Tax & Accounting Blog

Barbados Increases VAT

Indirect Tax, VAT Tax Rates December 2, 2010

In order to correct the fiscal imbalance Barbados needs revenue enhancement. That is how the Ministry of Finance began his VAT Budget proposal, which followed by a Value Added Tax increase from 15% to 17.5%, effective December 1st 2010.

The VAT increase is intended as a temporary measure for the next eighteen months and is expected to raise an additional $124 million.