The Barbados Revenue Authority has advised that the Consolidation Tax Act, 2013-19, was repealed on March 31, 2016. Consolidation Tax should no longer be deducted from the salary/remuneration of employees as of April 2016.
The Consolidation Tax Return forms part of the Income Tax Return for the years when the Consolidation Tax was payable.
Consolidation Tax payable for income year 2015, must be included on the Income Tax Return for the income year 2015. This return must be filed on or before April 30, 2016. Any Consolidation Tax due must be paid by this date.
Consolidation Tax payable on income earned for the period January 1, 2016, to March 31, 2016, must be reported on the Income Tax Return for the income year 2016.
This return must be filed by April 30, 2017. Any Consolidation Tax due for the period January 1, 2016 to March 31, 2016 must be paid by April 30, 2017. Persons may contact the Customer Service Section at 430-3221, 467-1123, 467-1163, 272-7258 and 272-2761 for further information.