Guidance Notes

Filing extension - 2020 the Foreign Account Tax Compliance Act and Common Reporting Standard reports

Please be advised that the Barbados Revenue Authority (“the Authority”) has granted an extension until August 16, 2021, to file all 2020 reports for the Foreign Account Tax Compliance Act (FATCA) and/or Common Reporting Standard (“CRS”).

Click here to view the Filing extension - 2020 the Foreign Account Tax Compliance Act and Common Reporting Standard reports

 

Mutual Agreement Procedures (“MAP”) guidelines

The Mutual Agreement Procedures (“MAP”) guidelines provide information on the MAP process in Barbados.

Click here to view the Mutual Agreement Procedures (“MAP”) guidelines

Click here to view the Mutual Agreement Statistics

 

Corporation Tax Filing Requirements for Grandfathered Entities for Income Year 2021

Companies registered under International Business Companies Act Cap. 77 (now Repeal by Act 2018-40); International Societies registered under the Societies with Restricted Liability Act Cap. 318B (now Amended by Act 2018-47); entities registered under the Exempt Insurance Act Cap. 308A and the Insurance Act Cap. 310 were given an option to be grandfathered where the most of the benefits and rights so enjoyed were saved until prescribed dates. The grandfathering period expires on 30 June 2021.

Click here to view the Guidance Note PPG NO 09_2020_Transitioning Grandfathered Entities

 

Application of New Procedures for Land Adjudication and other Land Tax matters

The Barbados Revenue Authority (“The Authority”) continues to streamline its processes to enhance service delivery. Accordingly, the Authority is adjusting the procedures associated with Land Tax Adjudication and other Land Tax matters

Click here to view the Guidance Note PPG NO. 008/2020

Click here to download the Notice of Change of Ownership Form

Click here to download Application to Request a Land Tax Demand Notice Form

Click here to download Application for Certificate of Clearance

 

Application for Rebate (VAT Refund) for First Time Home Owners

Section 55A of the Value Added Tax Act Cap. 87 provides, that a person building or purchasing a dwelling house for the first time is eligible for a rebate of the VAT paid,  when the house was constructed.

Click here to view Guidance Note PPG No. 001/2019

 

VAT Loan Fund

The $40 million VAT loan fund is established to assist companies whose cash flow has been disrupted by the measures taken to contain the outbreak of the Coronavirus pandemic. The loan fund will be capitalized by the Catastrophe Fund in an effort to avoid insolvency, bankruptcy and further unemployment.

Click here to view Guidance Note VAT Loan Fund

Click here to download the VAT Loan Fund Application Form

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