Information about Barbados Minimum wage and taxes.

The minimum wage in Barbados is approximately

6.25 Barbadian dollars as of 2021. This fee is calculated on an hourly basis. The tax system in Barbados consists of basic taxes such as income tax and value added tax (VAT). Income tax rates vary depending on the amount of earnings. As of 2021, income tax rates are as follows: - Tax rate

12.5% ​​on earnings up to the first 19,200 Barbadian dollars - Tax rate 16.5% for earnings between 19,201 - 35,200 Barbadian dollars - Tax rate 33.5% for earnings between 35,201 - 60,000 Barbadian dollars - Tax rate for earnings of 60,001 Barbadian dollars and above is 40% The value added tax (VAT) rate is generally applied as 17.5%. However, there are also lower or exemption statuses for some products and services. This information provides an overview, there may be changes on issues such as tax rates and minimum wage. It is recommended that you contact the Barbados Government or your tax advisor for detailed and up-to-date information.

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