Barbados (BB)

Jurisdiction Overview

272 *Is there an obligation to keep accounting data? No
 Data Date: 2016


Only entities liable to tax are required to keep accounts. The Global Forum reports that, in Barbados "entities and arrangements not liable to tax would not be subject to the record keeping requirements of the Income Tax Act." (GF 2016: 50). In addition, "Section 75 of the Income Tax Act requires that every person carrying on business keeps records and books of account in Barbados, in such form and containing such information as will enable the taxes payable under this Act to be determined" (ibid.: 34). For these reasons, we consider that the obligation to keep accounting data is not sufficient. The Global Forum further reports: "The Partnership Act and Limited Partnership Act mention the maintenance of “partnership’s books” without defining them (sections 26(10) and 5 respectively). It is uncertain whether partnership agreements, fixed assets records, long term liabilities and other documentation (e g letters, contracts, etc ) must be kept and for how long but these obligations are supplemented by tax obligations" (ibid.: 50).


GF 2016: 32-34, 50-53
Income Tax Act, Section 75