Regulatory Alerts2013-12-13
Added · Updated
Banks (Tax on Assets) Act, 2013-20
The Parliament of Barbados enacted this Act to impose a tax on the average domestic assets of licensed banks at a rate of 0.20% per annum. The Commissioner of Inland Revenue administers the tax, which is calculated quarterly and paid in installments with specific deadlines throughout the year. The legislation establishes strict record-keeping requirements, audit powers, and enforcement mechanisms including penalties for late payment and the ability to register unpaid tax certificates as court judgments.
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