|
Barbados,
a member of the Commonwealth, is a small independent island state in
the Caribbean.
The island, situated at 13° N latitude and 37° W longitude, enjoys a
tropical climate, is a popular tourist destination and has an infrastructure
that compares favourably with that of the more industrialised nations.
The Barbados dollar (Bds$2.00 = US$1.00) is the island’s currency.
Prior to becoming independent in 1966, Barbados was a British colony
and its first tax system which was introduced in 1921, was based on
a model developed by Britain for its colonies.
In 1957 a non-cumulative Pay As You Earn System was introduced and employers
were mandated to withhold tax at specified rates from their employees’
salaries.
|
Self Assessment System