Barbados prepares to implement a global minimum tax
According to the latest reports, the government of Barbados is preparing for the implications of the proposed two-pronged solution for international tax reform, including a global minimum tax at the second tier.
Rather than opposing a minimum tax, the government is considering various options to encourage companies to stay in Barbados. In particular, the possibility of offering grants to companies that would offset the costs of the global minimum tax is being considered. For example, if a global minimum tax rate of 15% is introduced, it will apply in Barbados when the government uses the increased tax revenue to provide grants to companies that invest in R&D in the country.
The above is for informative purposes only. Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information.