Barbados to Adopt Tax Reforms in 2024 in Response to Pillar 2 Global Minimum Tax

Barbados Prime Minister Mia Motltey delivered a ministerial statement to the House of Assembly on 7 November 2023 regarding planned tax reforms in response to the Pillar 2 global minimum tax. Key points include:

• The corporation tax rate will be revised to 9% from 1 January 2024, except for:
  • registered small businesses with revenue up to BBD 2 million, which will be subject to tax at a rate of 5.5%;
  • shipping companies, which will continue to be subject to tax at the following rates:
    • 5.5% on a…