Regulatory Alerts2017-01-01
Banks (Tax on Assets) Act, 2017
The Parliament of Barbados enacted this Act to impose a tax on the average domestic assets of banks licensed under the Financial Institutions Act. The legislation mandates a 0.35% annual tax rate, calculated on domestic assets held in national currency, with payments due quarterly to the Revenue Commissioner. It establishes strict compliance requirements including record-keeping, audit powers, and penalties for default, with unpaid taxes enforceable as court judgments.
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