Barbados
Sources and data for Barbados
Every value the calculators use, with its effective dates and a link to the official source.
Income tax rates on taxable income (income year)
- Current value
Table with 2 brackets
Bds$0 / Bds$50,000 11.5% Bds$50,000.01 + 27.5% - From
- 1 January 2026
- Checked on
- 27 October 2026
Personal allowance (resident individual)
- Current value
- Bds$25,000
- From
- 1 January 2026
- Checked on
- 27 October 2026
Compensatory Income Credit: highest annual income that qualifies
- Current value
- Bds$50,000
- From
- 1 January 2025
- Checked on
- 27 October 2026
Compensatory Income Credit: largest credit for the income year
- Current value
- Bds$2,875
- From
- 1 January 2026
- Checked on
- 27 October 2026
NIS contribution, employee share (private sector, class R)
- Current value
- 11%
- From
- 1 April 2025
- Checked on
- 27 October 2026
NIS contribution, employer share (private sector, class R)
- Current value
- 12.75%
- From
- 1 April 2025
- Checked on
- 27 October 2026
Resilience and Regeneration Fund, employee
- Current value
- 0.25%
- From
- 1 April 2025
- Checked on
- 27 October 2026
Resilience and Regeneration Fund, employer
- Current value
- 0.25%
- From
- 1 April 2025
- Checked on
- 27 October 2026
NIS insurable earnings ceiling for monthly paid workers
- Current value
- Bds$5,360
- From
- 1 January 2026
- Until
- 31 December 2026
- Checked on
- 27 October 2026
NIS insurable earnings ceiling for weekly paid workers
- Current value
- Bds$1,238
- From
- 5 January 2026
- Until
- 3 January 2027
- Checked on
- 27 October 2026
VAT rates
- Current value
- Standard rate (most goods and services) 17.5%
- Hotel accommodation and direct tourism services 7.5%
- Telecommunications services 22%
- From
- 27 October 2026
- Checked on
- 27 October 2026
Overtime rate for shop assistants (multiple of ordinary rate)
- Current value
- 1.5
- From
- 27 October 2026
- Checked on
- 27 October 2026
Pay for a public holiday or day off worked by a shop assistant (multiple of ordinary rate)
- Current value
- 2
- From
- 27 October 2026
- Checked on
- 27 October 2026
Normal daily hours for a shop assistant
- Current value
- 8 hours
- From
- 27 October 2026
- Checked on
- 27 October 2026
Normal weekly hours for a shop assistant
- Current value
- 40 hours
- From
- 27 October 2026
- Checked on
- 27 October 2026
Holiday with pay, years 1 to 4
- Current value
- 3 weeks
- From
- 27 October 2026
- Checked on
- 27 October 2026
Holiday with pay from the fifth year
- Current value
- 4 weeks
- From
- 27 October 2026
- Checked on
- 27 October 2026
Minimum notice from the employer, hourly, daily or weekly paid
- Current value
- 1 to 2 years 1 week
- 2 to 5 years 2 weeks
- 5 to 10 years 4 weeks
- 10 to 15 years 6 weeks
- 15 years or more 10 weeks
- From
- 27 October 2026
- Checked on
- 27 October 2026
Minimum notice from the employer, fortnightly paid
- Current value
- 1 to 5 years 2 weeks
- 5 to 10 years 4 weeks
- 10 to 15 years 6 weeks
- 15 years or more 10 weeks
- From
- 27 October 2026
- Checked on
- 27 October 2026
Minimum notice from the employer, monthly paid
- Current value
- 1 to 10 years 1 month
- 10 to 15 years 1.5 months
- 15 years or more 2.5 months
- From
- 27 October 2026
- Checked on
- 27 October 2026
Minimum notice from the employee (weekly or fortnightly paid)
- Current value
- Hourly, daily or weekly paid 1 week
- Fortnightly paid 2 weeks
- From
- 27 October 2026
- Checked on
- 27 October 2026
Minimum notice from a monthly paid employee
- Current value
- 1 month
- From
- 27 October 2026
- Checked on
- 27 October 2026
Weeks of basic pay per complete year of employment
- Current value
- Each year up to 10 2.5 weeks
- Each year from 11 to 20 3 weeks
- Each year from 21 to 33 3.5 weeks
- From
- 27 October 2026
- Checked on
- 27 October 2026
Most years counted for severance
- Current value
- 33 years
- From
- 27 October 2026
- Checked on
