The Barbados Revenue Authority has announced that the Ministry of Finance, Economic Affairs and Investment has changed the effective date of the new upper income tax band (40%) from 1 July 2018 to 1 August 2018. With the new band, the individual income tax bands/rates are as follows:
- up to BBD 25,000 – 0%
- over BBD 25,000 up to 60,000 – 16%
- over BBD 60,000 up to 75,000 – 33.5%
- over BBD 75,000 – 40%
The new tax band was included as part of the Budgetary Proposal and Financial Statement 2018…