The Barbados Revenue Authority has issued a Policy Note on the Corporation Tax Reform Prepayment of Tax for Income Year 2024. This forms part of the reform to Barbados’ corporation tax regime announced in November 2023.
The Policy Note outlines that for income year 2024 and commencing from January 1, 2024, some companies will move to a monthly prepayment cycle. Multinational entities under Pillar Two must file a return and make monthly prepayments to ensure compliance with the Income Tax (Amendment) (No.) Bill 2023. The prepayment is due on the 15th day of each month.
The Authority advises that the deadline for the initial prepayment has been extended to Tuesday, January 23, 2024. The Monthly Corporation Tax Prepayment Return shall be completed online at https://globalrelations.bra.gov.bb/