The Barbados government announced on 23 December 2019 that personal income tax changes are introduced with effect from 1 January 2020 as included in the 2019 Budgetary Proposal and Financial Statement. This includes that the upper tax rate for taxable income over BBD 50,000 is reduced from 33.5% to 28.5%, while the lower tax rate for taxable income up to BBD 50,000 is maintained at 12.5%.