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 on the island," Maria Robinson and La-Tanya Edwards at EY wrote in an article for Business Barbados. ...