Barbados
Individual - Sample personal income tax calculation
Last reviewed - 28 February 2024
Assumptions
- Calendar year 2023.
- Resident individual.
- Dependent spouse.
- Two children.
- Employer to provide company car.
- Owns own house.
Income tax computation
| |
(BBD) |
| Employment income: |
|
| Basic salary |
170,000 |
| Bonus |
15,000 |
| Car benefit (vehicle costing BBD 150,000) |
15,000 |
| Total employment income |
200,000 |
| |
|
| Less: Special deductions |
|
| Donations to exempt charities |
(2,000) |
| Medical expenses |
(750) |
| Subscriptions to a statutory association |
(240) |
| |
|
| Total assessable income |
197,010 |
| |
|
| Less: Allowances and deductions |
|
| Personal allowance |
(25,000) |
| Spouse allowance |
(3,000) |
| |
|
| Taxable income |
169,010 |
| |
|
| Income tax |
40,168 |
