Barbados

Individual - Sample personal income tax calculation

Last reviewed - 29 January 2021

Assumptions

  • Calendar year 2020.
  • 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