Barbados Gazettes 2024 Income Tax (Amendment and Validation) Act

The Barbadian Official Gazette May 24 published the 2024 Income Tax (Amendment and Validation) Act. The law includes measures: 1) establishing calculation procedures for assessable intellectual property income; 2) disallowing taxpayers from carrying forward losses for more than five income years following the income year where a loss was sustained, effective 2025; 3) establishing a 9 percent corporate tax rate, and a 5.5 percent tax rate for specified small companies; 4) setting a 4.5 percent tax rate on qualifying intellectual property income, subject to company election; 5) establishing calculation procedures for prepayments; and 6) defining relevant terms. [Barbados, Official Gazette, ...