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Manufacturing

 

manufacturing.jpg

 

Barbados offers an excellent location from which to manufacture high end products. The island is ideally suited for niche manufacturing products that require a world class infrastructure including excellent air and seaport facilities, as well as a highly educated and skilled work force. Investment opportunities include:

• Medical supplies


• Optical devices


• Printing and publishing


• High fashion apparel


• Leather items


• Electronic components & subassemblies

 

• Jewellery


• Agro-processing


• Pharmaceuticals

Incentives available to manufacturers include provisions under:

The International Business Companies Act
The Societies with Restricted Liability Act

In addition, manufacturers may also benefit from:

• Full exemption from import duties on components, raw materials and production equipment


• Capital allowances on fixed assets


Export allowance on profits generated from outside of CARICOM


• Factory accommodation in well-planned industrial parks, on rental or lease basis


• Training grants based on wages paid to employees during the initial operating period


• Duty-free access to CARICOM countries providing the products satisfy origin criteria


Preferential market access of Barbadian produced goods to various countries

 

 

Export Allowance


A manufacturer, who exports his products outside of CARICOM, is entitled to an export allowance. The allowance is given in the form of a credit against corporation tax, and depends on the ratio of the company's export profits to its total profits.  Effective January 1, 2019, the rate of corporate tax for a manufacturing enterprise will be 5.5% - 1.0%.

 

Export Profits as a % of Total Profits

Tax Credit as a % of Tax on Export Profits

Effective Tax Rate for Manufacturing Enterprises

up to 20 35 9.75
21-40 45 8.25
41-60 64 5.4
61-80 79 3.15
81 and over 93 1.05

 

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