Some multi-national companies to pay higher taxes

Some large multinational companies operating in Barbados will be paying higher taxes from this month.

The Government today introduced the Corporation Top-Up Tax Bill, which will see some companies paying 15 percent in corporation taxes.

The move is in keeping with the introduction of a global minimum tax rate for companies earning more than 750 million euros annually.

The Bill was introduced in the House of Assembly this morning by Minister in the Ministry of Finance and Economic Affairs, Ryan Straughn.

He explained that businesses who do not meet the threshold will continue to pay 9 percent while registered small businesses will pay 5.5 percent.

Companies operating in Barbados whose original jurisdiction has not yet implemented the 15 percent minimum tax will be allowed to remain on the previous sliding scale for this year.

Mr. Straughn says the move could potentially attract new international business.

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