What's Happening

Stay up-to-date on the latest news and happenings within the Barbados Revenue Authority system.

Guidance Notes

Opening AEOI portal for CRS & FATCA filing period 2021

The Barbados Revenue Authority (“the Authority”) advises Reporting Barbados Financial Institutions (“RBFIs”) that the Automatic Exchange of Information (“AEOI”) web portal will be open from Wednesday, June 1, 2022, to Wednesday, August 31, 2022, to facilitate the filing of Common Reporting Standard (“CRS”) and Foreign Account Tax Compliance Act (“FATCA”) reports for the reporting period of 2021.

Click here to download

 

Impact of Currency Fluctuations on the agreed EUR 750 Million Filing Threshold

The Barbados Competent Authority in an effort to ensure the effective implementation of the Country-by-Country (“CbC”) Reporting regime imposed under the Income Tax (Country-by-Country Reporting) Act, 2021-27 (“the Act”) has developed guidance on the impact of currency fluctuations on the agreed EUR 750 million filing threshold.

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Guidelines On The Appropriate Use Of Information Contained In Country-by-country Reports

The Barbados Competent Authority (“the Authority”) in an effort to ensure the effective implementation of the Country-by-Country (“CbC”) Reporting regime imposed under the Income Tax (Country-by-Country Reporting) Act, 2021-27 (“the Act”) has developed guidelines on the appropriate use of the information contained in the CbC Reports.

Barbados’ exchange of CbC Reporting Information will be facilitated through the Multilateral Competent Authority Agreement on the Exchange of Country-by-County Reports (“CbC MCAA”).

Click here to download

 

Filing Country-by-Country Reporting Jurisdiction List of Exchange Relationships

The Income Tax (Country by Country Reporting) Act, 2021-27, was enacted on December 31, 2021 and is the domestic, legal, and administrative framework to impose and enforce country-by-country reporting requirements on in-scope multinational enterprises in Barbados.  It allows Barbados to implement the BEPS Action 13, Country-by-Country Reporting. 

This legislation signals Barbados’ continued commitment, as a member of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), to implement the four minimum standards of the BEPS Project.

See a copy of the Act here.

Click here to download the Jurisdiction List for Exchange Relationships under the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports by clicking the PDF icon below.

 

Filing Extension for prior-year reports for the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA)

The Barbados Revenue Authority (“the Authority”) advises Reporting Barbados Financial Institutions that a further filing extension has been granted until Friday, April 15, 2022, to facilitate prior-year Common Reporting Standard (“CRS”) and Foreign Account Tax Compliance Act (“FATCA”) reports, or to make corrections to previously submitted prior-year reports, and as such, the AEOI web portal will remain open until that date.

Reporting Barbados Financial Institutions with outstanding reports must first notify the Authority of their intent to (1) file a prior-year CRS and/or FATCA report(s) or (2) to make a correction to a previously submitted report by sending an email to compauth@bra.gov.bb.  

Click here to download GUIDANCE NOTE PPG No. 003/2022 - Feb 2022 - AEOI Prior Year Filing Extension

 

Corrections to the Common Reporting Standard and Foreign Account Tax Compliance Act reports for reporting year 2020

The Barbados Revenue Authority (“the Authority”), after validating the Common Reporting Standard (“CRS”) and the Foreign Account Tax Compliance Act (“FATCA”) data received from Reporting Barbados Financial Institutions for the reporting year 2020, has observed the following:-

1. entities have provided dates of birth for reportable persons which are possibly incorrect; and

2. in the absence of tax identification numbers entities have entered nine A’s, 0s, or 9s, or have used the series of codes developed by the Internal Revenue Service.

Please be advised that the Authority acting in accordance with Regulation 19 of the AEOI Regulations gives notice that Reporting Barbados Financial Institutions that submitted data as described at (1) and/ or (2) are required to make all necessary corrections to their data and file a corrected report with the Authority via its Automatic Exchange of Information (“AEOI”) web portal on or before February 28, 2022. 

Click here to download GUIDANCE NOTE PPG No. 002/2022 Jan 2022 - Reopening AEOI web portal-corrections-new codes (Revised)

 

BRA Publishes Guidance Note on the VAT-Free Day

The Government of Barbados has announced a value-added tax holiday for Monday, December 20, 2021. The Barbados Revenue Authority (Authority) has issued a Guidance Note which explains the changes in the Value Added Tax (“VAT”) treatment of certain supplies for this initiative.

The Guidance Note provides a general outline on goods that will ascribe a VAT rate of zero per cent and indicates the filing and reporting obligations for companies and businesses that may be affected by the temporary change.

Click here to download Guidance Note PPG 006 2021 VAT-Free Day

 

The Registration of Manufacturers of Registration Number Plates

The Road Traffic (Amendment Act) 2017-26 (“the Act”) authorises the Barbados Licensing Authority (BLA) to approve and regulate the manufacture of registration number plates. The Act imposes an initial registration fee and an annual renewal fee on a person who manufactures registration number plates.

Click here to view Guidance Note PPG NO. 003/2021 ROAD TRAFFIC (AMENDMENT) ACT,2017-26 S.I. 2018 NO.93

 

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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