Barbados: Increased bank asset tax rate, tax amnesty | KPMG | GLOBAL
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Barbados: Increased bank asset tax rate, tax amnesty, 2016 budget

Barbados: Increased bank asset tax rate, tax amnesty

The Minister of Finance and Economic Affairs on 16 August 2016 delivered the government’s financial statement and budgetary proposals. Among the tax provisions proposed in the 2016 budget are the following:


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  • An increase in the rate of the bank asset tax, from 0.2% to 0.35%
  • A tax amnesty program allowing for relief from interest and penalties relating to unpaid amounts of income tax, value added tax (VAT), and land tax
  • The establishment of special development areas and duty-free zones


Read an August 2016 report [PDF 674 KB] prepared by the KPMG member firm in Barbados

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