| Specifics |
| 1.
Government guaranteed securities authorized by the Treasury Bills and
Tax Certificates Act 1987. |
| 2.
Provides opportunity for setting aside cash to settle future tax liabilities. |
| 3.
For use by corporations and self employed persons. |
| 4.
Rate of interest specified by Minister of Finance. Current rate is 3%
per annum. |
| 5.
Interest is exempt from tax. |
| 6.
Available in $100, $500, $1,000, $5,000, $10 000, $50 000 denominations. |
| 7.
Available at any time from Central Bank or any Commercial Bank operating
in Barbados. |
| 8.
The principal plus interest accrued will be set off against tax liabilities
where the certificate surrendered to Inland Revenue in full or part settlement
of tax outstanding. |
| 9.
Certificates may be encashed at any commercial bank at any time, but no
interest is payable on Certificates encashed at commercial banks. |
| 10.
Certificates mature two years after the date of issue. |
| 11.
Where the value of the certificate tendered to C.I.R. is more that the
tax liability outstanding, the difference may be repaid by cheque, by
certificate or by both. |
| Benefits |
| 1.
Government guaranteed securities |
| 2.
Convenient and attractive way of allocating cash for settling obligations. |
| 3.
Interest accrues at 3% per annum |
| 4.
Interest is tax free |
| 5.
Certificates may be purchased and encashed at any time |
| 6.
Certificates may be surrendered to Commissioner of Inland Revenue for
payment and prepayment of tax by corporations and self-employed persons. |
