Barbados Prime Minister Posts 2025 Budget Statement

The Barbadian Prime Minister March 11 posted online the 2025 budget statement. The statement includes measures to: 1) expand and repurpose the Catastrophe Fund, increase the contribution rate to 0.25 percent from 0.1 percent for employees, and require employer matching; 2) extend the VAT waiver on storage tanks and water pumps until March 31, 2028; 3) reduce to 9 percent from 12.5 percent the tax rate for income from specified loans that exceed 250,000 Barbadian dollars (US$125,000), and to 4.5 percent for loans at or below 250,000 dollars, effective April 1; 4) extend the reduced 7.5 percent VAT rate on ...