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Barbados Announces Tax Incentives For Business

by Amanda Banks,, London

26 November 2010

Barbados Finance Minister Christopher Sinckler has announced tax incentives for business in his 2010 budget speech.

Recognizing that “employment, productivity and innovation must be at the epicentre of our national strategy for growth and development of Barbados within the 21st century “, Sinckler said that he would be offering a tax credit to any business organization which over the next three years beginning income year 2011, is able to increase its profits and at the same time increase employment by at least 10% of its work force.

He added that the Tax Credit will be equal to 10% of the cost of wages of the firm and will be applied against taxes payable. The firm will be able to carry forward the credit for three years if it doesn't have the taxable income to utilize the credit in the year the expenditure is incurred.

In order to stimulate entrepreneurs’ creativity and innovation, Sinckler also announced that the government plans to introduce a Productivity and Innovation Tax Credit. The aim is to help businesses focus on investment in the areas of process innovation, product innovation, organizational innovation and service innovation.

Confirming that the National Productivity Council would be the body responsible for ensuring that businesses meet the eligibility criteria, Sinckler said that qualifying businesses would be allowed to claim 25% of their expenditure as a tax credit for the qualifying year. The credit could be applied against taxable income, and where an enterprise had incurred a loss, it could be carried forward for up to three years.

Sinckler also announced that BBD1.5m (USD750,000) would be made available for small and micro businesses for training and working capital.

TAGS: tax | investment | small business | business | tax incentives | entrepreneurs | budget | corporation tax | tax credits | manufacturing | Barbados

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