- 27 October 2026
Continuous employment needed for severance
- Current value
- 104 weeks
- From
- 27 October 2026
- Checked on
- 27 October 2026
Minimum maternity leave
- Current value
- 12 weeks
- From
- 27 October 2026
- Checked on
- 27 October 2026
NIS maternity benefit (share of average insurable weekly earnings)
- Current value
- 100%
- From
- 1 January 2019
- Checked on
- 27 October 2026
NIS Child Grant
- Current value
- Bds$1,280
- From
- 27 October 2026
- Checked on
- 27 October 2026
NIS sickness benefit (share of average insurable weekly earnings)
- Current value
- 66.6667%
- From
- 1 January 2019
- Checked on
- 27 October 2026
Longest sickness benefit in one continuous period of illness
- Current value
- 26 weeks
- From
- 1 January 2019
- Checked on
- 27 October 2026
NIS unemployment benefit (share of average insurable weekly earnings)
- Current value
- 60%
- From
- 1 January 2019
- Checked on
- 27 October 2026
Longest unemployment benefit in a continuous period
- Current value
- 26 weeks
- From
- 1 January 2019
- Checked on
- 27 October 2026
NIS paternity benefit (share of average insurable weekly earnings)
- Current value
- 100%
- From
- 1 June 2025
- Checked on
- 27 October 2026
Weeks of NIS paternity benefit
- Current value
- 3 weeks
- From
- 1 June 2025
- Checked on
- 27 October 2026
NIS pension accrual for each of the first 20 contribution years (new basis)
- Current value
- 2%
- From
- 27 October 2026
- Source
- National Insurance and Social Security Service (NISSS)Old-Age Contributory Benefits: New Basis
- Checked on
- 27 October 2026
NIS pension accrual for each contribution year after 20 (new basis)
- Current value
- 1.25%
- From
- 27 October 2026
- Source
- National Insurance and Social Security Service (NISSS)Old-Age Contributory Benefits: New Basis
- Checked on
- 27 October 2026
Highest NIS pension as a share of average annual insurable earnings
- Current value
- 60%
- From
- 27 October 2026
- Source
- National Insurance and Social Security Service (NISSS)Old-Age Contributory Benefits: New Basis
- Checked on
- 27 October 2026
NIS pensionable age
- Current value
- 67 years
- From
- 1 January 2018
- Source
- National Insurance and Social Security Service (NISSS)Old-Age Contributory Benefits: New Basis
- Checked on
- 27 October 2026
Contributions needed for an NIS pension (paid or credited)
- Current value
- 500
- From
- 27 October 2026
- Source
- National Insurance and Social Security Service (NISSS)Old-Age Contributory Benefits: New Basis
- Checked on
- 27 October 2026
Land tax on residential property (improved value)
- Current value
Table with 4 brackets
Bds$0 / Bds$400,000 0% Bds$400,000.01 / Bds$550,000 0.1% Bds$550,000.01 / Bds$950,000 0.7% Bds$950,000.01 + 1% - From
- 1 April 2026
- Checked on
- 27 October 2026
Land tax on non-residential property and vacant land
- Current value
- Land with a building other than a residence (improved value) 0.95%
- Vacant land under 4,000 sq ft (site value) 0.8%
- Vacant land over 4,000 sq ft valued up to $450,000 (site value) 0.9%
- Vacant land over 4,000 sq ft valued over $450,000 (site value) 1%
- From
- 1 April 2026
- Checked on
- 27 October 2026
Official exchange rate, Barbados dollars per US dollar
- Current value
- Bds$2
- From
- 5 July 1975
- Checked on
- 27 October 2026
Foreign Exchange Fee on purchases of foreign currency
- Current value
- 2%
- From
- 27 October 2026
- Checked on
- 27 October 2026
National minimum wage per hour
No verified figure for today
National minimum wage for a 40-hour week
No verified figure for today
Property transfer tax rate
- Current value
- 2.5%
- From
- 27 October 2026
- Checked on
- 27 October 2026
Property transfer tax: exempt part of the price when the land has a dwelling house
No verified figure for today
Values that update automatically
Retail Price Index, point-to-point change in the All Items Index
- Current value
- 1.6%
- Latest figure
- 1 June 2026