The Prime Minister of Barbados, the Hon. Mia Amor Mottley, S.C. , M.P. delivered a Ministerial Statement on November 7, 2023. The statement outlines proposals to address Pillar Two of the Organization for Economic Cooperation and Development (OECD) Global Anti-Base Erosion (GloBE) model rules.

A Policy Document was also released which provides additional details. Draft legislation is expected shortly to ensure that multinational enterprises (MNEs) with consolidated revenues above €750 million pay a minimum 15% tax in each jurisdiction in which they operate. Certain other domestic tax changes were also announced.

KPMG in Caricom's Tax News Flash provides all the details on the announcement and policy document, along with their expert observations and commentary.

Download the full KPMG News Flash here.

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For more information please contact Grant McDonald, Head of Tax, KPMG in Caricom, at grantmcdonald@kpmg.bb