On November 7th, 2023, the Minister of Finance announced major changes to Corporation Tax effective January 1st, 2024.

‍The 5.5% to 1% sliding scale corporation tax regime is being abolished for all companies, except:

• International shipping companies.
• Multinational enterprises subject to the Global Anti-Base Erosion Rules and whose Ultimate Parent Entity is based in any jurisdiction which has not implemented an Income Inclusion Rule, or whose Constituent Entities are not subject to an Income Inclusion Rule or an Undertaxed Profits Rule.

All other companies will be subject to a corporation tax rate of 9%, except:

• Companies registered as a Class 1 insurance business will be subject to a tax rate of 0%.
• Companies registered as a Class 2 or Class 3 insurance business will be subject to a tax rate of 2%.
• Companies registered under the Small Business Development Act, Cap. 318C and whose gross income does not exceed BBD $2 million will be subject to a tax rate of 5.5%.
• Multinational enterprises subject to the Global Anti-Base Erosion Rules and whose Ultimate Parent Entity is based in a jurisdiction which has implemented an Income Inclusion Rule or Undertaxed Profits Rule will be subject to a tax rate of 9% plus a top-up tax that brings the effective tax rate to 15%.
• An approved lender under the Mortgage Insurance Act, Cap. 233 may be subject to a corporation tax rate of 12.5% by virtue of Section 16(1) of that Act. Persons to whom this Act applies should seek legal advice, as that Act was not amended by Parliament when the corporation tax rates were changed in 2019.

Learn more about the new Corporation tax rates.

Please be advised there are two upcoming bank holidays, during which many businesses will be closed:

Christmas Day on Monday, December 25th, 2023.

Boxing Day on Tuesday, December 26th, 2023.

Persons are advised that a free park and ride service will be available for those attending the 2023 Independence Day Parade at the Usain Bolt Sports Complex on Thursday, November 30th, 2023. The parade starts at 8 AM.

Shuttle services will be available from PriceSmart, The Dome Mall, Queen's College, Cube Blue Building and Massy Stores Super Centre.

Members of the public desirous of using the free shuttle service are required to pre-book via the following websites:

• PriceSmart: barbadosidcpublic2.rsvpify.com
• The Dome Mall: barbadosidcpublic3.rsvpify.com
• Queen's College: barbadosidcpublic4.rsvpify.com
• Cube Blue Building: barbadosidcpublic5.rsvpify.com
• Massy Stores Super Centre: barbadosidcpublic1.rsvpify.com

An electronic ticket will be produced that wil grant patrons access to the parking location and the Usain Bolt Sports Complex.

Persons driving directly to the Usain Bolt Sports Complex are required to pre-book for parking (limited availability): barbadosidcpublic6.rsvpify.com.

Shuttles will be available from 6:15 AM. Return journeys will be available for one and a half hours after the departure of the President and Prime Minister.

Residents and visitors in Rockley, Christ Church are advised that C.O. Williams Construction Ltd will be conducting roadworks on Highway 7 between Rockley Terrace and Skeetes Hill Road starting November 20th, 2023 for approximately one week.

Roadworks will take place each day between the hours of 8 PM and 6 AM. During this time, access to this section of Highway 7 will be restricted to public transport, as well as local and emergency vehicles. Persons should expect noise and dust in the surrounding area.

Motorists are advised to use Golf Club Road to avoid this section of the highway. Persons travelling from Hastings towards Rockley should divert via Dayrells Road. Persons travelling from Worthing towards Rockley should divert via Rendezvous Hill.

The Ministry of Transport, Works and Water Resources apologies to members of the public for any inconvenience caused during the roadworks.

Please be advised there is an upcoming bank holiday, during which many businesses will be closed:

Independence Day on November 30th, 2023.

Residents and visitors in Glenburnie, St. John are advised that COMPLANT engineers will be conducting geotechnical surveys on September 28th, 2023 between the hours of 10 AM and 2 PM. During this time, the access road that leads into the entrance of the community will be closed to all traffic except emergency vehicles.

These geotechnical surveys are necessary for engineers to determine ground conditions and soil composition before commencing roadworks in the area.

COMPLANT apologises to members of the community for any inconvenience caused during the road closures.

The Minister responsible for Energy and Business, under the powers conferred on her by Section 3 of the Miscellaneous Controls Act, Cap. 329, has increased the retail price of gasoline (petrol) to BDS $4.22 per litre, and the retail price of diesel to BDS $3.47 per litre.

These price adjustments are effective from Monday, September 4th, 2023.

Effective September 1st, 2023, corporate and business customers at First Caribbean will be charged a fee of $1 for each money transfer to accounts held at other local banks. This applies to both Automated Clearing House (ACH) and Instant Payment (RTP) transactions.

For more information, see the Schedule of Charges page on the First Caribbean website.

The Minister responsible for Energy and Business, under the powers conferred on her by Section 3 of the Miscellaneous Controls Act, Cap. 329, has increased the retail price of gasoline (petrol) to BDS $4.08 per litre, and the retail price of diesel to BDS $3.33 per litre.

These price adjustments are effective from Monday, August 7th, 2023.

Please be advised there are three upcoming bank holidays, during which many businesses will be closed:

CARICOM 50th Anniversary Day on July 31st, 2023.

Emancipation Day on August 1st, 2023.

Kadooment Day on August 7th, 2023.