Barbados Confirms Group Tax Changes
by Mike Godfrey, Lowtax.net, Washington
20 August, 2015
The Barbados Revenue Authority has advised companies that group losses can be carried forward for a period of seven years but Corporate Group Relief (Group Losses) will no longer be allowed.
The changes – effective for the tax year that began on April 1, 2015, and future tax years – was included in the Budget delivered by the Minister of Finance and Economic Affairs on June 15, 2015.
The Authority has advised taxpayers that the maximum amount of allowances and deductions is now set at 100 percent. These allowances and deductions include: the Research and Development Allowance; the Market Development Allowance for the tourist industry; the Tourism Development Fund; the Barbados Agency for Micro Enterprise Development Limited; the Enterprise Growth Fund; the Regional Negotiating Fund; the allowance for engaging trade experts; and the Hotel Equity Investment Fund.
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