📘 The Bank Tax on Assets Act, 2017-6
The Bank Tax on Assets Act, 2017-6 ("the Act ") provides for the imposition of a tax on the average domestic assets of banks operating in Barbados. A tax is charged at a rate of 0.35% per annum, which is prorated and payable every three months.
This tax applies to deposit-taking licensees under the Financial Institutions Act, Cap. 324A, and is administered and collected by the Barbados Revenue Authority. The Act outlines the method for determining average domestic assets, the obligations of financial institutions, and the penalties for non-compliance.
The Act forms part of Barbados' broader fiscal policy aimed at ensuring sustainable public revenue through contributions from the financial sector.
📥 Download the full Act(s) below:
Access the official document in PDF format by clicking the link provided.