Barbados issues filing deadline for companies not carrying on business
ComplianceCorporateNovember 17, 2021

Barbados issues filing deadline for registered companies not carrying on business

The Barbados Revenue Agency (BRA) along with the Corporate Affairs & Intellect Property Office have issued guidelines for companies which have not carried on business and have not submitted Corporation Tax Returns.

In an effort to eliminate the differences between the number of companies registered with each organization, all Barbados companies are now required to register with the BRA’s Tax Administration Management Information System and meet its tax filing obligations.  

Barbados companies which have not carried on a business are required to:

  • Register with the BRA’s Tax Administration Management Information System (TAMIS) by December 15th, 2021
  • Submit a corporation tax return for the income year whether or not an assessable income has been derived by the company during the year following the below guidelines:
    • For income years prior to 2017, submit an affidavit upon registration in TAMIS declaring:
      • The periods for which no corporation tax returns have been filed; and
      • The period for which the company has not carried on business

      Affidavits must be witnessed by either a Justice of the Peace or an Attorney-at-Law in Barbados or by a Notary Public outside of Barbados.

    • For income years from 2017 and onward, zero or “nil” corporation tax returns must be completed and filed.

Failing to comply with filing the BRA’s requirements may incur the following penalties and interest charges:

  • A penalty of $500.00 for each return not filed
  • A penalty equal to 5% of the tax assessed or $10, whichever is greater, for failing to pay the tax assessed on the date specified
  • A simple interest at the rate of 1% per month calculated on the amount that was not paid

For more information on meeting Barbados’ tax registration requirement and ensuring the compliance of your international entities, contact a CT representative at (844) 322-6993 (toll-free U.S.).

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