Bloomberg Tax
March 20, 2023, 5:00 AM

Barbados Prime Minister Presents 2023 Budget Statement

The Barbadian Prime Minister March 15 presented the 2023 budget statement. The statement includes measures to: 1) extend the excise tax holiday and VAT holiday to March 31, 2026, from March 31, 2024, for electric vehicles, plug-in hybrids, CNG-powered vehicles, and solar-powered vehicles; 2) increase the individual income tax allowance for pensioners to 45,000 Barbadian dollars (US$22,290) from 40,000 dollars (US$19,813); 3) reinstate VAT payable on diesel and gasoline, capped at 37 cents (US$0.18) and 47 cents (US$0.23) per liter, respectively, for six months, effective April 1, 2023; 4) introduce an incentive regime for film production, including a VAT exemption ...

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