A person’s liability to Barbados tax is determined by his/her residence status for taxation purposes and the source of income derived by him/her.
The general rule is that a person who is a resident and domiciled in Barbados is assessable on worldwide income that is not exempt income. A person who is a non-resident is only assessable on income derived directly or indirectly from sources in Barbados.
A person who is a resident of Barbados, but not domiciled in Barbados is assessable on income derived from Barbados, income from an office in Barbados, and income from other sources outside Barbados when ever derived to the extent that a benefit is obtained in Barbados from that income in that income year in the form of a remittance of money, an importation of property, the granting of credit by bank overdraft or otherwise in any other from whatever.
In calculating the taxable income of a resident individual for an income year, there shall be deducted from the assessable income of in respect of income year 2007 and subsequent years: BBD25,000.
The tax payable on the taxable income with effect from income year 2015 is:
The official currency of Barbados is the Barbados Dollar (BBD).