The Barbados Revenue Authority has advised companies in Barbados that effective Income Year 2015, losses will be carried forward for a period of seven years and Corporate Group Relief (Group Losses) will no longer be allowed.
This change is pursuant to the Financial Statement and Budgetary proposals delivered by the Minister of Finance and Economic Affairs on June 15 this year.
In addition, as it relates to the Corporation Tax, taxpayers are informed that the percentages for allowances and deductions as outlined in Section 12D to Section 12E of the Income Tax Act have been changed to 100 per cent.
These allowances and deductions are: the Research and Development Allowance; Market Development Allowance for Tourist Industry; Tourism Development Fund; Barbados Agency for Micro Enterprise Development Limited; Enterprise Growth Fund Limited; Regional Negotiating Fund; Allowance for Engaging Trade Experts, etc.; Hotel Equity Investment Fund; Listing Shares on Securities Exchange; Arts and Sports Promotion Fund; and Environment Certification.