The BRA is responsible for the registration of the following:
The Barbados Revnue Authority grants extensions of filing dates to companies, partnerships and self employed persons upon request.
Every person who employs individuals is required to register as an employer with the Barbados Revenue Authority. If already registered, he/she is required to update their registry information for PAYE purposes.
The Employee Declaration Form (A47: 001)
All employees must complete this form at the commencement of employment and submit to their employer. It allows the employer to determine the particular Tax Code under which the employee will be taxed. The basic allowance for each individual is $25, 000 however, this may increase depending on the other allowances which that individual is entitled to claim.
A person claiming $25,000 would have a tax code of 250W or 250M depending on whether that person is being paid weekly or monthly. The code enables the employer to deduct the correct amount of tax from each employee.
After taxes have been deducted from all persons liable to be taxed, the employer is obligated to pay all sums over to the Commissioner on or before the 15th of the month following the month in which it was deducted.
Registered Retirement Savings Plans are approved and recorded by the Barbados Revenue Authority.
All companies carrying on business in Barbados are required to register with the Barbados Revenue Authority. However, before registering with the Authority, companies must have been registered with the Corporate Affairs and Intellectual Property Office. The Application for Registration form (A47:147) must be completed and submitted with the following legal documents:
- Certificate of Incorporation
- Articles of Incorporation
- List of Directors
- Notice of the Address of Registered Office
- Request for Name Search and Name Reservation
- The By Laws
- International Business Licence (if applicable)
Upon registration, the company is assigned its tax account and reference numbers. These numbers must be quoted when in communication with the Authority and must also be entered on the company's Corporation Tax Return when filing.
As with Corporations, Sole-Traders and Partnerships must first register with the Corporate Affairs and Intellectual Property Office (CAIPO), before seeking to be registered with the Barbados Revenue Authority.
Registration Application Forms A47:146 and A47:144 for Sole-Traders and Partnerships respectively must be completed and submitted with the Certificate of Registration obtained from CAIPO.
The TAMIS Tax Account Number (TIN) is used to confirm these categories of Taxpayers.
A company or self-employed person may tender a tax reserve certificate towards satisfaction of their tax liability, and the Commissioner shall accept from such person tax reserve certificate(s) so tendered.
The tax liability in respect of which a certificate has been tendered and accepted is treated as paid to the extent of the value of the certificate and any interest accruing thereon at the time of payment.
Where the value of the certificate and any interest accruing thereon exceeds the liability, the Commissioner shall as agent for the Governor of the Central Bank or other person specified in section 6 of the Treasury Bills and Tax Certificates Act 1987, issue a certificate for the balance. However, where the certificate by virtue of its denomination is not for the full value of the balance mentioned, the excess shall be repaid to the person tendering the certificate. (Sect.66A)
- Government guaranteed securities authorized by the Treasury Bills and Tax Certificates Act 1987.
- Provides opportunity for setting aside cash to settle future tax liabilities.
- For use by corporations and self employed persons.
- Rate of interest specified by Minister of Finance. Current rate is 3% per annum.
- Interest is exempt from tax.
- Available in $100, $500, $1,000, $5,000, $10 000, $50 000 denominations.
- Available at any time from Central Bank or any Commercial Bank operating in Barbados.
- The principal plus interest accrued will be set off against tax liabilities where the certificate surrendered to Barbados Revenue Authority in full or part settlement of tax outstanding.
- Certificates may be encashed at any commercial bank at any time, but no interest is payable on Certificates encashed at commercial banks.
- Certificates mature two years after the date of issue.
- Where the value of the certificate tendered to C.I.R. is more that the tax liability outstanding, the difference may be repaid by cheque, by certificate or by both.
- Government guaranteed securities
- Convenient and attractive way of allocating cash for settling obligations.
- Interest accrues at 3% per annum
- Interest is tax free
- Certificates may be purchased and encashed at any time
- Certificates may be surrendered to Barbados Revenue Authority for payment and prepayment of tax by corporations and self-employed persons.