Regulatory Alerts2015-01-01
Tax on Assets Act, 2015
The Parliament of Barbados enacted the Tax on Assets Act, 2015 to impose a 0.20% annual tax on the average domestic assets of deposit-taking licensees, credit unions, and insurance companies with gross assets of $40 million or more. The Revenue Commissioner administers the levy, which is calculated using specific formulas for each entity type and must be paid in quarterly installments throughout 2015 and early 2016. The legislation establishes strict compliance requirements including record-keeping, audit powers, penalties for late payment, and mechanisms for enforcing unpaid taxes through court certificates.
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