© 2004 Ministry of Finance and Economic Affairs
Offshore Banking Companies
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APPLICATIONS FOR TAX CONCESSIONS:
Land Tax Relief
Property Transfer Tax
Value Added Tax Refund
Postmen
Calculation of Duties
Road Tax Refund
Approved Developer Status
Caribbean Development Bank
University of the West Indies
Taxi Operators
Agriculture
Church
Tour Bus
Returning National
Franchise Licence
Renewal of Franchise Licence
35% Income Tax Exemption including:
International Business Companies;
Offshore Banking Companies;
Exempt Insurance Companies
The 35 % Income Tax exemption on the salary of persons recruited from abroad to Offshore banking Companies is granted by the Minister of Finance in accordance with Section101 of the International Financial Services Act.
The application is considered in cases where the Minister is satisfied that a licensee must use the services of specially qualified persons in order to do its business effectively from within Barbados and that it is unable to acquire those services within the Caribbean Community.
Application letters are submitted to the Ministry of Finance and must be accompanied by the following:
- copy of a work permit;
- curriculum vitae.
The decision of the Minister of Finance is formally communicated to the applicant.