Barbados has a population of over 280,000 people, with large industries including tourism, agriculture, mining, and manufacturing. The corporate tax rate varies based on income, and the tax year corresponds with the company fiscal year. Depending on the company fiscal year, filing and paying taxes can vary.
Labor and Payroll Considerations:
- Employment contracts should be written
- Minimum wage is BBD 6.25 per hour for household workers and shop assistants
- Employers must register with the Director of National Insurance
- Barbados uses a Pay-As-You-Earn (PAYE) system of tax collection
- Income tax and social security contributions are withheld from employee pay
- Employers must contribute to social security
- Foreign workers need a work permit and can only work in positions that are short-staffed and a position that cannot be filled by a local worker
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