Barbados – Individual – Taxes on personal income

An individual who is both resident and domiciled in Barbados is taxed on one’s worldwide income.

An individual who is resident but not domiciled in Barbados is taxed on income derived from Barbados and on income from any other sources outside Barbados to the extent that a benefit is obtained in Barbados.

In general, a non-resident individual is taxed only on income arising in Barbados and is not entitled to personal deductions against income.

Personal income tax rates

Effective 1 January 2020, the basic rate is 12.5% and the higher rate is 28.5%. The basic rate applies to the first BBD 50,000 of taxable income; 28.5% applies to taxable income above BBD 50,000.

1 January 2020 

Taxable income (BBD) Tax on column 1 (BBD) Tax on excess (%)
Over (column 1) Not over
0 50,000 6,250 12.5
50,000 28.5

Source