According to published reports, Barbados’ Finance Minister Chris Sinckler recently announced that the country’s VAT rate would increase from 15 to 17.5 percent, effective December 1. The tax increase will be in place for a period of 18 months but will be reviewed in a year.
The VAT increase is expected to generate B$124 million. Sinckler informed that the threshold for VAT registration will increase from $60,000.00 to $80,000.00, and the excise tax on gasoline will grow by 50 percent. Bus fares are also slated to increase.
The cost for immigration documents and passports will go up from $125 to $150 for adults, $75 to $100 for minors and $175 to $225 for businesspersons.