Barbados tax legislation enacting country-by-country reporting came into operation on December 31, 2021, following publication in the Official Gazette on December 24. The new reporting requirement applies to fiscal years beginning on or after January 1, 2022.
The law, which implements Action 13 of the OECD’s base erosion and profit shifting project, imposes a country-by-country reporting requirement on multinational groups in Barbados that have group revenues of more than USD 850 million. The reports are due no later than 12 months after the last day of the reporting fiscal year of the multinational group.
The Barbados Revenue Authority plans to hold information sessions on the new requirements in February.
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