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BB Tax 2023

Barbados Tax Tables 2023 - Tax Rates and Thresholds in Barbados

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This page contains the tax table information used for the calculation of tax and payroll deductions in Barbados in 2023. These tax tables are used for the tax and payroll calculators published on iCalculator™ BB, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Barbados or would like to add to or suggest amendments to the information herein then please contact us.

Barbados Personal Income Tax Tables in 2023

The Income tax rates and personal allowances in Barbados are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Barbados Tax Calculator 2023.

Barbados Residents Income Tax Tables in 2023
Personal Income Tax Rates and Thresholds (Annual)
Tax RateTaxable Income Threshold
12.5%Income from $ 0.000.00to $ 50,000.00
28.5%Income from $ 50,000.01 and above
Barbados Non-residents Income Tax Tables in 2023
Personal Income Tax Rates and Thresholds (Annual)
Tax RateTaxable Income Threshold
12.5%Income from $ 0.000.00to $ 50,000.00
28.5%Income from $ 50,000.01 and above

Barbados Social Security Rates in 2023

In Barbados, both employers and employees contribute to social security and payroll deductions. These contributions are mandated by law and are designed to fund various social security benefits.

Barbados Social Security in 2023: Rates for Employers and Employees
Social security categoryEmployeeEmployerTotal
National Insurance Scheme11.1%12.75%23.85%
Barbados Social Security in 2023: Earnings Thresholds for Employers and Employees
Social security categoryEmployeeEmployer
Min.Max.Min.Max.
National Insurance Schemen/an/an/an/a

Types of Contributions:

  • National Insurance Scheme (NIS): This is a key component of the social security system in Barbados. Contributions to NIS fund several types of benefits for employees, including:
    • Pensions: Provides retirement and survivor benefits.
    • Sickness and Maternity Benefits: Offers financial support during periods of illness or maternity leave.
    • Employment Injury Benefits: Covers work-related injuries or illnesses.
    • Unemployment Benefits: Provides support during periods of unemployment.
  • Healthcare Contributions: These contributions help fund the public healthcare system, providing access to medical services for employees.

Employer and Employee Contributions:

  • Employers contribute a percentage of the employee's wages to the NIS and healthcare system.
  • Employees also contribute a portion of their wages to the NIS, which is deducted from their payroll.

The contributions made by both employers and employees ensure that workers are protected under various social welfare programs, providing a safety net in case of retirement, health issues, workplace injuries, and unemployment. The exact rates and thresholds for these contributions vary and are subject to change based on government policies.

Barbados VAT Rates in 2023

VAT rates for Barbados are reviewed annually, you can use the VAT Calculator to calculate VAT due in Barbados or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.

Barbados VAT Rates
VAT RateVAT Description
0%Zero Rated
10%Reduced Rate
17.5%Standard Rate
22%Higher Rate

Historic Tax Tables supported for Barbados

The following tax tables are supported by iCalculator™ BB as part of the suite of free tax tools we provide for Barbados.