Barbados: Filing extension for country-by-country notifications; other tax developments

Recent tax-related developments in Barbados concern country-by-country (CbC) reporting, economic substance exchange, and land tax adjustments.

• Filing extension for CbC notifications: The Revenue Authority has extended the deadline for multinational enterprise (MNE) groups to submit CbC notifications, allowing those with fiscal year-ends between October 1 and November 30, 2024, to submit by December 31, 2024.
• Economic substance exchange jurisdictions: The Ministry of Finance on October 29, 2024, published a guidance note identifying 31 jurisdictions that will receive economic substance data in accordance with the Barbados Companies (Economic Substance) Act, 2019-43. This exchange of data is facilitated through information exchange agreements, and the list will be updated as more nominal tax jurisdictions opt to participate.
• Land tax adjustments to align with revised land valuations: The government has adjusted land tax rates and valuations, with new valuations effective retroactively from April 1, 2023. The new tax rates include 0% for residential properties valued up to BBD 300,000, and a maximum of 1% for those above BBD 850,000, while non-residential properties will be taxed at 0.95%.
   

For more information, contact a KPMG tax professional in Barbados:

Marianne Greenidge | mariannegreenidge@kpmg.bb

Kemar White | kemarwhite@kpmg.bb