Professionals within the multinational and overseas business sector are receiving important guidance on corporate taxation, specifically the filing requirements for corporation top-up tax.
The information is being shared during a joint workshop hosted by the Institute of Chartered Accountants of Barbados and the Barbados International Business Association.
President of ICAB, Lisa Padmore, explained that the top-up tax forms part of the regime introduced under the 2024 Income Tax amendments.
The tax is a supplemental measure designed to ensure that large multinational corporations pay a minimum effective tax rate of 15% on profits earned in every country in which they operate.
Meanwhile, Revenue Commissioner of the Barbados Revenue Authority, Jason King, said the workshop is timely since the first filing deadline for the tax falls at the end of June.
He noted that the requirement applies specifically to entities that fall within scope for the year ended December 2024.
Subscribe to CBC Barbados
https://www.youtube.com/@cbcbarbados246
Connect with the CBC Barbados
Website: https://www.cbc.bb/
Facebook: https://www.facebook.com/CBCBARBADOS/
Instagram: https://www.instagram.com/cbcbarbados246
X: https://twitter.com/CBCBARBADOS
#CBCTV8 #CBCNews #ConnectingBarbadianCommunities
The information is being shared during a joint workshop hosted by the Institute of Chartered Accountants of Barbados and the Barbados International Business Association.
President of ICAB, Lisa Padmore, explained that the top-up tax forms part of the regime introduced under the 2024 Income Tax amendments.
The tax is a supplemental measure designed to ensure that large multinational corporations pay a minimum effective tax rate of 15% on profits earned in every country in which they operate.
Meanwhile, Revenue Commissioner of the Barbados Revenue Authority, Jason King, said the workshop is timely since the first filing deadline for the tax falls at the end of June.
He noted that the requirement applies specifically to entities that fall within scope for the year ended December 2024.
Subscribe to CBC Barbados
https://www.youtube.com/@cbcbarbados246
Connect with the CBC Barbados
Website: https://www.cbc.bb/
Facebook: https://www.facebook.com/CBCBARBADOS/
Instagram: https://www.instagram.com/cbcbarbados246
X: https://twitter.com/CBCBARBADOS
#CBCTV8 #CBCNews #ConnectingBarbadianCommunities