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Barbados's Forex Tax Delayed

by Mike Godfrey, Lowtax.net, Washington
30 June, 2017

The acting Governor of the Central Bank of Barbados, Cleviston Haynes, has announced a delay in the implementation of a two percent fee on foreign currency purchases.

The fee, which was initially proposed to be in place from July 1, 2017, will now take effect from July 17, 2017, for cash, bank drafts, and wire transfers. Credit, debit, and travel cards will become subject to the fee from September 1, 2017.

Haynes explained the two-week delay will allow the public to be educated on the new fee, while the extended lead time for credit, debit, and travel cards is to allow commercial banks and other credit card providers a longer window to adjust their computer systems.

When the two percent fee takes effect, it will apply to the Barbados value of foreign currency transactions, with all persons conducting purchases of foreign currency required to pay the fee, except residents and non-residents making payments from their foreign currency accounts, including entities in the international business and financial services sector.

The fee also does not apply to foreign currency sales related to the settlement of transactions for the bulk purchase of petroleum, diesel, or jet fuel, subject to certain conditions.

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