The 2015 budget in Barbados includes several changes to the tax law, including provisions to disallow group losses, to introduce a new land tax structure, and to change the value added tax (VAT) system. The budget also includes a measure to reduce the top marginal individual (personal) income tax rate to 33.5% (from 35%).
Concerning corporate losses, the budget measures provide that corporate group losses will no longer be allowed, effective for the 2015 income year. As a result, a member of a corporate group will no longer be allowed to offset its affiliated member's tax payable by surrendering its tax losses to the affiliate. The budget also reduces the carryforward period for tax losses to seven years (from nine years).
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.