Barbados: Domestic Corporate Taxation
Barbados levies an annual land tax at 0.8% on all unimproved land. Improved land that contains a building other than a residence is taxed at 0.7% of the improved value. Otherwise, rates on improved land are taxed according to depend on its value, as follows:
|0 - 150,000||nil|
|150,001 - 450,000||0.1%|
|450,001 - 1,000,000||0.45%|
|1,000,001 and greater||0.7%|
A rate of 0.65% on the improved value of the property applies to commercial, industrial, hotel and villa properties. A certificate from the Barbados Tourism Authority means that hotels and villas attract a rebate of 50% and 25% respectively.
There is also a property transfer tax, levied at 2.5%, though the first Bds$150,000 of a Barbadian property's value is exempt from taxation.