Barbados' economic substance rules brings an end to separate tax rates

Pedro Gonçalves
Barbados' economic substance rules brings an end to separate tax rates

Barbados has introduced  new economic substance requirements that effectively brings down the so-called ‘ring fence' that kept two separate tax rates for local and international business companies. As of January, the concept of an International Business Company in Barbados no longer exists: for tax purposes all companies are now Regular Barbados Companies, regardless of where their customers are and if they are foreign owned. "This means that a one-tiered tax rate system is now in effect o...

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