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13.3. Calendar of Important Compliance Events

Tax Year

Barbados allows for alternate tax years based on the accounting year of the taxpayer.

Tax Return Filing

For companies with accounting periods ending between 1 January and 30 September, their tax return must be filed by 15 March of the following year.

For companies with accounting periods ending between 1 October and 31 December, their tax return must be filed by 15 June of the following year.

Application can be made for extensions, but only in extreme extenuating circumstances.

Tax Payments

Companies with accounting periods ending between 1 January and 30 September are required to make an advance tax payment equal to 50% of the previous year's tax liability. The payment must be paid by 15 September in the year their accounting period ends.

Companies with accounting periods ending between 1 October and 31 December are required to make two advanced payments, each equal to 50% of the previous year's tax liability. The first must be paid by 15 December in the year their accounting period ends, and the second must be made by 15 March in the following year.

Final payment of any tax due must be made when filing the tax return.

If no tax was paid in the previous year or if a company expects the profits of the current year to be lower than the previous year's, an application can be made for an adjusted estimated tax payment.

Availability of E-Filing

Tax returns can be filed electronically through web portal of Barbados Revenue Authority known as ‘TAMIS’ i.e., Tax Administration Management Information System - https://bra.gov.bb/Filing/.

COVID-19 Emergency Measures

In response to the COVID-19 pandemic, Barbados introduced the pandemic contribution levy (see Sec.8.1.1.) effective 1 July 2022. The due dates to file returns and make payments towards the pandemic contribution levy are as follows:

  • For fiscal year 2020, 3.75% of the levy must be paid by the 15th of each month from July 2022 up to October 2022;
  • For fiscal year 2021, 3.75% of the levy must be paid by the 15th of each month from November 2022 up to February 2023; and
  • The pandemic contribution levy return must be filed on or before the prescribed payment dates between 15 July 2022 and 15 February 2023.