Income tax on rent, worked example, in Barbados
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| Non-resident couple´s rental income1 | ||||
| Monthly Rental Income2 | €1,500 | €6,000 | €12,000 | |
| Annual Rental Income | 18,000 | 72,000 | 144,000 | |
| Less Expenses3 | 30% | 5,400 | 21,600 | 43,200 |
| = Taxable Income | 12,600 | 50,400 | 100,800 | |
| Income Tax4 | ||||
| Flat rate | 15% | 1,890 | 7,560 | 15,120 |
| Annual Income Tax Due | 1,890 | 7,560 | 15,120 | |
| Tax Due as % of Gross Income | 10.50% | 10.50% | 10.50% | |
Notes
1 The property is jointly owned by husband and wife.
2 Exchange rate used: 1.00 US$ = 2.00 BBD
3 Estimated values. Income-generating expenses are deductible when calculating taxable income.
4Rental income earned by nonresident individuals is taxed at a flat rate of 15%.
