Barbados: Proposed rules to implement Pillar Two global minimum tax
A statement outlining proposed rules to implement OECD’s global anti-base erosion (GloBE) minimum tax rules
Proposed rules to implement Pillar Two global minimum tax
The Prime Minister on 7 November 2023 delivered a statement outlining proposed rules to implement the OECD’s global anti-base erosion (GloBE) minimum tax rules (also known as Pillar Two).
A policy document was also released providing additional details. Draft legislation is expected shortly to ensure that multinational enterprises (MNEs) with consolidated revenues above €750 million pay a minimum 15% tax in each jurisdiction in which they operate.
Certain other domestic tax changes were also announced, including a general increase in the domestic corporate tax rate to 9%.
The rules generally are proposed to be effective from 1 January 2024.
Read a November 2023 report [PDF 1.1 MB] prepared by the KPMG member firm in Barbados
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