News

Find out what's happening around Barbados.

Persons who are registered under the Profession, Trade and Business Registration Act, Cap. 373 are reminded that the deadline for renewing their registration and paying the prescribed annual fee is January 31st, 2024. Any person who fails to pay the prescribed fee before the deadline will also be required to pay a penalty of the same amount.

It is now possible to pay the annual licence fee online via EZPay+, the official payment gateway of the Barbados Government.

Please note it is not possible to use EZPay+ for first time registrations. Persons who are not registered will need to attend in person to have their documentation authenticated and to pay the prescribed fee.

For first time registrations with the Registrar of the Supreme Court, visit the Registration Department at Whitepark Road.

For first time registrations with the Chief Labour Officer, visit the Ministry of Labour, Social Security and Third Sector at the Warrens Office Complex.

If you are self-employed, learn more about professional registration to determine if you need to register under the Act.

Residents and visitors in Salters, St. George are advised that C.O. Williams Construction Ltd will be conducting roadworks on Highway 4 between Salters and Constant Roundabout starting January 13th, 2024.

Milling will take place on January 13th, 2024 and January 14th, 2024 between the hours of 7:30 AM and 5:30 PM.

Paving will take place from January 15th, 2024 through January 19th, 2024 between the hours of 7 PM and 6 AM.

During the roadworks, access to this section of Highway 4 will be restricted to local traffic and emergency vehicles only.

Motorists approaching from Errol Barrow Highway will need to turn left at Salters (see map). After passing Chefette, bear right to stay on the current road (see map). Turn right at the junction with the Glebe Public Market (see map). For persons travelling to Constant or Dash Valley, turn right just before St. George Primary School (see map). For persons travelling to Brighton, Ellerton or Lower Greys, drive past St. George Primary School and bear right to stay on the current road (see map).

Motorists approaching from Dash Valley or Constant will need to take the north exit at Constant Roundabout towards St. George Primary School (see map). Continue straight ahead for about 1km. At the end of the road, turn left towards the Glebe Public Market (see map). At the junction with the Glebe Public Market, turn left (see map). At the Sol Gas Station, turn left onto Salters (see map). For persons travelling to Errol Barrow Highway, continue for about 1.6 km to the junction with Highway 4 and turn right (see map).

Please be advised there are two upcoming bank holidays, during which many businesses will be closed:

New Years Day on Monday, January 1st, 2024.

Errol Barrow Day on Monday, January 22nd, 2024.

Please be advised there are two upcoming bank holidays, during which many businesses will be closed:

Christmas Day on Monday, December 25th, 2023.

Boxing Day on Tuesday, December 26th, 2023.

Corporation tax rates from January 1st, 2024

December 13, 2023

December 3, 2023

On November 7th, 2023, the Minister of Finance announced major changes to Corporation Tax effective January 1st, 2024.

The 5.5% to 1% sliding scale corporation tax regime is being abolished for all companies, except:

  • International shipping companies.
  • Multinational enterprises subject to the Global Anti-Base Erosion Rules and whose Ultimate Parent Entity is based in any jurisdiction which has not implemented an Income Inclusion Rule, or whose Constituent Entities are not subject to an Income Inclusion Rule or an Undertaxed Profits Rule.

All other companies will be subject to a corporation tax rate of 9%, except:

  • Companies registered as a Class 1 insurance business will be subject to a tax rate of 0%.
  • Companies registered as a Class 2 or Class 3 insurance business will be subject to a tax rate of 2%.
  • Companies registered under the Small Business Development Act, Cap. 318C and whose gross income does not exceed BBD $2 million will be subject to a tax rate of 5.5%.
  • Multinational enterprises subject to the Global Anti-Base Erosion Rules and whose Ultimate Parent Entity is based in a jurisdiction which has implemented an Income Inclusion Rule or Undertaxed Profits Rule will be subject to a tax rate of 9% plus a top-up tax that brings the effective tax rate to 15%.
  • An approved lender under the Mortgage Insurance Act, Cap. 233 may be subject to a corporation tax rate of 12.5% by virtue of Section 16(1) of that Act. Persons to whom this Act applies should seek legal advice, as that Act was not amended by Parliament when the corporation tax rates were changed in 2019.

Learn more about the new Corporation tax rates.