bra.gov.bb File Your Tax Return : Barbados Revenue Authority

Organization : Barbados Revenue Authority
Facility : File Your Tax Return
Country : Barbados
Website : https://bra.gov.bb/Filing/#

BRA File Your Tax Return

The Barbados Revenue Authority (BRA) is offering a number of services by internet that will be fast, convenient, uncomplicated, free, safe and secure.

Related : Check Refund Status Barbados Revenue Authority : www.statusin.org/28950.html

The whole idea is to help you register with the BRA, file your returns, query your payments, your obligations, the status of your tax refunds requested and more

Value Added Tax :(V.A.T.)
Tax payers must provide the TIN and the tax return which would state the period and amount.

Income Tax :
Electronic Tax Administration :
The Barbados Revenue Authority (BRA) is offering a number of services by internet that will be fast, convenient, uncomplicated, free, safe and secure.

Individuals :
Barbados Income Tax Income Tax is levied on the income of persons resident or non-resident in Barbados. There is no tax on capital. The system of taxation is based on self-assessment.

Corporations :
Barbados Income Tax Income Tax is levied on the income of persons resident or non-resident in Barbados. There is no tax on capital. The system of taxation is based on self-assessment.

Reverse Tax Credit :
Corporations :
** Barbados Income Tax Income Tax is levied on the income of persons resident or non-resident in Barbados.
** There is no tax on capital.
** The system of taxation is based on self-assessment.

Withholding Tax for Payments to Non-Residents :
Final Payments :
The tax withheld from the following sources of income is a final tax :
** Gross Earnings of Entertainers. 25%
** Interest 15%
** Royalties 15%
** Dividends from taxed profits 15%
** Branch profits. 10%

Payment for services :
** Managerial, Technical, Administrative. 15%
** Other. 25%

Prepayments :
Tax withheld from the following sources represents a prepayment of tax :
** Rents. 40%
** In respect of income year 2004 – 33%
** In respect of income year 2005 – 30%
** In respect of income year 2006 and subsequent years – 25%
** Payments under settlement or trust 20%
** Covenants. 20%

Double Taxation Relief :
Double Taxation agreements exist with the following countries:
Member States of the Caribbean Community, Botswana, Canada, China, Cuba, Finland, Malta, Mauritius, Norway, Sweden, Switzerland(Extension of United Kingdom Treaty), the United Kingdom, the United States of America, Venezuela.

Calculation of Assessable Income :
Deductions are allowed in respect of sums incurred for purposes of acquiring the income, including :
** Interest on borrowed capital.
** Expenditure on repairs of premises, plant and machinery.
** Bad debts (any recoveries being treated as income when received).
** Taxes on property.
** Insurance premiums.
** Travelling expenses.

** Payments by employers under pension schemes approved by the Commissioner.
** Payments made under settlement with registered benevolent organizations.
** Losses sustained in previous years, not exceeding nine years, may be deducted.

About Us :
The Barbados Revenue Authority was established on April 1, 2014, as a statutory corporation, subsequent to the merger of Barbados’ various tax collecting agencies, including the Inland Revenue and Land Tax Departments, the Value Added Tax (VAT) and Excise Divisions of the Customs and Excise Department.

In addition, the Authority is responsible for the revenue collection functions of the Barbados Licensing Authority as well as the cashiering functions of the Customs Department and providing information technology support to Customs.

The Authority is responsible for effective and efficient tax administration in a fair open and transparent manner fostering a high degree of voluntary compliance.