Terra Luxury

What exactly is the BRA tax and how do I ensure it does not hold up the sale of my home

By Lisa Coyle, Real Estate Agent on 01 Nov, 2017

 Lisa Coyle, Real Estate Agent

The only thing that is constant in life is change and the Real Estate industry is not foreign to this concept.

One recent change was implemented in March 2017 when the government passed legislation in the form of the Barbados Revenue Authority (Amendment) Act 2017 (the “Act”). By the provisions of the said Amendment all persons, natural and juridical, who wish to convey property must first obtain a tax clearance certificate from the Barbados Revenue Authority (BRA) as evidence that all taxes payable under the Excise Tax Act, the Income Tax Act, the Land Tax Act and the VAT Act  have been fully paid or that an agreement has been entered into with the BRA pursuant to which a sum representing 10% of the tax assessed as payable by that person is paid and installment arrangements for the discharge of the balance agreed.

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