Barbados: Tax measures in 2023 budget

The 2023 Barbados budget includes a number of tax-related measures

The 2023 Barbados budget includes a number of tax-related measures

The 2023 Barbados budget includes the following tax-related measures:

  • Removal of value added tax (VAT) cap on gasoline and diesel (currently 47 cents* and 37 cents per litre, respectively)
  • Extension of excise tax and VAT holiday on purchase of electric vehicles by ordinary persons or companies for another two years, to 31 March 2026
  • VAT exemption for film-related suppliers such as studios and film equipment rentals that are registered as exclusive film providers
  • Introduction of 25% transferable tax credit on eligible expenses directly related to the pre-production, production and post-production of films, which include all local costs and foreign cast and crew if paid via a Barbadian production company
  • Reduction of the air travel and tourism development fee for Caricom travel to $20 (from $37.50), effective 1 July 2023 until 14 December 2023
  • Increase in the individual (personal) income tax allowance for pensioners to $45,000 (from $40,000)

*$=Barbadian dollar

Read a March 2023 report [PDF 5.3 MB] prepared by the KPMG member firm in Barbados

 

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