Beginning in 2025, all companies are required to prepay corporation tax on a monthly basis, except for companies registered as approved small businesses.
The Barbados Revenue Authority (BRA) on January 20, 2025, issued “frequently asked questions” (FAQs) and a policy note providing that for the income year 2024, only companies that are part of a multinational enterprise (MNE) group with annual consolidated revenue of €750 million or more are required to make monthly corporation tax prepayments.
Beginning in income year 2025, all companies are required to prepay corporation tax on a monthly basis, except for companies registered as approved small businesses and having a gross income of BD$2 million or less.
For more information, contact a tax professional with the KPMG member firm in Barbados:
Grant McDonald | grantmcdonald@kpmg.bb
Marianne Greenidge | mariannegreenidge@kpmg.bb