Income Tax Brackets 2020 Barbados

The tax tables below include the tax rates thresholds and allowances included in the barbados tax calculator 2020.

Income tax brackets 2020 barbados. The income tax rates and personal allowances in barbados are updated annually with new tax tables published for resident and non resident taxpayers. This includes that the upper tax rate for taxable income over bbd 50 000 is reduced from 33 5 to 28 5 while the lower tax rate for taxable income up to bbd 50 000 is maintained at 12 5. Choose a specific income tax year to see the barbados income tax rates and personal allowances used in the associated income tax calculator for the same tax year. The barbados government announced on 23 december 2019 that personal income tax changes are introduced with effect from 1 january 2020 as included in the 2019 budgetary proposal and financial statement.

Review the latest income tax rates thresholds and personal allowances in barbados which are used to calculate salary after tax when factoring in social security contributions pension contributions and other salary taxes in barbados. Effective 1 january 2020 the basic rate is 12 5 and the higher rate is 28 5. In general a non resident individual is taxed only on income arising in barbados and is not entitled to personal deductions against income. The personal income tax rate in barbados stands at 40 percent.