastrophe Fund in an effort to avoid insolvency, bankruptcy and further unemployment.

Click here to view Guidance Note VAT Loan Fund

Click here to download the VAT Loan Fund Application Form

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