Regulatory Alerts2017-01-01
Tax on Assets Act 2017
The Parliament of Barbados enacted the Tax on Assets Act 2017 to impose an annual 0.35% tax on the average domestic assets of deposit-taking licensees and the net assets of insurance companies with gross assets exceeding $40 million. The Revenue Commissioner administers the levy, which is payable in quarterly installments based on specific calculation formulas for each entity type. Non-compliance triggers a penalty of 10% or $20,000, and unpaid taxes may be certified and enforced as court judgments against the liable institutions.
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