Barbados: Living There - Tax Issues
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Living There
INDIVIDUAL TAXATION
Residents are taxed on their worldwide income. Married couples are taxed separately and there is no option for joint taxation.
INCOME TAX
The following categories of income are subject to income tax: employment, office, property (including income from rental of residential property), business, non-cash benefits, interest, dividends, annuities or other annual payments, directors' or other fees, retirement plan benefits and retiring allowances, royalties and income from partnership.
The taxable income will be the assessable income less income-generating expenses and allowable deductions. Income from all sources is aggregated and taxed at progressive rates.
INCOME TAX |
|
| TAXABLE INCOME, BBD (US$) | |
| Up to 24,200 (US$12,130) | |
| Over 24,200 (US$12,130) | |
| Source: Global Property Guide | |
Residents are entitled to deduct the following personal allowances:
- BBD25,000 (US$12,531) personal allowance
- BBD40,000 (US$20,050) special allowance for resident taxpayers over 60 years in age and receiving pension
- Spouse allowance of BBD3,000 (US$1,504); can only be claimed by a married taxpayer whose spouse has no income
- Child allowance of BBD1,000 (US$501) for each minor child; maximum of two children
RENTAL INCOME
Rental Income Tax
Rental income from residential property is taxed at a special flat rate of 15%. When computing the taxable income, income-generating expenses are deductible.
CAPITAL GAINS
In Barbados, no tax is levied on capital gains.
PROPERTY TAX
Property Taxes
For residential properties, this tax is levied on the “improved value” of the property, essentially the fair market value, as determined by the Commissioner of Land Tax.
RESIDENTIAL PROPERTY TAX |
|
| TAX BASE, BBD (US$) | |
| Up to 150,000 (US$75,188) | |
| 150,000 - 400,000 (US$200,501) | |
| 400,000 – 1,000,000 (US$501,253) | |
| Over 1,000,000 (US$501,253) | |
Barbados - more data and information
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